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Financial Tip

The Rule of 72

You can easily see how the rate of return can impact your investments by applying the "Rule of 72." This is a simplified way to show how long your money takes to double at a fixed annual interest rate.

Dividing 72 by the following percentages shows the time needed:

Interest
Rate
# of Years
to Double
2% 36
4% 18
6% 12
8% 9
10% 7.2

Saving

An important step toward financial independence is identifying short term and in the long term goals, then creating a financial plan to achieve those goals.

Saving money for college

Saving is important to help accomplish short term goals, it creates a cash reserve should a large and urgent expense arises. In the Saving section, you will find information to help you identify ways to build and sustain good saving habits.