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The RULE OF 72 is the most simple, yet most important rule of financial success. Compound interest is extremely powerful, but you’d better make sure that you are having it work FOR you and not AGAINST you.
The RULE OF 72 can tell you how long it will take to double your money in any particular investment. Unfortunately, it also tells you how long it will take for any debt you have to double.
Here is how it works. Simply take the number 72 and divide it by the percentage rate you are either paying on your debt or earning on your investment. So, if you have a savings account with $10,000 in it and it earns 3% interest, your money will take 24 years to double to $20,000. (72/3=24).
This may not sound very exciting, but consider this: One penny doubled everyday for 30 days (I month) will turn into a whopping $10,737,417.00 at the end of that month!
I love this quote from Baron de Rothschild, when asked if he could name the 7 wonders of the world: “I cannot, but I know that the eighth wonder of the world is compound interest.”
It is so important to not only earn a higher percentage return on your investments, but to pay a lower percentage interest rate on your debts and eliminate as much debt as possible. We don’t want to make the financial institutions rich. Let’s keep as much as we can for ourselves and put our money in a position to take advantage of the RULE OF 72 instead of being a victim of it.
For most of us, our biggest loan is our mortgage. The banks are killing us by using the RULE OF 72 against us. Over the course of our loan, they will watch their accounts grow exponentially as we pay only a tiny amount against our principle with each monthly payment and a HUGE amount of interest to them.
What is the solution? Pay that mortgage off FAST! There are several ways to do this:
First, you can simply send in additional money each month for your mortgage company to apply directly to your principal loan balance.
Second, you can implement a bi-weekly payment plan. Most mortgage companies have a program like this that they can set you up on, so contact your mortgage company first, but if they do not offer such a program, you can do a search on the internet under: “bi-weekly mortgage.”
Third, there are several software companies that offer a web-based system that helps homeowners monitor, manage and pay off their mortgages and other consumer debt faster and more efficiently than most can do on their own. Do an internet search on this to learn more.
The one I use and have shared with my readers, enables homeowners to cancel out interest on their mortgage with the money they normally deposit in their checking and/or savings account. It uses an advanced line of credit or ALOC, which is an open ended loan that bases the interest calculation on the daily balance, by using a daily periodic interest rate, rather than the month-end balance like most mortgages use. Without making this confusing, this allows the homeowner to use all of their money and income for a given period of time, until it is needed to pay their monthly expenses. This maximizes money power and reduces the banks ability to earn interest on the homeowner’s money.
I have a whole chapter about this in my free report “3 Secrets Of Millionaires.”, if you’d like to learn more. You can get a free, no obligation analysis by visiting: http://www.PayOffYourMortgageInHalfTheTime.com The report will tell you exactly when you can expect to have your mortgage paid off and how many thousands of dollars you will save by doing it. Do some homework on this. If you set a mortgage pay off plan in place, you can pay off your mortgage in half the time and save thousands or even hundreds of thousands of dollars of your money to use for yourself, instead of giving it to your bank or mortgage company.
I have also included a video after this post, with an overview of this unique tool to pay off your mortgage faster.
Get the RULE OF 72 working for you, to create your fortune, instead of having it work against you to make the banks rich.
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