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The Water Cooler
General Discussion
Thoughts on 'the market' and retirement fund, election, etc.?
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<blockquote data-quote="ICanFixIt" data-source="post: 3401522" data-attributes="member: 45888"><p>Those "high yield" savings accounts and compound interest comments are pretty funny. Have you heard about the rule of 72? It says if you divide your interest rate into 72, it will tell you how long it will take to double your money. For example, if you divide 1.04 into 72, you will learn that it will take a little over 69 years for you to double your money. If the past 69 years is any indicator, you will need today's dollar to grow to $10.69 to just break even. </p><p></p><p>I have been pretty comfortably retired for over 20 years and my advice is, get out of debt and stay out of debt!!!! Buy a Dave Ramsey book and do what he says.</p></blockquote><p></p>
[QUOTE="ICanFixIt, post: 3401522, member: 45888"] Those "high yield" savings accounts and compound interest comments are pretty funny. Have you heard about the rule of 72? It says if you divide your interest rate into 72, it will tell you how long it will take to double your money. For example, if you divide 1.04 into 72, you will learn that it will take a little over 69 years for you to double your money. If the past 69 years is any indicator, you will need today's dollar to grow to $10.69 to just break even. I have been pretty comfortably retired for over 20 years and my advice is, get out of debt and stay out of debt!!!! Buy a Dave Ramsey book and do what he says. [/QUOTE]
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