"The Rule of 72" - Use This Formula & You Won't Want To Borrow Money Again Either
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Resource Box: Debt-Free For Life
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"The Rule of 72" - Use This Formula & You
Won't Want To Borrow Money Again Either
- by Steven Erlick MA
(c) Steven Erlick. All Rights Reserved.
http://www.BookShaker.com
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A sure fire way of not borrowing any more money is to look
at how much money you are paying for it. As if being in debt
is not bad enough, if you owe money then you have to pay
more than you borrow. This is known as interest. Compound
interest is where you pay interest on the interest and
has been called the eighth wonder of the world!
The great thing about interest is that in fact it is a
rental payment on using someone else's money. Like most
rental agreements, it costs you dearly whilst for the lender
it's a nice little earner! The word 'interest' comes from
an old French word meaning 'loss'! Sounds an
apt
description, doesn't it? It is money that is lost to you!
There is a little formula by which you can work out how long
it will take for your debt to double. It is called the Rule
of 72. If you divide 72 by the annual percentage rate you
will get an approximate indication of how long it will take
before compound interest doubles your debt. It is a very
sobering calculation to do! If you are not keen on formulas
then all you need to do is search the Internet for a debt
repayment calculator. Enter the amount, the number of years
and the interest rate and you will never want to borrow
anything again!
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Debt is not your fault. Learn how to get out of it and
prosper. The acclaimed Debt-Busting Manual "Debt-Free For
Life: Prosperity For the Rest of Us" is available here...
http://www.bookshaker.com/product_info.php?products_id=115
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About the Author
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Debt is not your fault. Learn how to get out of it and
prosper. The acclaimed Debt-Busting Manual "Debt-Free For
Life: Prosperity For the Rest of Us" is available here...
http://www.bookshaker.com/product_info.php?products_id=115
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