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Retirement Financial Planning: Understanding the “Rule of 72”
One of the older axioms in popular financial planning is the “rule of 72,” an equation that mathematically enables one to estimate how long it will take to double a specific amount of money. Back in the heyday of financial growth was, say when interest rates were in the double digits, it presented a sort of pleasant scenario to think about. Nowadays, though, it can be depressing, although the low inflation attribute of interest rates gives one solace. Anyway, this piece by Karin Price Mueller of NJMoneyHelp.com for NJ.com, explains the math behind the “rule of 72.”