How Are You Managing Your Finances?
April is Financial Literacy Month, and I asked a financially smart friend of mine – Syndie Schmeltzer to share her ideas of how to be savvy when it comes to our finances. Basically kick the chaos from financial mismanagement and increase your wealth!
It’s Financial Literacy Month!
As women we usually end up being the ones in charge of the money that comes into the household. So ask yourself: How can we truly provide what’s best for our family if we don’t fully understand how money works.
Let this be the year you take control of your finances…
– Wouldn’t you like to find the money you didn’t know you had?
– How about knowing how to have your money work just as hard as you do?
– What about paying for college?
– Wouldn’t you finally like to understand if you have enough protection for your family?
These are just a few of the topics that will be taught during our “Money Smart Week”.
Here’s a tip you can start using today.
Do you know the Rule of 72? This simple but little known formula is a great way to estimate how long it will take your money to double.
Here’s how it works: Take the number 72 and divide it by the rate of interest you hope to earn.
The number you get will tell you approximately how many years it will take for your money to double.
For example, say you had $50 in an account at a 2% interest rate. Using the Rule of 72:
72 ÷ 2 = 36
That means it would take approximately 36 years for your $50 to grow to $100. (This formula really shows the value of a higher interest rate, doesn’t it?)
When you know how money works, you know that time can either work for you or against you. So start leveraging the rule of 72 today! Ask me about being Money Smart.
For more information, contact me by email or phone:
Thank you Syndie for your excellent financial tips!