Double Your Money Double Your Fun

“A penny saved is a penny earned.” - Benjamin Franklin

It’s easy to say double your money, but it really isn’t as easy as it sounds. There are many saving challenges to encourage you to save money. It always starts out with a bang, but soon fizzles out.

Here is an example of a challenge, I will start with just a penny. Sounds easy doesn’t it.

Day 1 = 1¢

Day 2 = 2¢

Day 3 = 4¢

Day 4 = 8¢

Day 5 = 16¢

Day 6 = 32¢

Day 7 = 64¢

The first week is pretty easy and by day 14, as long as you continue to double your money you will have $81.92.

Now on day 14, you must double $81.92. How easy is that? But let’s continue. Day 21 you will have saved $10,485.76. Wow that’s a lot of money and that is much more than what most people can earn in a couple of months.

We are on Day 27; can you guess how much you would have saved if you continued to add cash to your cookie jar? You have now saved $671,088.64. Gee Whiz, this is more than what most people even have at retirement. Let’s finish out the month. Day 30 doubling your money daily you will have $5,368,709.12.

Most of us would have stopped when we reach around day 12, putting back $20 can be difficult.

There is an easier way to double your money, you may not get the same results as above, but your money can grow pretty quickly with the right investments that yield a high interest rate.

You do need a variety of investment accounts, one is pretty simple, but yields the lowest interest rate and that is a bank savings account. Easy to get to in an emergency and you should have at least 3 months of expenses put back for easy access.

Before you begin to worry about what types of accounts you need, you must first determine what type of accounts you have now. Check out my Financial Portfolio. This gives you a list of all the different types of accounts. You can list your current balance, if you have monthly contributions and your rate of return, aka interest rate. This will give you a good sense of where you are at. Click here to access Financial Portfolio.

The financial landscape can be difficult to maneuver, don’t hesitate to ask for help.

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