Want to Double Your Money every 7 years... Here's how.

Summary

Join James Loewen in 'Smarter, Not Harder' as he reveals how to double your money every seven years using the rule of 70. Understand how different rates of return can drastically impact your wealth over time. Ready to work smarter with your finances? Tune in and begin your journey towards financial literacy and freedom.



Transcript

James Loewen:

Hey, guys, welcome back. Thank you so much for joining. I'm really excited to get going on this one. You've reached Smarter, Not Harder. I'm James Loewen. Let's get going on how to make your money double every seven years with a fun and fabulous rule of 70.

All right. Now, don't be scared. Let's do some simple math just to show you what I'm talking about. If we have the rule on number 70, and we're going to take that and divide it by whatever return you can receive on your investment. So, let's pretend that you're going to receive a 10% return. You've got $100,000. That 10% return if we're dividing by 70, is going to give you a yield of seven. That's how many years it's going to take for your money to double. So that $100,000, a 10% return in seven years, it's going to be $200,000. And now, you're working smarter, not harder.

So what does this mean for you? Well, if you've got $100,000 sitting there and it's in the high interest savings account earning you 2%, it's going to take you 35 years for your money to double. And let's be honest, most high interest savings accounts are more like 1%. That means 70 years for your money to double. Take some time, book a call, book a meeting with your financial planner, with your banker, whomever, wherever you have your money invested, getting it to a 7% or 10% return. Let's take it from 70 years, bring it down to 10 or even seven. You're working smarter, not so much harder.

Thanks so much for joining me on this first line. I'm really looking forward to the next one where we're going to be talking about the old fixed and variable, which mortgage should I take and should I be locking in? If you've enjoyed this, please like, subscribe, or whatever the hell it is the kids are doing. And I'm James Loewen. Let's get going on the next one. Good work. It's Smarter, Not Harder.