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Financial Literacy Has Never Been More Important... And More Uncommon

Financial Literacy Has Never Been More Important... And More Uncommon

Here’s a misleading fact: the United States has the largest economy in the world.

It makes up nearly a quarter of the global economy and has a GDP of roughly $21.44 trillion.¹ But that statistic doesn’t tell the whole story. The truth is that only a few Americans have truly mastered how money works and the rest are lagging behind. Despite having the largest economy, the U.S. ranks 13th in GDP per capita.²

And it all begins with the state of financial literacy.

Knowing how money works has never been more important. But it’s becoming an increasingly rare skill among Americans. Here’s a quick look at the significance of financial literacy in the modern world and how ignorance is hampering our ability to build wealth.

The importance of financial literacy is increasing.
Americans are faced with a complex world. We have access to unlimited information on everything under the sun, endless opinions on every issue, and infinite options for entertainment. Money is no exception. The two tried and true safety nets of the past—social security and pension plans—can fall short, so we need to figure out how to provide for our own futures. The options for how to save and grow our money are myriad. Now it’s on us to figure out how to build wealth, save for retirement, and leave money behind for our kids.

Understanding how money works isn’t just helpful for achieving those goals. It’s absolutely mandatory. Saving, budgeting, and the power of compound interest are just a few of the concepts that you’ll need to master before you can start building your financial future.

Financial literacy is decreasing.
Americans are less able to plan and provide for their futures than ever. Financial literacy slid from 42% to 34% between 2009 and 2018.³ And that number is significantly lower for Millennials than for the rest of the population, with only 17% able to answer 4 out of 5 basic questions about finances.⁴ That ignorance shows in our decision making and our inability to build wealth. A stunning 33% of Americans have nothing set aside for retirement.⁵ 44% don’t have enough saved to cover a $1,000 emergency.⁶ We’re surrounded by money and opportunity but don’t have the knowledge to convert them into personal wealth.

There are several reasons why financial literacy could be decreasing. Financial education is not widely taught in public schools, with less than half of states requiring a personal finance course for a highschool diploma.⁷ Perhaps we’ve just been slow to keep up with the rapid changes in the global economy. Or maybe some people benefit from having a large chunk of the population stay in financial ignorance. The lack of financial literacy is most likely a combination of all these reasons! The real question is, do you know how money works? And if not, where will you learn?

¹ Caleb Silver, “The Top 20 Economies in the World,” Investopdia, Updated Mar. 18, 2020,https://www.investopedia.com/insights/worlds-top-economies/

² “GDP per Capita,” Worldometers,https://www.worldometers.info/gdp/gdp-per-capita/

³ Andrew Keshner, “Financial literacy skills have taken a nose dive since the Great Recession,” MarketWatch, June 27, 2019,https://www.marketwatch.com/story/americans-financial-literacy-skills-have-plummeted-since-the-great-recession-2019-06-26

Keshner, “Financial literacy skills have taken a nose dive,” MarketWatch.

Dani Pascarella, “4 Stats That Reveal How Badly America Is Failing At Financial Literacy,” Forbes, Apr. 3, 2018,https://www.forbes.com/sites/danipascarella/2018/04/03/4-stats-that-reveal-how-badly-america-is-failing-at-financial-literacy/#69cecb072bb7

Pascarella, “4 Stats That Reveal How Badly America Is Failing At Financial Literacy,” Forbes.

Ann Carrns, “More States Require Students to Learn About Money Matters,” The New York Times, Feb. 8, 2020,https://www.nytimes.com/2020/02/07/your-money/states-financial-education.html


Common Objections To Buying Life Insurance

Common Objections To Buying Life Insurance

There are plenty of reasons for not buying life insurance. There just aren’t many good ones!

Every year, Life Insurance Marketing and Research Association (LIMRA) collects data on why people aren’t buying life insurance. Here are the three most popular objections to owning life insurance and a few points to consider if they’re stopping you from protecting your family.

“Life insurance isn’t that important”
This is the #1 reason Americans don’t buy life insurance. 67% say they have other financial priorities. ¹ And there’s an extent to which that’s understandable! Your mortgage, car payments, and college tuition are incredibly important for the wellbeing of your family. They’re the building blocks of your lifestyle and empower your loved ones to pursue their dreams.

But life insurance helps ensure that your family can meet those financial obligations and maintain their lifestyle, no matter what. It replaces the income they would lose if something were to happen to you unexpectedly. Life insurance is important because you have other financial priorities!

“Life insurance is not affordable”
65% of Americans think they can’t afford life insurance. ² But it’s incredibly common to overestimate the cost. LIMRA found in 2018 that 44% of Millennials thought life insurance was 5 times more expensive than it actually was. ³ To put things into perspective, a healthy, smoke-free 25 year old can expect to pay about $25 per month on life insurance. ⁴ That’s roughly the same as subscribing to several streaming services combined. ⁵ A young person can protect their financial future for the same monthly cost as binging their favorite shows and movies.

“Do I really need life insurance?”
The third most common reason Americans don’t have life insurance is because they don’t think they need it. There are many reasons for this. Maybe you’re thinking some of these yourself. “I’m young and healthy, I don’t have a family,” and the list goes on. A 23 year old without financial dependents like a spouse, aging parent, or child might legitimately have bigger financial fish to fry. But anyone with people in their lives that depend on their income to make ends meet and to pursue their dreams should have life insurance coverage. It’s not about how healthy you feel or how much you’ve saved up. It’s about protecting your family regardless of what life throws your way. Would you skip out on car insurance because you’re a good driver? Or ignore homeowners insurance because you have a fire extinguisher?

So the question now becomes, why don’t you have life insurance? Did any of these objections ring a bell? I would love to talk sometime about your concerns around securing the right protection for your family!

¹ “Is Life Insurance Tomorrow’s Problem? Findings from the 2020 Insurance Barometer Study,” LIMRA, [https://www.limra.com/en/newsroom/industry-trends/2020/is-life-insurance-tomorrows-problem-findings-from-the-2020-insurance-barometer-study/](https://www.limra.com/en/newsroom/industry-trends/2020/is-life-insurance-tomorrows-problem-findings-from-the-2020-insurance-barometer-study/)*

² “Is Life Insurance Tomorrow’s Problem? Findings from the 2020 Insurance Barometer Study,” LIMRA, [https://www.limra.com/en/newsroom/industry-trends/2020/is-life-insurance-tomorrows-problem-findings-from-the-2020-insurance-barometer-study/](https://www.limra.com/en/newsroom/industry-trends/2020/is-life-insurance-tomorrows-problem-findings-from-the-2020-insurance-barometer-study/)*

³ “9 common life insurance myths debunked,” Policygenius, https://www.policygenius.com/life-insurance/common-life-insurance-myths-debunked/

“Average Cost of Life Insurance (2020): Rates by Age, Term and Policy Size,” ValuePenguin, https://www.valuepenguin.com/average-cost-life-insurance

“Americans already subscribe to three streaming services on average. Is there room for more?,” allconnect, https://www.allconnect.com/blog/average-american-spend-on-streaming#:~:text=One%20poll%20from%20The%20Hollywood,at%20just%20over%20%2414%2Fmo.


Understanding Generation X

Understanding Generation X

Every generation over the last hundred years has witnessed rapid changes.

But few have been caught in the crossfire of change quite like Generation X. Sandwiched between two larger generations, the folks born between 1965 and 1976 have seen an iron curtain fall, two major wars, a digital revolution, a global financial crisis, and now a world-shattering pandemic. Bridging the gap between so many stages of history has fashioned their perspective and financial health. Here’s a guide to understanding Generation X!

The numbers
Generation X holds surprisingly little wealth. They account for only 16% of the nation’s wealth, while Baby Boomers hold 56%.(1) Debt is also rampant among Gen-Xers, with an average outstanding debt of $136,869.(2) That’s higher than any other generation—and has only increased over the past few years.(3) None of this seems to slow down their non-essential spending, which is also greater than their parents and children.(4) And they’re more reluctant than other generations to seek help from a financial advisor.(5)

Attitudes and anxieties
These pressures have shaped the attitudes and outlooks of Gen-Xers. They’re about as stressed as Millennials when it comes to debt, with a focus on credit cards instead of student loans.(6) But there’s more to it than just stress. Generation X is incredibly hard on itself. 41% would rate their financial health as not very good to not good at all. 43% think their finances are much worse off than their peers’, and half think they earn less.

Gen-X’s outlook on retirement doesn’t line up with previous generations. They’re not particularly prepared; pre-pandemic, they had saved about $35,000 for retirement. Many plan on cutting costs in order to save, but they’re estimated to be the first generation that’s less prepared for retirement than their parents.(7) No wonder most plan on working through their golden years!(8)

The Sandwich Effect
There are several reasons for the dire straits of many Gen-Xers. They endured the financial crisis of 2008, and before that the dot com bubble of 2000, and now they find themselves in the midst of a pandemic-fueled recession. But that’s not all. They’re currently a bridge generation. They have retiring parents to care for (Baby Boomers) and young adult children they’ve had to support (Millennials). Every generation has to contend with this sandwiching effect at some point, but it’s proven particularly difficult for the Gen-Xers.

There’s no doubt that Generation X faces particularly serious challenges. The real question is what’s next for the bridge generation? Where will they find the financial tools to achieve peace of mind for retirement?

Sources:

(1) https://www.investopedia.com/terms/g/generation-x-genx.asp

(2) https://www.lendingtree.com/personal/changes-to-each-generations-debt/

(3) https://www.marketwatch.com/story/all-the-ways-gen-x-is-financially-wrecked-2019-05-15

(4) https://www.marketwatch.com/story/all-the-ways-gen-x-is-financially-wrecked-2019-05-15

(5) https://www.investopedia.com/terms/g/generation-x-genx.asp

(6) https://www.businessinsider.com/personal-finance/millennials-gen-x-money-stresses-retirement-savings-2019-10

(7) https://www.lifehealth.com/gen-x-deep-dive-financial-stress/

(8) https://www.aarp.org/money/credit-loans-debt/info-2015/gen-x-interesting-finance-facts.html#:~:text=The%20typical%20member%20of%20Generation,debt%20of%20%2488%2C313%20per%20adult.


The Financial Wellness Of Millennials

The Financial Wellness Of Millennials

Millennials have faced some of the greatest financial challenges of any generation in modern history.

Many came of age during the Great Recession, only to confront a pandemic-fueled economic downturn just a decade later. Here’s a quick look at the financial health of Millennials.

Few Millennials are financially healthy
A 2019 survey found that only 24% of Millennials are financially healthy. That means less than a quarter are “spending, saving, borrowing, and planning in a way that will allow them to be resilient and pursue opportunities over time.”(1) 54% are financially coping. They’re not sinking, but not necessarily thriving either. The final 22% of this generation are financially vulnerable. Bear in mind, these findings are from before the COVID-19 shutdowns which have left millions unemployed.

Employer practices and financial health
There are several contributing factors to the financial instability of Millennials. For instance, they typically hold fewer assets than the previous generation (Gen-X) but have roughly the same amount of debt.(2)

The evidence seems to suggest that employer practices like setting stable hours and offering benefits have tremendous impacts on financial health. Millennials with consistent schedules were 2.2 times more likely to be financially healthy.(3) Stable monthly income, employer-provided insurance, and paid sick leave also correlate to high financial health.

Millennials are skeptical of financial services
There’s a strong perception among Millennials that financial services should help them improve their financial lives.(3) And there’s an extent to which the industry is rising to meet those needs. Millennials are all over online and mobile banking; 65% to 72% have used those services in the last 12 months, respectively.(4)

But overwhelmingly, Millennials don’t feel like their financial institutions stand up for them. Only 14% agreed with the statement that “[My primary financial institution] helps me improve my financial health.”(5) That means that, even though they prioritize businesses that fight for them, Millennials feel abandoned by the financial industry.

So where does this leave this generation? It means that Millennials, by-and-large, feel financially unstable, neglected by their employers, and ignored by financial institutions. Who knows how COVID-19 has escalated those sentiments? The question is; who will meet the needs of Millennials?

(1) https://www.newamerica.org/millennials/reports/emerging-millennial-wealth-gap/the-financial-lives-of-millennials-evidence-from-the-us-financial-health-pulse/#:~:text=According%20to%20data%20from%20the,and%20pursue%20opportunities%20over%20time.

(2) https://www.stlouisfed.org/publications/regional-economist/second-quarter-2018/accounting-age-financial-health-millennials

(3) https://www.newamerica.org/millennials/reports/emerging-millennial-wealth-gap/the-financial-lives-of-millennials-evidence-from-the-us-financial-health-pulse/#:~:text=According%20to%20data%20from%20the,and%20pursue%20opportunities%20over%20time.

(4) https://www.newamerica.org/millennials/reports/emerging-millennial-wealth-gap/the-financial-lives-of-millennials-evidence-from-the-us-financial-health-pulse/#:~:text=According%20to%20data%20from%20the,and%20pursue%20opportunities%20over%20time.


You Can’t Take It With You

You Can’t Take It With You

A LinkedIn study found that Millennials are likely to change jobs 4 times in their first 10 years out of college.*

That equates to landing a new job roughly every 2.5 years by age 32!

So if you’re feeling the itch to leave your current job and head out for a new adventure in the workforce, the experience you’ve gained along the way will go with you. You may have made some great business connections too, and gotten some fabulous on-the-job-training. All of these things will “travel well” to a new job.

But there’s one thing you can’t take with you: An employer-supplied life insurance policy. While the price is right at “free” for many of these policies, there are several drawbacks that may deter you from relying on them solely for coverage.

1. An employer-provided policy turns in its two weeks notice when you do. Since your employer owns the policy – not you – your coverage will end when you leave that job. And unless you’re walking right into another employment opportunity where you’re offered the same type and amount of coverage, you might experience gaps or a total loss of coverage in an area where you had it before. When you’re not depending on an employer to provide your only life insurance coverage, you can change jobs as often as you please without the worry of the rug being pulled out from under you.

2. The employer policy is touted as ‘one size fits most.’ But it’s not likely that a group policy offered through an employer will be tailored to you and your unique needs. There may be no room for you to chime in and request certain features or a rider you’re interested in. However, when you build your own policy around your individual needs, you can get the right coverage that suits who you are and where you’d like to go on your financial journey.

3. An employer policy may not offer enough to cover your family. What amount of coverage is your employer offering? When you’re first starting out in your career, a $50,000 or even a $25,000 employer-provided policy might sound like a lot. But how far would that benefit really go to protect your family, cover funeral costs, or help with daily expenses if something were to happen to you?

Whether or not your 5-year plan includes 5 different jobs (or 5 entirely unrelated career paths), with a well-tailored policy that you own independent of your employment situation – you have the potential for a little more freedom and security in your financial strategy. And you won’t be starting from square one just because you’re starting a new opportunity.


Source:
Long, Heather. “The new normal: 4 job changes by the time you’re 32.” CNN Money, https://cnnmon.ie/1RRxCfl.

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Headed in the Right Direction: Managing Debt for Millennials

Headed in the Right Direction: Managing Debt for Millennials

Three simple words can strike fear into the heart of any millennial:

Student.

Loan.

Debt.

The anxiety is not surprising: Members of the Class of 2017 had an average of $39,400 in student loan debt.¹

Nearly $40 grand? For that you could travel the world. Put a down payment on a house. Buy a car. Even start a new business! But instead of having the freedom to pursue their dreams, there’s a hefty financial ball and chain around millennials’ feet.

That many young people owing that much money before they even enter the workforce? It’s unbelievable!

Now just imagine adding car payments, house payments, insurance premiums, and more on top of that student debt. No wonder millennials are feeling so terrible: studies show that graduates with debt experience feelings of shame, panic, and anxiety.² Now is the time to get ahead of your debt. Not later. Not when it’s more convenient or feels less shameful. You have the potential right now to manage that debt and get out from under it.

So how do you get out from under your debt? Sometimes improving your current situation involves more than making smarter choices with the money you earn now. Getting out of that debt ditch means finding a way to make more.

There are 2 things you can monetize right now:

  • Your education
  • Your experience

Both have their own challenges. You may not have spent much time in a particular field yet, so not a lot of experience. And what if you’re working a job that has nothing to do with your major? There goes education.

Two speed bumps. One right after the other. But you can still gain momentum in the direction you want your life to go!

How? A solid financial strategy. A goal you can see. A destination for financial independence.

Debts can become overwhelming – remember that stat up there? But with a strategy in mind for the quick and consistent repaying of your loans, so much of that stress and burden could be lifted.

Contact me today. A quick phone call is all we need to help get you rolling in the direction YOU want to go.


¹ “A Look at the Shocking Student Loan Debt Statistics for 2018.” Student Loan Hero, 5.1.2018, https://bit.ly/2de72OP.
² Muller, Dr. Robert T. “Crushing Debt Affects Student Mental Health.”
Psychology Today, 1.4.2018, https://bit.ly/2LKDg3w.

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3 Tips To Become Financially Literate

3 Tips To Become Financially Literate

Numbers never lie, and when it comes to statistics on financial literacy, the results are staggering.

Recent studies indicate that 76% of Millennials don’t have a basic understanding of financial literacy.¹ Combine that with having little in savings and mountains of debt, and you have the ingredients for a potential financial crisis.

It’s not only Millennials that lack a sound financial education. The majority of American and Canadian adults are unable to pass a basic financial literacy test.²³ But what is financial literacy? How do you know if you’re financially literate? It’s much more than simply knowing the contents of your bank account, setting a budget, and checking in a couple times a month. Here’s a simple definition: “Financial literacy is the education and understanding of various financial areas including topics related to managing personal finance, money and investing.”⁴

Making responsible financial decisions based on knowledge and research are the foundation of understanding your finances and how to manage them. When it comes to financial literacy, you can’t afford not to be knowledgeable.

So whether you’re a master of your money or your money masters you, anyone can benefit from becoming more financially literate. Here are a few ways you can do just that.

Consider How You Think About Money
Everyone has ideas about financial management. Though we may not realize it, we often learn and absorb financial habits and mentalities about money before we’re even aware of what money is. Our ideas about money are shaped by how we grow up, where we grow up, and how our parents or guardians manage their finances. Regardless of whether you grew up rich, poor, or somewhere in between, checking in with yourself about how you think about money is the first step to becoming financially literate.

Here are a few questions to ask yourself:

  • Am I saving anything for the future?
  • Is all debt bad?
  • Do I use credit cards to pay for most, if not all, of my purchases?

Pay Some Attention to Your Spending Habits
This part of the process can be painful if you’re not used to tracking where your money goes. There can be a certain level of shame associated with spending habits, especially if you’ve collected some debt. But it’s important to understand that money is an intensely personal subject, and that if you’re working to improve your financial literacy, there is no reason to feel ashamed!

Taking a long, hard look at your spending habits is a vital step toward controlling your finances. Becoming aware of how you spend, how much you spend, and what you spend your money on will help you understand your weaknesses, your strengths, and what you need to change. Categorizing your budget into things you need, things you want, and things you have to save up for is a great place to start.

Commit to a Lifestyle of Learning
Becoming financially literate doesn’t happen overnight, so don’t feel overwhelmed if you’re just starting to make some changes. There isn’t one book, one website, or one seminar you can attend that will give you all the keys to financial literacy. Instead, think of it as a lifestyle change. Similar to transforming unhealthy eating habits into healthy ones, becoming financially literate happens over time. As you learn more, tweak parts of your financial routine that aren’t working for you, and gain more experience managing your money, you’ll improve your financial literacy. Commit to learning how to handle your finances, and continuously look for ways you can educate yourself and grow. It’s a lifelong process!


Sources:
¹ Golden, Paul. “Millennials Show Alarming Gap Between Financial Confidence and Knowledge.” National Endowment for Financial Education, 2.9.2017, https://bit.ly/2Hu9TRV.
² Pascarella, Dani. “4 Stats That Reveal How Badly America Is Failing At Financial Literacy.” Forbes, 4.3.2018, https://bit.ly/2ANtQU5.
³ Shmuel, John. “When it comes to financial literacy, Canadians really overestimate their knowledge.” text in italic, LowestRates.ca, 6.27.2017, https://bit.ly/2nhNUnU.
⁴ “Financial Literacy.” Investopedia, 2018,https://bit.ly/2JZJUkW.

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Getting a Degree of Financial Security

Getting a Degree of Financial Security

The financial advantage gap between having a college degree and just having a high school diploma is widening!

In 2015, the average college graduate earned 56% more than the average high school graduate. This is the widest gap between the two that the Economic Policy Institute has recorded since 1973!

This income difference is making saving for retirement difficult for millennials without a college degree. According to the Young Invincibles’ 2017 ‘Financial Health of Young America’ study, millennial college grads – even with roadblocks like student debt – have saved nearly $21,000 for retirement. That’s quite a lot more as compared to the amount saved by those with a high school diploma only: under $8,000.

However, a college grad may encounter a different type of retirement savings roadblock than a reduced income – student loan debt. But the numbers show that even with student loan debt, the advantages of having a college degree and a solid financial strategy outweigh the retirement saving power of not having a college degree.

Here’s an issue plaguing both groups:more than two-thirds of all millennial workers surveyed do not have a specific retirement plan in place at all.

Regardless of your level of education or your level of income, you can save for your retirement – and take steps toward your financial independence. Or maybe even finance a college education for yourself or a loved one down the road.

The first step to making the most of what you do have is meeting with a financial professional who can help put you on the path to a solid financial strategy. Contact me today. Let’s work to get your money working for you.


Sources:
USA TODAY: “Pay gap between college grads and everyone else at a record.” 1.12.2017
Young Invincibles: “Financial Health of Young America.” 2017
The Pew Charitable Trusts: “Retirement Plan Access and Participation Across Generations.” 2.15.2017

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The Millennials Are Coming, the Millennials Are Coming!

The Millennials Are Coming, the Millennials Are Coming!

Didn’t do so well in history at school? No worries.

Here’s an historical fact that’s easy to remember. Millennials are the largest generation in the US. Ever. Even larger than the Baby Boomers. Those born between the years 1980 to 2000 number over 92M.¹ These numbers dwarf the generation before them: Generation X at 61M.

When you’re talking about nearly a third of the population of North America, it would seem that anything related to this group is going to have an effect on the rest of the population and the future.

Here are a few examples:

  • Millennials prefer to get married a bit later than their parents. (Will they also delay having children?)
  • Millennials prefer car sharing vs. car ownership. (What does this mean for the auto industry? For the environment?)
  • Millennials have an affinity for technology and information. (What “traditional ways of doing things” might fall by the wayside?)
  • Millennials are big on health and wellness. (Will this generation live longer than previous ones?)

It’s interesting to speculate and predict what may occur in the future, but what effects are happening now? Well, for one, if you’re a Millennial, you may have noticed that companies have been shifting aggressively to meet your needs.² Simply put, if a company doesn’t have a website or an app that a Millennial can dig into, it’s probably not a company you’ll be investing any time or money in. This may be a driving force behind the technological advancements companies have made in the last decade – Millennials need, want, and use technology. All. The. Time. This means that whatever matters to you as a Millennial, companies may have no choice but to listen, take note, and innovate.

If you’re either in business for yourself or work for a company that’s planning to stay viable for the next 20-30 years, it might be a good idea to pay attention to the habits and interests of this massive group (if you’re not already). The Baby Boomers are already well into retirement, and the next wave of retirees will be Generation X, which will leave the Millennials as the majority of the workforce. There will come a time when this group will control most of the wealth in Canada and the US. This means that if you’re not offering what they need or want now, then there’s a chance that one day your product or service may not be needed or wanted by anyone. Perhaps it’s time to consider how your business can adapt and evolve.

Ultimately, this shift toward Millennials and what they’re looking for is an exciting time to gauge where our society will be moving in the next few decades, and what it’s going to mean for the financial industry.


Sources:
¹ “Millennials: Coming of Age.” Goldman Sachs, 2018, http://www.goldmansachs.com/our-thinking/pages/millennials/.
² Ehlers, Kelly. “May We Have Your Attention: Marketing To Millennials.” Forbes, 6.27.2017, https://www.forbes.com/sites/yec/2017/06/27/may-we-have-your-attention-marketing-to-millennials/#409e42331d2f.

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Millennials: Getting Your Money to Work for You

Millennials: Getting Your Money to Work for You

If you feel like you make less money than your parents did at your age… You’re probably right.

A new report from Young Invincibles revealed that Millennials have a median income of $40,581 – 20% less than what Baby Boomers were making in the same life stage. It’s probably no great surprise that Millennials have less…

Less money to spend. And less money to save.

You know that saving is important for your future. Retirement may seem far away, but it’s coming. So what do you do with the money you should be saving now?

This is where a little-known formula called “The Rule of 72” comes in…

Here’s how it works: Take the number 72 and divide it by the annual interest rate. The answer is approximately how many years it will take for money in an account to double.

For example, applying the Rule of 72 to $10,000 in an account at a 4% interest rate would look like this:

72 ÷ 4 = 18

That means it would take approximately 18 years for $10,000 to grow to $20,000 ($20,258 to be exact).

This formula really shows the value of finding a higher interest rate, doesn’t it?

Here’s the breakdown (tl;dr - too long; didn’t read):

  • You probably earn less than your parents did at your age.
  • You’ll probably have less money to set aside for retirement.
  • But you can make what you do save work for you.

If you start early, you have the potential to be well-prepared for your retirement. Contact me today, and together we can discuss how to get your money to work for you!


Source:
Young Invincibles: “Financial Health of Young America.” 1.2017

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