How to Double Your Savings in 10 Years
First, I have to say that if anyone ever opens with that line or any guarantee of financial results, run the other way. No one on this planet knows what’s going to happen tomorrow, let alone 10 years from now. But that’s not the point.
Compound interest is a wonderful thing. Albert Einstein called it the 8th wonder of the world. So if you have $100,000 today you would have to earn 7.2% annually to have $200,000 in 10 years. The highest probability of delivering that kind of return would come from the stock market and your risk tolerance, liquidity needs, and other contributions would have to be taken into account. But that’s really not the point either.
The point is to have a plan and make your contributions to it as automatically as possible. Review your investment plan 1-2 times per year with your financial advisor to make sure it’s aligning with your goals for income, growth and stability.
If you want to discuss your plan or if you have questions about investing in your future, please email us or give us a call. We’d be glad to help. I’m Zak Fearing with Morrison Financial.