Double the fund is a financial goal that quite a few people aim for at the beginning of a new year. While this is not an impossible goal, it depends on your time and your ability to take risks. There are many different ways to double your fund, as long as you know the savings rule of 72 and have a lot of patience. In addition, you not only save, but also have to find ways to increase your source of money, even using online loans fast approval as a financial leverage to earn more money.
The Rule of 72 is a rule of using a mathematical formula to determine how long it will take to double your investment with a fixed annual rate of return. By dividing 72 by the annual rate of return, you get a rough estimate of how many years the original amount will take to double it. The Rule of 72 is applicable to compound interest, with reasonable accuracy at interest rates from 6% to 10%.
The formula for calculating the rule of 72 is as follows: Number of years to double your investment = 72/interest rate.
To understand better about the rule, here is an example. Now you have 50,000 pesos at interest rate 8% a year. Apply the rule of 72 to the calculation: 72/8 = 9, which means it takes about 9 years for the amount of 50,000 pesos to grow to 100,000 pesos.
Normally, the calculation results of the rule will be closest to the interest rate range of 6% - 8%. It should be noted that the rule only applies to the case of compound interest, not to simple interest.
The Rule of 72 helps you calculate how long it will take to double your fund at each interest rate
To be able to effectively get rich from compound interest and the rule of 72, you should keep in mind that you cannot withdraw money before the maturity date, do not use this money to use for consumption needs or any other reasons. For urgent financial needs, you may benefit from online loans fast approval. Fast approval online loans offer diverse loan limits, simple application process, fast disbursement within the same day.
After using the rule of 72 to calculate the amount of time you need to double your fund, if you are not satisfied with this amount of time, you still have a way to reduce the time by increasing your income and investment.
The first popular way in the Philippines is to increase income. You may increase your income by seeking a side job or opening an online business. The beginning of the year is a favorable time for you to invest and develop your business. You may spend an initial cost to refurbish the facility, upgrade the service, etc. which serves as a basis and leverage to increase profits later. Online loans fast approval are one of the widely used forms to increase business capital.
MoneyCat is the leading fast approval online lender in the Philippines. Large loan limit, monthly payment in long term, low interest rate, etc. are the advantages that make MoneyCat a reliable companion in solving financial difficulties.
Increasing your income with a side job or getting online loans fast approval
Another way to increase personal fund is to diversify income sources. In addition to the main job, you can try to find opportunities in side jobs such as freelancer, online sales in your free time. Diversifying your income sources helps you earn more money. At the same time, this is also a solution to help you become more financially independent and have more financial support in the face of the current wave of staff reduction in large corporations around the world.
One of the fastest ways to double your fund in the Philippines is through investment. You can find new investment higher than current investment to earn more money. Be aware, however, that high reward comes with high risk. While high stakes are the fastest way to double your fund in the Philippines, they are of course the riskiest choice. Cryptocurrencies and altcoins are prominent investment types in the Philippines today because of their high value and large returns. This is also the most potentially risky investment. Blue Chip stocks and Mutual Funds are lower-risk investments, of course. Make sure due diligence is taken to find yourself a new investment that is higher but still has a certain level of security and is not too risky.
High investment comes with great risk
To double your fund in the Philippines, you may choose to save with compound interest, earn extra money from side job or through investments. In this case, online loans fast approval are a useful solution for you in the event of urgent financial need. In the Philippines, MoneyCat is a fast approved online lender trusted by many people because of its good loan quality and transparency in expenses. Consider MoneyCat if you need online loans fast approval or have any financial difficulties.