"Inventor: A person who makes an ingenious arrangement of wheels, levers and springs, and believes it civilization."Ambrose Bierce
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Are you a part of the plastic money revolution?
In this age of instant gratification, credit cards occupy their own unique status. Actually, so important has plastic money become, that money transactions are perceived as almost impossible without this new age tool. One of the most inviting features of ...
There's More To Making Money Than A Tertiary Education!
An education of some sort is a prerequisite these days if you want to start a secure career in whatever field you choose. However, have you thought about where this will get you exactly? Will it help you achieve all your dreams in life, both financial, ...
The money is in the list!
From the desk of Shane Wilson: November 14, 2005 Hi, Shane here, I know you have heard it before, you know, "The money is in the list". Well, nothing could be closer to the truth. If you are going to be successful with an Internet based business you need ...
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Word Count: 233 Character Width: 60 Resource Box: Debt-Free For Life
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"The Rule of 72" - Use This Formula & You Won't Want To Borrow Money Again Either
- by Steven Erlick MA
(c) Steven Erlick. All Rights Reserved. http://www.BookShaker.com
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A sure fire way of not borrowing any more money is to look at how much money you are paying for it. As if being in debt is not bad enough, if you owe money then you have to pay more than you borrow. This is known as interest. Compound interest is where you pay interest on the interest and has been called the eighth wonder of the world!
The great thing about interest is that in fact it is a rental payment on using someone else's money. Like most rental agreements, it costs you dearly whilst for the lender it's a nice little earner! The word 'interest' comes from an old French word meaning 'loss'! Sounds an apt description, doesn't it? It is money that is lost to you!
There is a little formula by which you can work out how long it will take for your debt to double. It is called the Rule of 72. If you divide 72 by the annual percentage rate you will get an approximate indication of how long it will take before compound interest doubles your debt. It is a very sobering calculation to do! If you are not keen on formulas then all you need to do is search the Internet for a debt repayment calculator. Enter the amount, the number of years and the interest rate and you will never want to borrow anything again!
=========================================================== Debt is not your fault. Learn how to get out of it and prosper. The acclaimed Debt-Busting Manual "Debt-Free For Life: Prosperity For the Rest of Us" is available here... http://www.bookshaker.com/product_info.php?products_id=115 ===========================================================
Keywords: rule of 72,compounding,eigth wonder world,debt,debt-free,change,transform your life,transform your debt,prosperity,debt free,money,control money,control debt
About the Author
=========================================================== Debt is not your fault. Learn how to get out of it and prosper. The acclaimed Debt-Busting Manual "Debt-Free For Life: Prosperity For the Rest of Us" is available here... http://www.bookshaker.com/product_info.php?products_id=115 ===========================================================
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