3 simple ways to invest can double your money | Smart change: personal finance

3 simple ways to invest can double your money |  Smart change: personal finance

Source napavalleyregister.com Your money will grow exponentially when it has more time to compound. In this scenario, your total savings double roughly every decade. By starting to invest now and sticking with it over the long run, compound interest can do its job and help your money grow faster.

Number of YearsTotal Savings5$6,90010$16,60020$49,20030$113,40040$239,600 Say, for example, you’re investing $100 per month and earning a modest 7% annual rate of return on your investments. Here’s approximately how much you’d have saved depending on how many years you let your money grow:

Source: Author’s calculations Compound interest is what helps your money grow over time. You’re essentially earning interest on your interest, so the more time you have to save, the more you can potentially earn.

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