http://debitversuscredit.com/finance-101/rule-72/ A personal finance blog dedicated to fighting financial ignorance Fri, 20 Apr 2012 16:25:11 +0000 hourly 1 http://wordpress.org/?v=3.3.2 http://debitversuscredit.com/finance-101/rule-72/comment-page-1/#comment-520 Kristy @ Master Your Card Wed, 28 Jan 2009 06:23:51 +0000 http://debitversuscredit.com/?p=896#comment-520 I love this rule! It is one of the best tools in a personal bankers arsenal because it really gives us a concrete way to show members/customers how their money will work for them. As a matter of fact, I used this example the other day with a member. He had an abundance of money sitting in his membership share account that's earning 1%. For the amount of money he had, he would be earning 3.75% in a money market account that's just as insured as his membership share and would take about 5 minutes of his time to switch over. He didn't think 2.75% would make much of a difference until I used the rule of 72 and actually showed him just how much of a difference it made. He switched. I love this rule! It is one of the best tools in a personal bankers arsenal because it really gives us a concrete way to show members/customers how their money will work for them. As a matter of fact, I used this example the other day with a member. He had an abundance of money sitting in his membership share account that’s earning 1%. For the amount of money he had, he would be earning 3.75% in a money market account that’s just as insured as his membership share and would take about 5 minutes of his time to switch over. He didn’t think 2.75% would make much of a difference until I used the rule of 72 and actually showed him just how much of a difference it made. He switched.

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