Tuesday, November 24, 2020

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What’s your plan? (05/16/2018)

Scott Arens | Scott@arenscp.com

Rules, rules, rules! You would think that I just sent them to their doom. But then my Girls usually let me know that death would be preferred over placing additional burdens upon their backs. These restrictions squash their freedoms they protest; we have the right to be on our electronic devices is their claim. My usual retort is not so; what you call rights trespasses on what I would call my rights. I kind of smile then as I think back to the birth of a nation and their arguments regarding rights. There were those that gave everything and their lives for certain unalienable rights. Well, time to convene a Family Council to talk about chores and rules again, hopefully relinquishing their death grip on the electronics for a time.

Well let’s chat about a rule with a little less controversy: Rule of 72. We will wait to discuss the Rules of 70 and 69.3 at another time. The Rule of 72 is a simple way to calculate the amount of time it would take money to double at a given interest rate. The formula is 72 ÷ R = T; where (R) is equal to the rate and (T) is time or years to double. If you had $100 to invest at 10% you would expect it to double to $200 at the end of 7 years. Interest checking, savings accounts, mutual accounts, annuities, bonds, stocks, and bond and stock funds are a few simple investments.

Why should you care about this? At some point in your life you will reach the point where work is physically impossible, and this type of income is not an option any longer. It is unfortunate that most people in our country are just surviving pay check to pay check. Instant gratification and easy payment plans have become the rule. What money do you live on if you can’t work?

So what is your plan? First, find a mentor and start something; do it now! Small is better than nothing in this situation. Make time your partner and let it work for you. Credit with its interest charge will always work against you. Second, make growing your money a priority. I bet if you looked at how you spent your money you would find more of it to invest on/in you? Set some rules that concern your money. These will pay you generously in the future! I will be building my case for rules when discussing chores, work, and personal investing at my looming council with the Girls. Always, I do appreciate you and thank you for following me in the Pioneer Review. Please leave me comments at Scott@arenscp.com ■

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