Category: retirement

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Discover How Long It Takes to Double Your Investments by Using the Rule of 72

For young workers, a paycheck and maybe even health insurance benefits are the primary reasons to get a job. But that paycheck will only take you so far if you aren’t smart about utilizing it to build more capital for the future.

Of course, investing is such a broad term that involves its own set of vocabulary that many of us simply aren’t taught in high school or college.

However, even if you’re new to the savings and investing game, it’s important that you know about how to double your money with the Rule of 72.

So what exactly is the magic behind the number 72?

By dividing the number 72 by the interest rate of your return, you can calculate the number of years it will take to double your investment.

This applies to all your financial accounts, including savings, money market accounts, index and mutual funds.

Photo Credit: Pixabay

Lifehacker writer Nicole Dieker utilized her personal financial figures to illustrate just how the formula works.

Dieker’s Capital One 360 savings account earns an interest rate of 0.63 percent. By dividing 72 by that paltry figure, it would take Dieker 114 years to double her money.

At least her Vanguard investment accounts are in better shape, as they earn an average rate of return of 10.3 percent. In that case, it would only take Dieker seven years to double her money.

Financial tips like the Rule of 72 can be critically helpful for novice investors like myself. Delving into the world of stocks, mutual funds, cryptocurrency and everything in between can be daunting for those without a strong financial background.

When it comes to the Rule of 72, percentage points matter. So take the time and do your homework on potential investments before you fully commit.

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7 Friends Chipped in and Bought a Big House so They Can Retire and Live Together

While some are content with the tried-and-true options of mooching off their kids or paying big bucks for a care facility when they retire, these 7 girlfriends had something else in mind.

Image Credit: YouTube

And I gotta say…I’m pretty intrigued.

In this viral video, seven friends explain how they pooled their money to buy a 7,500-square foot house in the Chinese countryside. Together they renovated it, creating a few big, welcoming common spaces where they can spend time together and making sure each of them have a bedroom upstairs to retreat to when they need their space.

Image Credit: YouTube

They’ve each committed to learning a skill that will benefit the group when the time comes – cooking, gardening, traditional medicines, etc – which makes their small commune even more desirable.

Image Credit: YouTube

Rice paddies and forests sprawl as far as the eye can see (which is pretty far), meaning the group also has an amazing view every morning while they share their tea.

Image Credit: YouTube

And speaking of tea…

The friends share a love for the ancient tradition, and so they built a tea pavilion on the property that’s accessible by a charming wooden boardwalk.

Image Credit: YouTube

Though their home is secluded, they’re only about an hour from the nearest town, so there are no worries about having access to things like groceries and, if necessary, medical attention.

I’ve gotta say, this is a great idea.

I just need to make a couple more friends. And, you know. More money.

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Meet the Man Who’s Been Living on a Cruise Ship for 13 Years, aka “The Captain”

He has taken his lunch and dinner every day at the same corner table now for thirteen years. Slim and distinguished, the passenger is lovingly known by the Seven Seas Navigator crew as “The Captain.”

Photo Credit: Forbes

Morton Jablin is 94 years old, sharp, and quite elegant-looking. So, why has he chosen to spend the last 13-years on a boat?

Jablin was born and raised in Brooklyn before he went abroad with the U.S. Navy Office of Naval Intelligence in WWII. After he returned to the States in 1946, he worked as a pharmacist, married his wife Charlotte and raised two children. He eventually started a successful lace-making business.

Throughout their marriage, Jablin and Charlotte traveled all over the world on various cruise lines. When Charlotte passed 13 years ago, Jablin decided to make his globetrotting full time and settled on the Navigator as his new home.

Living on the ship has allowed Jablin to keep a simple routine – one that ensures he knows where everything is, which is particularly important because he is steadily losing his eyesight and is now 90% blind. Other than the occasional doctor appointment, he no longer participates in shore excursions. “Charlotte and I had already been everywhere.”

His corner table in the Compass Rose Dining Room is permanently reserved for his daily lunches and dinners and is set for him exactly the same way for every meal.

Photo Credit: Regent Cruises

His suite has been customized to meet his needs, and he exercises daily by walking on a deck that is usually empty. Casinos aren’t his thing, but he enjoys the onboard musical performances.

Family visits him when the ship docks in Miami, and he can always call them on his cell phone. Although other passengers will sometimes start conversation, Jablin really considers the crew as his friends and family.

Jablin summed up his life at sea this way. “I couldn’t achieve this lifestyle anywhere else. If I need a nurse or doctor, someone is in my cabin within five minutes. No matter what the time of day, if I need something, someone is here in 10-15 minutes. If I weren’t on this ship, I would have to have someone living with me.”

“Where else could I feel this secure and safe? Life on board couldn’t be better,” he said.

He kind of has a point, don’t you think?

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This Man Has Determined That It’s Cheaper to Retire to a Holiday Inn Instead of a Nursing Home

These days, there are so many senior citizens who are unable to retire because of the ridiculous cost of housing as well as dwindling/nonexistent savings.

According to the Bureau of Labor Statistics, households that are 65 years or older spend, on average, $45,756 per year, or roughly $3,800 per month. That’s only $1,000 less per month than all U.S. households on average. We all know how the economy has swung back and forth since the 2008 meltdown, so many Americans have had a hard time retiring or haven’t been able to at all.

Because of all this uncertainty, one man from Texas has come up with a brilliant plan for his twilight years. Terry Robinson has decided that, instead of opting for the traditional retirement home, he’ll spend his remaining years in a Holiday Inn hotel.

And to top it off, the Holiday Inn will be cheaper.

Photo Credit: Wikimedia Commons

Robinson wrote a lengthy Facebook post about his plan and as of this writing, the post has been shared 132,000 times. Robinson’s post says:

“No nursing home for us. We’ll be checking into a Holiday Inn!
With the average cost for a nursing home care costing $188.00 per day, there is a better way when we get old and too feeble.
I’ve already checked on reservations at the Holiday Inn. For a combined long term stay discount and senior discount, it’s $59.23 per night.

Breakfast is included, and some have happy hours in the afternoon.
That leaves $128.77 a day for lunch and dinner in any restaurant we want, or room service, laundry, gratuities and special TV movies.

Photo Credit: Wikimedia Commons

Plus, they provide a spa, swimming pool, a workout room, a lounge and washer-dryer, etc.

Most have free toothpaste and razors, and all have free shampoo and soap.

$5-worth of tips a day and you’ll have the entire staff scrambling to help you.

They treat you like a customer, not a patient.

There’s a city bus stop out front, and seniors ride free.

The handicap bus will also pick you up (if you fake a decent limp).

To meet other nice people, call a church bus on Sundays.

For a change of scenery, take the airport shuttle bus and eat at one of the nice restaurants there.

While you’re at the airport, fly somewhere. Otherwise, the cash keeps building up.

Photo Credit: Wikimedia Commons

It takes months to get into decent nursing homes. Holiday Inn will take your reservation today .

And you’re not stuck in one place forever — you can move from Inn to Inn, or even from city to city.

Want to see Hawaii ? They have Holiday Inn there too.

TV broken? Light bulbs need changing? Need a mattress replaced? No problem.. They fix everything, and apologize for the inconvenience.

The Inn has a night security person and daily room service. The maid checks to see if you are ok. If not, they’ll call an ambulance . . . Or the undertaker.

If you fall and break a hip, Medicare will pay for the hip, and Holiday Inn will upgrade you to a suite for the rest of your life.

And no worries about visits from family. They will always be glad to find you, and probably check in for a few days mini-vacation.

The grand-kids can use the pool.

What more could I ask for?

So, when I reach that golden age, I’ll face it with a grin.”

Sounds like a pretty good plan to me.

What do YOU think? Let’s get some retirees to weigh in on this predicament in the comments.

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