Want to double your money? Good news, it is simple to do.

Play what **The Roadside Scholar** calls ** Double Time** – an easy exercise that shows what to do to double your cash.

**Double Time**

1. **Pick your time period for the double.** Example – 4 years.

2. **Calculate the yearly savings amount.**

Divide 72 by the number of years for the double. Example: For a 4-year goal – 72 divided by 4 equals 18%. Each year dollars equal to 18% of the beginning balance must be added.

3. **Break down the yearly amount into a monthly savings amount.**

Example: Dividing 18% by 12 = 1.5%. Each month, an amount equal to 1.5% of the beginning monthly balance is added to the account.

4. **Calculate the monthly dollar amount to contribute.**

Example: Multiply the monthly savings factor of 1.5% by the beginning balance in the account. Assuming a balance of $5,000 - $5,000 multiplied by 1.5% = $75. Contribute $75 each month for one year. For a $2,500 starting balance the amount would be half of $75 or $37.50.

5. **Contribute slightly more per month in later years.**

Because the dollar balance grows each year, the 1.5% monthly factor equals a slightly higher dollar number each successive year. In a 4-year example with a starting balance of $5,000, the monthly additions are $75 in year 1, $89 in year 2, $104 in year 3 and $123 in year 4.

The typical reaction to **Double Time** is disbelief, “It can’t be that easy.” After running through the steps again to confirm the math, the reaction usually becomes, “Why didn’t someone tell me this before? I can do that.”

Importantly, when the growing balance is invested, the profit from investing speeds up the double time. For example, earning 5% per year on the account improves the double time in the 4-year example to just over 3 years.

**Roadside Scholar Tip**: Play **Double Time**: see how simple it is to double your money.

**Note **Double Time** is an estimation tool. The final balance will be within a rounding error of a double based on compounding specifics.

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For more information and easy to understand explanations of important money matters go to __www.theroadsidescholar.com__ or purchase *The Roadside Scholar: Amazing Money Lessons from Behind the Fence, *which includes a more detailed description of **Double Time**.

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