Future Value Calculator: This calculator will help you determine what your investment account, and any periodic contributions that you make, will be worth in the future. Whether you’re saving for retirement, for college or for a new home, you have some idea of how much money you will need. This calculator will help you determine if you will reach that goal given your current investing habits.
Investment Goal Calculator: Use this calculator to determine if you are on track to reach your investment goals. You enter your investment goal, an interest rate, a marginal tax rate and the number of years until you need to reach your goal and our calculator will tell you if you are on track to reach that goal within your specified time period.
Millionaire Calculator: Everyone, at some point in their lives, dreams of becoming a millionaire. Enter your current investments, your monthly contributions, your age and your expected return and our calculator will tell you at what age you will become a millionaire.
“Trim the Fat” Calculator: We call this our “Trim the Fat” calculator because it will help you calculate how much money you can save over a specified time period by making cuts to your monthly budget. Enter the amount you’d like to try and save on certain monthly expenses and our calculator will tell you how much those savings will be worth over time. By saving more, you’ll have more to invest.
Would you like a quick, rough estimate of the amount of time it will take you to double your money, or would you like to know what interest rate your investments will need in order for your money to double within a specific time period?Use the rule of 72. If you know either an interest rate or an investment time frame, you can divide the known variable into 72 to determine the unknown variable. For example, if your investment will return 4.5% per year, you can expect your money to double in 16 years (72 divided by 4.5). Assume that you need your money to double in 12 years, you would need an average annual interest rate of 6% (72 divided by 12) to achieve your goal. Again, this will provide you with a rough estimate. More importantly, it should help you develop a better understanding of the power of compounding interest.