How Fast Can $1,000,000 Double with Fidelity Index Funds?
Answer
Ask me anything about this video:
What was the speaker's initial belief about doubling a large sum of money?
Answer
The speaker initially believed that doubling a large sum of money, like $1 million, was something only billionaires or finance geniuses could accomplish, requiring connections, insider information, or risky investments.
How does the Rule of 72 work, and what is the estimated doubling time for $1 million with a 10% annual return?
Answer
The Rule of 72 works by dividing 72 by the annual rate of return to estimate the number of years it takes for an investment to double. With a 10% annual return, it takes approximately 7.2 years for money to double.
What is the speaker's conclusion about the time it takes for $1 million to double with Fidelity Index Funds, and what is the key requirement?
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The speaker concludes that it takes roughly 6 to 10 years for $1 million to double with Fidelity Index Funds, with seven or eight years being the sweet spot. The only requirement for this is patience.
What about if you withdraw money from you investments? How does that affect the rule of 72?
Answer
The provided transcript does not contain information about how withdrawing money from investments affects the Rule of 72. The speaker focuses on the growth of an investment without withdrawals.