With reference to your calculations-they are totally misleading- the money does not get double at the end of three years- because by the end of three years my investment is Rs:11,000/-. Please correct your self and be doubly sure before suggestig such schemes in future or please correct me if I am wrong with proper illustration.
What a cool tip......... first year you invest Rs5000, next year you add Rs1000, next to that year you add Rs2000 and then get some Rs.13,***. By now strangly, the incremental amounts that I had invested gets converted/counted as returns. So my Rs5000 more than doubles in 3 years.
Great......I\'m sure you are a rank holder in every discipline of accounting.
In the second para in the eg. u have shown an investment of Rs.11000 (5000+1000+2000+3000) becoming Rs.13100 odd and said that the figure has doubled. Please relook into your calculations
This article was good to show that we should re-invest the interest on investments, but can you help us in knowing the amount of interest offered by few leading banks or financial institutions on perticular sum of amount for perticular periods this will help us to plan our investments better and also let us know the best place to invest.
RE:How to double your money
by sartaj sandhu on Oct 26, 2007 06:31 PM Permalink
icici fixed deposit for one year gives you 10 per annual and you may withdraw your money at any time. thanks
I am amazed at the kind of people who are allowed to write articles on rediff.com....are there no reviews before just putting them on a website like this for people to read? Somebody just putting in complete trash like this article. People who write these have absolutely no idea about finance and money and are misleading others too.....
If you put 5000 @ 8% per annum compounded annually and keep adding 1000 every year, your investment does NOT "double" in 3 years, STUPID!.....you have actually invested 5000+3*1000=8000 rupees..a better way to double is put 5000 in year 1 and put another 5000 in year 2...you will have doubled in 2 years itself....
I AM SO DISGUSTED....Rediff.com seems to be the worst site in the world...complete GARBAGE.......
Sorry to mentioned here that the artical published here... How to double your money is absoulately wrong. The calculation made here is wrong n making fool to others. For example... by investing 5000/- @ 8% p.a. and then adding another Rs 1000 at the end of 1st year , adding another Rs 2000 at the end of 2nd year and in last adding another Rs 3000/- at the end of 3rd year How it can make money double in 3 years time.
We actually invested 5000+1000+2000+3000 = 11000 /- and we are getting Rs 13000 + money out of which our money is Rs 11000/- and the balance is interest earned on this amount. So how can my money double when invested at the time of 1st year.
I really can't understand this.
However saving is a good habit and every one has to save something always for better future.
Your articles on personal finance are simply great and they have made me more financial savvy and i have developed a habit of saving. I think you are doing great job with this service of yours.
keep it up... looking forward to more of such articles from you...
