What is the “Rule of 70”?: This classic financial literacy concept provides vision for investors planning for college savings. (Also known as the Rule of 72)
At Invite Education, we help families apply that concept towards college planning everyday.
It’s simple: You can figure out how many years it will take for money to double based on a rate of return.
Take the number 70 and divide it by a growth rate.
Let’s try with an investment rate of return @ 7%.
70 divided by 7 = 10
10 is the number of years it would take for the investment to double.
So for example, a $10,000 investment would double to $20,000 in ten years at a 7% annual growth rate. Simple enough.
Yet for most families in the daily grind, this concept is easily missed. Especially during critical early years on an 18 year horizon to college.
Engage customers with simple solutions to complex college problems: Join our Demo
What we’ve learned:
Life moves fast while college planning remains methodical: Consistency is key when distractions become the norm. Providing your customers the means to achieve this defines superior engagement for financial services content.
There’s no time like the present, or the future: The power of compounding interest allows small investments to grow long term. It turns out that it’s cheaper to save long term than to borrow later for college costs.
Your customers “most thoughtful” data; their child’s academic and financial future: Higher education is high on the list for families with children. We recognize the challenges, the benefits and most important the emotions that move families towards making smart college choices. Isn’t it time to give your customers a better college planning experience?
The logical path: Once school choices are targeted, give customers the ability to plan step-by-step a clear path to college success while helping them recognize and compare choices based on costs and benefits.
Engage and deliver results with your organization’s products and services: Your product suite may be excellent, but until engagement begins with the customer’s mind space about the topic the competition will instead pick up business. Everyday more people search for solutions online to find answers to their most pressing college questions. If you have products or services targeted towards that group, give them a platform that answers all the questions they have and collects an email address for targeted follow-up. It’s just that simple.
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