But What Actually Is Compound Interest?
Also known as ‘interest on interest’, compound interest speaks to the concept of investing your money and re-investing the interest earnt on that money. Combining regular, consistent investing over a long period of time with the power of compound interest can be incredibly effective in growing your wealth sustainably (and rapidly).
Examples of investments where the interest can be compounded include:
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If you want to grow your wealth, understanding compound interest is essential. Albert Einstein is said to have described compound interest as the world’s eighth wonder. The concept involves earning a return not only on your original savings but also on the accumulated interest that you have made on the past investment of your savings.