Sometimes all the financial lingo can get a little confusing. Even if you know some of it you might not fully understand it. Compound interest is a concept that has been around for a while now and is known as “…The eighth wonder of the world.” (Said by Albert Einstein) He was a pretty smart guy so I figured I should look a little more into what really is compound interest and exactly how it can benefit you.
Albert Einstein also said about compound interest, “He who understands it, earns it. He who doesn’t, pays it.” Okay, so I don’t know about you but I definitely don’t want to pay for more than I have to. If I’m being honest, I don’t even want to pay for what I have to!
Instead of paying into it, let’s first get into the basics of what compound interest really is.
Back to the Basics
As I was scouring the world’s greatest resource (a.k.a Google), I