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Podcast: Steady Wealth Podcast
Episode: The Power of Compound Interest
Description: The power of compound interest is an incredible phenomenon that can have a huge impact on our financial lives. As Einstein famously said, it is the 8th wonder of the world. But what exactly is compound interest, and why is it so powerful?
Put simply, compound interest is interest that we receive on interest. This means that if we invest our money and earn interest, we can reinvest that interest and earn even more interest on the original investment and the interest earned. Over time, this snowballs and can lead to significant growth in our investments.
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