Compounding interest

If you took a penny on the first day of the month and doubled it every day for that month (all 30 days), how much would you end up at the end of the month?

Remember learning about exponential growth in algebra class? You have an equation to work out, and then you map a curved line on some graph paper. It starts out low and gradual, but when it finally takes off, it skyrockets! Exponential growth explains how compound interest works, and—if you use it right—this powerful formula can help you build a sweet nest egg for retirement.

Budgeting!

“Compound interest is the Eighth Wonder of the World. He who understands it, earns it; he who doesn’t, pays it.” Albert Einstein supposedly said that. Lots of quotes get attributed to him that he didn’t actually say, and this may be one of them; I personally don’t see the guy who imagined riding a light […]

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Compound interest gives you the potential to build life-changing wealth. Find the best compound interest investments and accounts here.

Understanding how compound interest works can show you how time works to your advantage, encouraging you to save early and often. Still, not many do that!