Einstein allegedly called compound interest the eighth wonder of the world. Benjamin Franklin defined it more poetically: “Money makes money. And the money that money makes, makes money.”
Here’s another take: With the passage of time, compound interest turbocharges the growth of your savings and investments—and balloons the debt balances you owe. That means the sooner you start saving, the more time your money has to grow. And the longer you let debt go unpaid, the more you end up owing.
