Dec. 12, 2018
My grandfather had a saying: "Let your money make you money."
Compound interest, getting paid interest on your interest, is one way to do that.
Put money in a savings account or certificate of deposit and you earn interest on the principal and interest on the interest that you've made.
Mark Catanzaro, senior manager at the Federal Reserve Bank of St. Louis, calls compound interest "the single most powerful action an individual investor can leverage to build wealth."
So, save as much as you can now, and let your money make money for you with compound interest.
More Info: How Does Compound Interest Work?