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Albert Einstein famously called compound interest the "eighth wonder of the world." It is the concept of earning interest on your interest.
If you invest $10,000 at 7% return:
- Year 1: You earn $700. Total $10,700.
- Year 2: You earn 7% on $10,700 (not just the original $10k). That's $749.
Over 30 years, that $10,000 becomes $76,000 without you adding another penny.