What is compound interest?Compound interest can be described as the ultimate "growth multiplier" for your money. It's not just about earning on your initial investment; it's about your money making more money as both your principal investment and the accumulated interest grow together.With simple interest, the growth of your investment is only calculated based on the original amount you invested. This means that no matter how long you invest, the growth is limited to the initial investment.<img src="https://cdn.magzter.com/1605701739/1732917438/articles/HD8YRKWX2fvySPfcFRNsys/18lNAbbWA1732925754456.jpg" alt="image">In contrast, compound interest allows your growth to be reinvested, so each year you're earning "growth on growth." Over time, this snowball effect becomes exponential and why compound interest is such a powerful tool for long-term wealth building.Let's take Ingrid as an example. At 27, she starts investing R2 500 each month, with an annual escalation of 6%. She plans to retire at 62, giving her a 35-year window for growth.Over those 35 years, Ingrid will have contributed a total of R3 342 043. But thanks to the power of compound interest, her investment will be worth over R16 million at retirement. That's exponential growth in action!Roux is a financial advisor at Sentient Wealth.

Here's how compound growth works

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