A dollar might not change your life. But a dollar a day might. And if that dollar grows bigger every day, it could make or break your finances.
Compound interest makes the numbers grow more quickly than simple interest. If those numbers represent your savings, great. Compounding is what you want. If we’re talking about debt, not so great. Compound interest will cost you more.
This stuff can make our brains hurt, so we asked finance expert and published author Mitchell Weiss to help us break it down. Mitchell helps non-finance people understand finance.
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Mitchell D. Weiss is a financial services industry executive and entrepreneur. He is also an Executive-in-Residence at the University of Hartford, co-founder of the university’s Center for Personal Financial Responsibility and adjunct faculty at Rutgers University. His most recent text, Practical Finance - A Straightforward Guide to Personal and Entrepreneurial Finance, is the basis for the course he teaches at both institutions.
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