It has been said “Those who know earn it and those that don’t know pay it.”

“Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours; it never has short crops nor droughts; it never pays taxes; it buys no food; it wears no clothes; it is unhoused and without home and so has no repairs, no replacements, no shingling, plumbing, painting, or whitewashing; it has neither wife, children, father, mother, nor kinfolk to watch over and care for; it has no expense of living; it has neither weddings nor births nor deaths; it has no love, no sympathy; it is as hard and soulless as a granite cliff. Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you.”
-J. Reuben Clark

The opposite is also true. If interest is working for you all the same rules apply FOR you.

When you can earn interest on your savings, that interest then earns interest on itself and this amount then compounds on itself. The higher interest you earn, the faster your money grows. For example:

Save $200 a month for 40 years at 4% interest and you will have $228,061

Save the same $200 a month for the same 40 years at 6% interest it will have grown to $371,428

Double the interest rate to 12% and over the same time frame you will have $1,841,019. By doubling your interest rate you MORE THAN DOUBLE your money. That is the power of compounding interest.

Business Graph with arrow and coins showing profits and gains