Just let your wealth compound over time and you’ll be a millionaire, the advice goes. If this is true why aren’t more people rich?UNDERSTAND, SHARE & PUSH BACK

  • jacksilver@lemmy.world
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    6 hours ago

    Yeah, I was calling out savings accounts cause that’s what I imagine most people are talking about when mentioning compound interest. The video is talking about the false promise of compound interest and I wanted to call out the real reason it doesn’t work.

    As for the standard 2-3% inflation the fed targets. I wasn’t saying it was bad, just that it means that you loose value if your money isn’t growing. I can’t say I studied economic theory far enough to have a meaningful stance on if that’s good or bad.