New Delhi, Feb. 12 -- Albert Einstein, one of the greatest scientists of all time, once said:

"Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it."

While Einstein is famous for his scientific discoveries, this statement highlights an important financial principle. The power of compounding is a simple yet life-changing concept that helps people grow their wealth over time. Those who understand it can build financial security, while those who ignore it often struggle with debt.

Compounding means earning interest on both the original amount invested and the interest that has been added over time. This creates a snowball effect where money grows much faster than with simple interes...