A Boring Dystopia

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Why aren't we all getting rich from compound interest? (youtu.be)

submitted 21 hours ago by lobut@lemmy.ca to c/aboringdystopia@lemmy.world

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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

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[–] jacksilver@lemmy.world 29 points 15 hours ago

This doesn't need to be a 20 minute video.

While money in a bank does technically grow exponentially, the real value (what you can buy with that money) of the account grows slower than the economy.

Meaning each year you can actually buy less with the money you keep in a bank account. This is why retirement accounts are typically tied to the stock market, to try to tie their growth more to the economy.