If you saved $1000 one time, and got 5% interest each year, in 40 years you’d have $7,039. At 10% interest, in 40 years, you’d have $45,259.
Can you save money? If not, by definition, you will always be broke.
If you can save money, and invest it to get a good rate of return, you can make compound interest work for you.
This is not an example of compound interest…it is an example of interest rate s higher interest rate!