Imagine a flower in your mind. That flower eventually spreads pollen and new flowers start to grow. The flowers basically multiply on top of themselves. This continues until there is a massive flower field.  The original flower is the money you have. The new flowers that grow are your interest. Your money multiplies on top of itself, like how the flowers did.

Simple Interest is when your money grows at a steady rate. Let's say that you work at a job that pays $20 an hour. For every hour you work, you would earn $20. But Compound Interest is different. Instead of growing at a steady rate, it grows faster and faster. This leads to your money growing faster if you put your money in a high yields saving account, an account that gives you access to compound interest.

Time is the most important factor in compound interest. The earlier you start, the more time you have for the money to grow.  Let's say you are 16 now and you started with $1000 in your account. If the interest rate is 7%, you would have $29,457 in your account. But if you started later, let's say 15, you would only have $15,579 in your account. You basically lost thousands of dollars by starting a few years late.