Can compound interest make us rich?

Could you elaborate on the potential of compound interest to significantly increase one's wealth? Is it truly a viable path to financial prosperity, or are there caveats and limitations that investors should be aware of? How does the concept of compounding work in practice, and what strategies can individuals employ to maximize its benefits? Additionally, what are some of the common pitfalls or mistakes that people make when attempting to harness the power of compound interest, and how can they avoid them? Your insights on these aspects would be greatly appreciated.