Most of us have heard of Compound Interest, which Albert Einstein coined the eighth wonder of the world.
A little money saved consistently over time, starts off slowly but if given enough time it can have tremendous results.
If I was to say to you would you like to be given one cent a day which will double everyday for the next 30 or $7 million right now which would you choose? Well of coarse being on this site, I’m sure you were clever enough to know the answer immediately.
But we will have a quick look and see what happens.
Day 1: $0.01 cent
Day 2: $0.02 cent
Day 5: $0.16 cent
Day 10: $5.16
Day 15: $163.84
Day 20: $5,242.88 (Really Starts to Take Off)
Day 25: $167,772.16
Day 30: $10,737,418.23 (Over $10 Million) (Imagine What Would Happen in Another 30!)
Its amazing what happens with Compound Interest, now lets examine what can happen with Compound Action and how it can lead to Compound Success.
Compound Action affect so much.
How do you run a marathon?
Train by running one kilometre at a time, then increase it week by week until you can run that marathon. (Or if your like me before I discovered this, sign up for one, don’t train and hobble to the finish line!)
How do you start and grow a business?
You do it one email, one phone call at a time until you have one customer. Then you get two customers. After a few months maybe your getting multiple customers a day. Now you definitely have a business.
How do you Succeed?
You try something towards your goal. If it worked you do it again and again until you reach success.
Its not in the one time action that your goals are hit, its in the consistent action day in and day out even when you don’t feel like it. Thats where success is built.
There is different tactics that you can use to make sure that you keep up this consistent action such as an old Jerry Seinfeld trick about not breaking the chain.
Jerry wanted to work on creating a joke every day. So he got out a calendar and everyday he would but an X on the day when he done his joke for the day. After a few days in a row a chain would of formed. When the chain of X’s is formed there will be something holding you back from wanting to break the chain by not being able to but an X on that day because you didn’t do the task.
Tricks like this can work great but ultimately it is your internal discipline and knowing your Why and your goals that is going to keep you executing day after day.
This is how those ‘overnight’ successful people done it.
Like Zuckerberg, Page, Brin, Bezos.
Its true some people may of had mega success from being in the right thing at the right time, but it still doesn’t stop them from needed to execute each day and continue to do so.
What will you start executing on right now, so you can see the compound returns a month or year from now?