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……. is “the principle of reaping huge rewards from a series of small, smart choices, made consistently, over a long period of time.”
Compounding requires enormous amounts of patience and faith.
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Would you rather have (A) $3 million upfront or (B) one penny that doubles in value every day for 31 days?
Choose any one!!
To maximise your gains, the correct answer is (B). But it doesn’t happen quickly. After 19 days you’d still only have $5,243 and you might feel pretty foolish next to a friend who chose option (A).
It’s not until day 29 that the compounding gains of option (B) net you $3 million. And by day 30 your patience would have tripled option (A). (See figure)
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“ You will never change your life until you change something you do daily. The secret of your success is found in your daily routine.”
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Luck = Preparation + Attitude + Opportunity + Action
Preparation: Personal growth
Attitude: Beliefs and Mindset
Opportunity: Things coming your way
Action: Doing Something
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Magic: do simple things repeatedly for long enough that the Compound Effect kicks in.
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“If you want to sail your life in a new direction, you have to first pick up the anchors of bad habits that have been weighing you down.”
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997
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“Step by step, day by day, your choices will shape your actions until they become habits, where practice makes them permanent.”
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IDEAS CURATED BY
"A good idea should be like a girl's skirt; long enough to cover the subject and short enough to create interest."
CURATOR'S NOTE
You make choices, then choices make you !
“
Curious about different takes? Check out our The Compound Effect Summary book page to explore multiple unique summaries written by Deepstash users.
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Curious about different takes? Check out our book page to explore multiple unique summaries written by Deepstash curators:
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