Courtney Abbott's Key Ideas from The Compound Effect
by Darren Hardy
Ideas, facts & insights covering these topics:
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The Compound Effect
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.
For example: Would you rather have (A) $3 million upfront or (B) one penny that doubles in value every day for 31 days?
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).
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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.”
DANIEL HARDY
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Your Choices & Habits Compound
Everything in your life exists because of a choice you made. Every choice has an impact on your life’s Compound Effect. You can not sleep-walk through life and expect good outcomes.
Successful people aren’t more intelligent/talented, they just have habits that help them be more informed, knowledgeable, skilled, prepared, competent.
It's your small (subconscious) habits and your (conscious) choices that in time compound to the person you are now. To change the future you have to change your habits and actions.
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The Luck Formula
Luck = Preparation + Attitude + Opportunity + Action
The formula is attributed to Seneca, a Roman philosopher. He suggests that luck is not something that happens to us randomly, but rather is something that we create through:
- Preparation: Be ready for opportunities when they arise. Learn new skills, network ...
- Attitude: Have a positive outlook & stay motivated when things get tough.
- Opportunity: Be in the right place at the right time.
- Action: Take action when opportunities arise.
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Media Diet of Extraordinary People
Our brains aren’t designed to make you happy, but to survive. And the best way to survive is to seek out negatives. But 99% of the (negative) news has nothing to do with you. If you are worried all the time it will be impossible to become the best version of yourself.
THE SOLUTION: Put yourself on a media diet. Find healthy alternatives to media:
- Instead of watching TV, you could read a book, go for a walk, or spend time with friends and family.
- Instead of scrolling social media, read ideas on Deepstash.
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IDEAS CURATED BY
CURATOR'S NOTE
Compound interest is a powerful force, and it can help you grow your wealth and life in general.
“
Curious about different takes? Check out our The Compound Effect Summary book page to explore multiple unique summaries written by Deepstash users.
Different Perspectives Curated by Others from The Compound Effect
Curious about different takes? Check out our book page to explore multiple unique summaries written by Deepstash curators:
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