Compound Effect
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.
For example, would you rather have (A) $3 million upfront or (B) one penny that doubles in value every day for 30 days?
If you have taken option (B) then -
Day Money you have ($)
1 0.01
2 0.02
.
.
.
15 327.67
.
.
.
27 1,342,177.27
28 2,684,354.54
29 5,368,709.08
30 10,737,418.16
You can able to see the change after 28 days. It's the power of Compound Effect.
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MORE IDEAS FROM THE BOOK
“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge.”
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- Identify the influence of media and information on your life. Identify ways to protect it from the negative and fill it with positive information.
- Evaluate your current associations. Which must you stop or limit? How will you expand your (good) associations?
- Pick an accountable partner and decide when, how often, what to and how you’ll hold each other accountable.
- Identify three areas of life you are most focused on improving. Find and engage a mentor in each area of those areas.
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- Start Strongly – start with a strong WHY
- Set Yourself Up to Succeed – eliminate distractions
- Think Addition, Not Subtraction – focus on what you will get not what you lose.
- Make a Public Commitment
- Find a Success Buddy –a friend or a coach
- Set up Some Competition – compare the results with yesterday's progress
- Celebrate – training your brain is much like training a dog so don’t underestimate the power of small, simple rewards for good behavior.
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Always remember that -
Luck = Preparation + Attitude + Opportunity + Action
Now -
- Identify the one area of life you’re struggling most with and start journaling all the things you’re grateful for about it.
- Identify and assess an area of life you want to change and that you’re not taking 100% responsibility for.
- Start tracking at least one behavior in one area of your life you’d like to change and improve.
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- Decide to take full responsibility for your own life – even if you can’t explain how you got here.
- Write down 6 seemingly inconsequential positive steps you can start doing daily (like reading books).
- Identify 6 seemingly inconsequential negative actions you can put a stop to. (less watching TV, less playing video games).
- Identify any areas of life where you’ve enjoyed success in the past but may have become complacent and are no longer improving.
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“Allow yourself to go and do it wrong. Don’t expect to always get it right. It will prevent you from doing anything.”
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“You can only control two things in life: Your attitude and your actions.”
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- Identify your triggers.
- Eliminate those TRIGGERS from your Environment.
- Substitute with a REWARD that has the same effect
- Either: Ease into your new reward – (if No.3 doesn't work) some habits are easier to change by cutting them down slowly.
- Or: Make a hard change – others are easier to dislodge with a quick decisive tug at the roots.
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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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“You alone are responsible for what you do, don’t do, or how you respond to what’s done to you.”
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Giving a little more energy or thought to your efforts won’t just improve your results, it will multiply them.
- Identify times when you hit your moments of truth and commit to pushing through them when you next get there.
- Find three areas in your life where you can do “extra” and make a plan to do more.
- Identify three areas in your life where you can beat expectations then plan where and how to create “wow” moments.
- Identify three ways you can do the unexpected. Where can you differentiate from what is common, normal, or expected?
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- Create a good evening and morning routine.
- List three areas of life where you’re not consistent enough. What has this cost you? Decide to be consistent from now on.
- Create a habit register and write down a half-dozen key behaviors (which may be beneficial in the future).
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“A daily routine built on good habits and disciplines separates the most successful among us from everyone else.”
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RELATED IDEAS
SMALL, SMART CHOICES + CONSISTENCY + TIME = RADICAL DIFFERENCE
The Compound Effect is the principle of gathering huge rewards from a series of small, smart choices. Small, seemingly insignificant steps completed consistently over time will create a radical difference.
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Assume I gave your friend $3 million, and I asked you to save a penny for a month, with it slowly doubling each day. Which would you pick?
If you’ve come across this gambit before, you know picking the penny is the right option. Yet, why is it, in reality, a decision like this would be so hard to make? On day ten, you have $5.12 while your friend is still in the millions. Day 20, you’re still stuck with $5,243.
The real magic happens on day 29. You have 3million dollars, and your friend may have spent half his cash. Day 30, you have $10,737,414.24
This is the magic of the compound effect.
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- Most people go through life with small ambitions, small goals, thinking small, and they only rise to the size of their dreams.
- All of us, more than we recognize, are products of the thinking around us. And much of this thinking is little, not big.
By thinking big, what’s now called “10x” thinking, you can do great, huge things, so long as you believe in yourself and follow through on the pursuit of those huge goals.
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