Power of compounding
Have you ever heard the question: Would you rather have $1 million dollars today or 1 penny doubled every day over a month? You might think that the better deal is taking $1 million. It sure would be instant gratification! In fact, after 15 days of the penny doubling you would only have $163.84. However with consistency and the patience of waiting for the penny to double until day 30, you would have $5,368,709.12. The exercise teaches us the power of compounding (and patience).
Consistent activities
One of my favorite books on this topic was written by Darren Hardy called “The Compound Effect”. The book teaches many lessons about the power of how small activities practiced over a long period of time leads to success. If you’re practicing small bad habits you might wake up one day and be overweight. Or in serious debt. If you practice good habits over a period of time, like investing a portion of your pay into a retirement plan every pay period, then that will compound and result in a nice-sized retirement fund. This is the power of habit.
The power of habit and breaking bad onesOne of the best approaches to creating a habit I have found is to stop a bad habit and then start a new positive habit today. Just for today. Anyone can do something today.
For example, if you want to get into swimming shape, then instead of getting up and turning on the news, get up and start swimming today. It doesn’t matter how long you swim, or what your workout is, or what you wear in the pool (as long as it’s legal). Just start swimming today. Get in your car and go to a pool and swim a few laps.
Or if you want to start saving for a future goal, such as retirement. Instead of buying your regular mochafrappa drink, instead start investing today. Just do it today.
And then do what Darren Hardy suggests and be consistent about it.
There is magic surrounding what happens when you take action. When you take action on something it signals your brain, your body, and the universe that you are serious about it. That this is something you want to do. That you are creating.
Take action, be consistent, and create. And see what magic happens.
