Are you familiar with the story of the Magic Penny?
If you had the choice between taking $3,000,000 in cold hard cash right now, or a single penny that doubles in value every single day for 31 days, which would you choose? [1]
If you have heard this story before, you know the better choice is to take the single penny (and if you don’t believe us, do the math!). But how can that be possible? There is no way that a single penny will be worth more than $3M just by doubling after 31 days! Yet, it is true. On Day 31 that penny is now worth $10,737,418.24. Over three times more than the initial $3,000,000 offering.
This story is the basis for Darren Hardy’s book The Compound Effect. In a quick 192 pages, you will learn strategies that will improve your mindset for success in business and life. The general concept is simple. Small, consistent steps taken every day will yield big results if you are patient and stick with them.
Consider weight loss for example. As much as we might not like to admit it, losing weight is simply an equation. Reduce the amount of calories consumed daily and you will lose weight [2] How fast you lose weight is based on how many calories you reduce from your diet. If you are currently consuming 2000 calories per day and want to lose 1 pound per week, you need to reduce your caloric intake by approximately 3500 calories per week. Simple math tells you that is 500 calories per day you need to reduce. If you drink 3 sodas per day at approximately 150 calories each, cut those out and there is your 500 calorie reduction. If you are consistent with this habit, assuming no other changes to your nutrition, you will lose the weight you want based on this simple, consistent change.
Darren Hardy delivers several other examples throughout The Compound Effect to teach you simple, practical and sustainable ways to make changes to your life and increase your success. So often we search for a “magic pill” or quick fix to solve our problems, make more money and/or advance our position in life. If we were to channel that energy toward small, consistent changes over time versus always trying “the next best thing” we would find more success and happiness and experience less frustration.
The Compound Effect is an excellent read for every In Demand Woman. In fact, our whole premise at SHF of Simple, Sustainable & Fun is influenced by this concept! If you need some additional encouragement, motivation and specific examples of how to improve your life, invest a couple of hours and read The Compound Effect today!
References:
https://borrowsmartrepaysmart.com/2014/09/23/the-story-of-the-magic-penny/
https://www.mayoclinic.org/healthy-lifestyle/weight-loss/in-depth/calories/art-20048065
