You’ve probably heard the whole “magic of compounding interest as told through the doubling penny” story.
Fantastic.
It’s worth hearing again and really absorbing its wisdom as we have fun +1-ing our lives.
So… Here it goes…
I hereby offer you two choices:
1. I’ll give you $2.5m in cash today.
Or…
2. I’ll give you a penny and then we’ll double it every day for a month.
Which would you prefer? The $2.5m today or the doubling penny?
Hmmm…
Note: You’d be wise to ask, “Which month are we talking about?”
Because if it’s February, you’d be better off with the $2.5m. After 28 days, your doubling penny is worth $1.3m.
But… If we’re talking about a 31-day month then let’s go for the penny!!!
Get this: That penny goes from 1 cent (just a tad less than $2.5m 😃) to 2 cents to 4 cents to 8 to 16 to 32 to 64 to over a buck in 8 days … Then it starts to take off. We arrive at our $1.34m after 28 days and then the magic REALLY begins. We leap from $1.34m to $2.7m on Day 29. Then from $2.7m to $5.4m on Day 30. And then, on that 31st day, we go from $5.4 all the way to $10.8m.
That’s some pretty magical growth.
Moral of the story?
Well, here are two:
As Darren Hardy says in The Compound Effect, we need to remember that it’s ALL ABOUT:
1. “A continuum of mundane, unsexy, unexciting, and sometimes difficult daily disciplines”
2. “compounded over time.”
It’s the tiny, mundane little things that don’t feel significant as you do them that have the most power. All those little +1 choices. The pennies!!! They add up. If we maintain the momentum and GIVE IT TIME!
So… What are YOUR pennies?
How can you +1 your consistency and patience a little more today?
Let’s aggregate and compound all those tiny gains and (echo!) GIVE THEM TIME to work their magic.
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