The power of compounding effect
Published on August 20, 2018
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
If you were given an offer of $10 M today or a penny doubling itself for the next 31 days. Which one would you pick?
Obviously $10M correct.
ABSOLUTELY NOT!!!
A penny doubling itself for 31 days produces a whooping $10.7M.
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Don’t believe me, here is the math.
Day 1: $.01
Day 2: $.02
Day 3: $.04
Day 4: $.08
Day 5: $.16
Day 6: $.32
Day 7: $.64
Day 8: $1.28
Day 9: $2.56
Day 10: $5.12
Day 11: $10.24
Day 12: $20.48
Day 13: $40.96
Day 14: $81.92
Day 15: $163.84
Day 16: $327.68
Day 17: $655.36
Day 18: $1,310.72
Day 19: $2,621.44
Day 20: $5,242.88
Day 21: $10,485.76
Day 22: $20,971.52
Day 23: $41,943.04
Day 24: $83,886.08
Day 25: $167,772.16
Day 26: $335,544.32
Day 27: $671,088.64
Day 28: $1,342,177.28
Day 29: $2,684,354.56
Day 30: $5,368,709.12
Day 31 : 10,737,418
This is called compounding effect and you would notice the biggest gains only start from Day 26.
The moral of the story is keep putting in the daily boring work in anything you do. If you are consistent one day it will turn into a million dollars.
Challenge :
Figure out the “penny” in different areas of your life (health, online business, finances ) and keep working at it until it turns to your version of million dollars.
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