The Compound Effect or the Penny Riddle holds real value when applied to more than just finances. Small choices, like pennies, add up!
Below is a transcript you can use to follow the video with links to more information on the topic.
If you had the choice to get 3 million dollars in cash today, or a penny and double it every day for 31 days, which would you prefer?
This is obviously a trick question, but how?
If you choose the penny:
- Day 5: you have 16 cents
- Day 10: $5.12
- Day 20, you're up to $5,243
- Day 31: you now have $10,737,418.24
10 million compared to 3 million by just choosing the penny.
This is what Darren Hardy calls The Compound Effect.
He states, "Very few things are as amazingly impressive as the magic of compounding pennies. Amazingly, this force is equally powerful in every area of your life."
Small, smart choices + consistency + time = a radical difference.
Whether it's in regards to living a healthy lifestyle, starting a business, or being a better parent, we can use the compound effect in our lives and produce amazing results.