Rainmaking Recommendation #269: Compound Interest

I am currently reading Darren Hardy’s book, The Compound Effect. I’m even participating in his summer reading challenge of the book beginning July 17, 2022. The book’s premise is that each little thing you do, good or bad, adds up and compounds until the results are evident.

There are so many examples of this, but one that many have heard before is the question of whether you would like one million dollars immediately or a penny that doubles every day for 30 days.   Now, if you have heard this before, you know to take the penny that doubles because by the end of 30 days, you will have $ 5,368,709.12 (See chart)

This is the idea of compound interest and why it is said you need to start investing your money as soon as possible. But, it doesn’t only work with money. 

It works with everything in your life. 

Bodybuilders do not develop that physique overnight;  golfers do not have a scratch handicap the first time they play (even if they are prodigies);  you do not gain 50 lbs overnight from eating too many calories daily. 

And most importantly, Rainmaking and business development don’t happen overnight. Every day you have to work at it. Recently, I had one client I have been working with on utilizing LinkedIn effectively for more than two years call me and tell me that he had just signed a new client who contacted him because of something he posted on the site. There are two more prospective clients with whom he has to follow up. If you think two years is a long time, it’s not. And it’s not the only thing he does to get new clients.

But the compounding of his time on that site has led to other things for him, including being invited to speak at an industry event and writing an article for a prestigious publication.

Do one small thing every day. Every time you do, it compounds in ways you wouldn’t even believe (and sometimes cannot see). 

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