The Compound Effect
Why do so few people succeed? What do they have in common? Is there a standard formula for success? You will find the answers after listening to this bookey of The Compound Effect. This book shows us that success is actually a science and has nothing to do with luck. If you master the basic principle of the science of the compound effect and act according to its principles, success is not only within reach, but you will become addicted to it.
Author : Darren Hardy
Darren Hardy, the founding publisher and chief editor of SUCCESS magazine, is a central figure in the personal development and success media business. He produced two personal development-focused television networks and produced more than a thousand TV episodes that featured several top-class experts. He has also provided consulting services to thousands of enterprises and holds board positions in many companies and non-profit organizations. As a famous keynote speaker, he also made appearances on many TV shows broadcast in the US.
Overview | Chapter 1
Hi, welcome to Bookey. Today we will unlock The Compound Effect: Jumpstart our Income, Your Life, Your Success.
First, let me ask you a question. Between receiving 3 million dollars immediately or receiving one penny that doubles for 31 days, which one would you choose? It’s not a hard decision, right? If you understand the profound effect of compounding, you would likely choose the latter, one cent doubled for 31 days. Why? Let’s make a comparison. Say you choose to have one cent at the beginning but have it doubled for 31 days and your friend chooses to receive 3 million dollars. What will happen? On day 5, you will have 16 cents. On day 10, the money in your pocket increases to 5.12 dollars. On day 20, you possess 5,243 dollars, while your friend is still bragging about his 3 million dollars. When it comes to Day 29, the value of your asset turns into about 2.7 million dollars, although it is still less than your friend’s. Now it’s the last day, day 31, and the original one cent has now become 10,737,418.32 dollars, three times more than your friend’s money. You turned the tide around and left your friend far, far behind, even though he had a huge advantage against you at the beginning.
That’s the magic power of the compound effect and the secret to success. The author of today’s book, Darren Hardy, believes that success is a matter of science and that it has nothing to do with a person’s luck. As long as you understand its principles and follow its rules, you will live your dream. Darren Hardy is a live example. Based on the principles he acquired in this field, he achieved an annual income of more than 1 million dollars at age 24 and established a company worth 50 million dollars at age 27.
Why was Hardy able to discover the principle and use it to amass a fortune? It all started with his job as the publisher of SUCCESS magazine. This job let him stay in the center of the personal development industry, and he needed to interview six successors who were among the best in their industries every month. It’s safe to say that he had collected all the insights and wisdom this industry has to offer. With excellent case studies on hand, he compiled and analyzed their best ideas, weeded out any superficial and extravagant remarks and polished them down to the most essential principle of success to write this book. The Compounding Effect is a detailed and specific action plan. If you can make full use of this book and let it guide your daily activities, you will definitely live your dream.
Now, let’s get closer to the truths about success in six parts:
Part One: The compound effect in action
Part Two: The start of the compound effect: Choices
Part Three: The key of the compound effect: Habits
Part Four: The helper of the compound effect: Big Mo
Part Five: What is influencing you? And Part Six: A little bit more effort.