Introduction
“The Compound Effect” is a book that explores self-growth and how to succeed in life.
This book is actually very thin and the average person should be able to read it in one or two hours. The principles discussed by the author in the book are all simple and easy to understand. Simple simplicity does not mean that everyone is willing to accept it from the bottom of their hearts and implement it-this is why there are not many successful people. In short, these principles are actually very important.
The author’s main point
This is a very simple book, the content is not complicated, and it is easy to read and absorb. The author’s main point of view is:
- Success is not based on luck, but a science.
- Any success is the consequence of the compound effect
Must be persevered
The author’s focus throughout this book has repeatedly emphasized that anyone who wants to succeed must persevere, such as:
- Practicality and stability are the keys to winning any competition (life is actually a competition).
- No pain, no gain.
- The journey to success is not a 100-meter sprint. This is a marathon and you have to be prepared.
- Weight control is the most obvious typical example. Weight control will fail, mostly because you cannot persevere and give up midway.
- The butterfly (ripple) effect.
The difference between success and failure
Almost all successful people have the following common characteristics:
- Say no boldly, following the crowd leads to mediocrity.
- Dare to be different and do things beyond what others imagine.
- The only difference between success and failure: winners are willing to do what losers refuse to do.
- The formation of the difference between success and failure = wise choice + persistence + time.
Tips
- You need a way to measure. Otherwise, you won’t know how to improve, manage, or track.
- Habits will subtly control everyone’s behavior.
- Habit and behaviour tell no lie.
- Find your motivation and improve your desire. This will make it easier to achieve success.
- Patience
- Setting a goal for yourself.
Influence
The power of influence is more than our I imagination, and it will continue to determine which path you take in life. Therefore, the author recommends us:
- Find people who are good for you, stay away from people who are not good for you.
- Choose healthy media, and filter garbage, after a long time, you will only receive information that is beneficial to you.
- Find a mentor.
Have a correct mentality
Mentality is actually a set of beliefs that shape how you understand the world and yourself. It includes:
- Make up your mind and work hard to be ecellent.
- Don’t think things will get easier, do everything and expect you to get better.
- What makes you special: the best effort after you try your best.
Conclusion
Life is actually the result of the compound interest effect.
Relative articles
- “The Compound Effect“
- “People who are good at deferred gratification is more likely to succeed“
- “Exponential growth can produce excess returns“
- “The power of compound interest“
- “Simple and compound interest calculator“
- “Why long-term investment is better?“
- “IRR Calculator“
- “Investors should care annualized rate of return (IRR), How to calculate?“
- “The great enviable advantages of young people investing in stock“
- “Time, discipline and patience are the three elements of successful investment“
- “Patience, an indispensable element of investment success“
- “John Maynard Keynes, Investment master“
- “Stocks are the best bet for long-term investors“
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