For years people have been asking me the question “what’s the key to your success?”, and for just as many years I’ve been trying to come up with a simple answer. I think I’ve finally got it. My success is the result of intentionally living a compounding life.
We often hear the term “compounding” used in finance referring to compounded returns on an investment or compound interest rates. It might be the single most important concept to understand in order to build wealth. Albert Einstein once said, “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it”. But compounding is so much more than that! Yes, we all want our money to compound, but there is also so much power in realising that we can intentionally live a compounding life.
Compounding is an incredible miracle of human existence. Everything we learn is additive because we learn every day, in every experience, in every failure, in life, in finances, in health, in faith and in business.
To put this in perspective… if we get 1% better every day, we will be almost 40 times better after just one year!
If we save more than we spend, our savings will grow. If we focus on growing our faith, it will grow. If we exercise regularly, we will be more and more fit every day. If we choose to eat healthy most of the time, we will be more and more healthy. But if we choose fast food every day, the opposite will be true. For better or for worse, we are constantly compounding.
To grow a NeoLife business, we know the most important thing we can do is to introduce new people to our products and business. If we commit to doing it every day for a year and getting 1% better each time, we could end up 40 times better at introducing new people to NeoLife. At the same time, the grass is only greener where we water it. So if we only share the products but not the business or vice versa, we are only going to have that compounding growth in one area and may even have a decline in the other.
Of course, we will all make mistakes along the way, but that is a good thing in my book. Making mistakes means you are testing the limits of where you think you should be going. I try to make as many small mistakes as I can but avoid the large ones.
In the stock market, the biggest mistake average investors make is selling at the wrong time. If you invest for the right reasons, keep at it and don’t sell. The same applies to your NeoLife business. Just like everything in life, it will have ups and downs but the key is to keep going and don’t give up before you reach your goals. Every experience, every failure, every success, is a learning opportunity that compounds on top of what you already know and, if we keep going and keep persevering, the rewards will follow. The biggest mistake would be to give up and throw it all away.