More important than diligence is knowing how to use compound interest thinking

in life •  4 years ago 

There is a very classic story, the content is roughly as follows:

A king wants to reward the inventor of chess.
The king asked the inventor of chess what reward he wanted. The inventor of chess said to the king: "I don't want a lot of rewards. Just put one grain of rice in the first square on the board and two in the second square. For rice, the third grid contains eight grains of rice, and the fourth grid contains 16 grains of rice. In this way, the entire 64 grids of the chessboard can be filled with rice."
When the king heard that it was too easy, he agreed casually.
However, the king soon discovered that he did not have this strength. Even if all the food in the treasury was given to the inventor of chess, it was far from enough.
According to the way the inventor of chess said, the number of rice grains that should be placed in the 64th grid is 2 to the 63rd power, which is 9223 372 036 854775 808 grains of rice. The weight of a grain of rice is about 0.016 grams. After calculation, the 64th grid should contain about 147.5 billion tons of rice.

147.5 billion tons of meters, what is this concept?
According to data published by the Food and Agriculture Organization of the United Nations, global food production in 2017 was approximately 2.627 billion tons, and global food production in 2018 was approximately 2.587 billion tons.

In other words, the rice required for the 64th grid is equivalent to the total 60 years of food production in the world. This is just a grid, if you count the other 63 grids, it will be a very large and amazing number.

I tell this story because I want to introduce a concept-compound interest thinking.

Einstein said: "Compound interest is the eighth wonder of the world."

Through the above story, you should be able to appreciate the magic of compound interest.
The so-called compound interest is the accumulation of accumulation, which was inconspicuous at first, but after long-term accumulation, it will eventually achieve exponential growth.

What kind of height a person's life will reach in the end often depends on whether he has compound interest thinking. From a certain point of view, knowing how to use compound interest thinking is more important than just working hard. It is a pity that many people do not have compound interest thinking.

If a person can use compound interest thinking to obtain the following three kinds of compound interest, then his life will not be so bad.

Ability compound interest: the worst result is nothing more than a late bloomer

When you work hard to do something, but in the end you can't get the desired result or even see the result, you will easily fall into confusion and question whether your efforts are meaningful.

What is the use of hard work?

Most people who have worked hard have experienced such struggles and confusion.
I said to him: "You have to do two things, one is to make a review summary, to see if the direction of the effort is correct, the method is correct, the efficiency is not high, and the person you follow is correct; the second is to learn to grow with compound interest. , Stay patient, make a little progress every day, and persevere."

There is a very classic formula, everyone can take a look.

image.png

Assuming that the current state is 1, 1.01 represents a person who makes a little progress every day, and 0.99 represents a person who regresses a little every day.

Although the gap between 1.01 and 0.99 is small, after 365 days of accumulation, the final gap will be huge.
If the extent of daily progress or regression is enlarged, the results will be even more amazing.

image.png

Therefore, the effort is not meaningless, but you have not reached the critical point of the outbreak, you have to hold on again.

If you can make a little progress every day, within a few years, you will be able to leave most people behind.

In the same way, if you mess around every day, step back a little bit today and step back a bit tomorrow. After a long time, you will never catch up with the people in front.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

plagiarised-content-final-warning.png

This content appears to be plagiarised from -

https://zhuanlan.zhihu.com/p/321295323

And translated into English.

We repeat that if you have not already done so, you should head to the newcomers community and complete the newcomer achievement programme. Not only will you earn money through upvotes, you will learn about content etiquette;

Since the Steem Blockchain is rewarding your post by producing original content that is from your brain, you are recommended to give citation or source to any of your content that consists of others' works.

You are now in Stage 2 of our 4 Stage Process:

✅ Stage 1 - 1st Warning - Pointing offenders towards Achievement 3 and highlighting this process. All plagiarised posts currently pending rewards will be flagged and downvoted to $0 rewards.

👉 Stage 2 - A Final Warning - Another request to stop and that plagiarism will not be tolerated. Downvotes amounting to 20% of total pending rewards according to steemworld.

  • Stage 3 - A stronger message - Downvotes amounting to 50% of pending rewards.

  • Stage 4 - The strongest message possible - Downvotes amounting to 100% of pending rewards.

Plagiarists will bypass stage 1 if translated from another language.