Generating compound income

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Published: 26 Nov 2017

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2017 Taking Care Of Business

 

Strange topic for me? No, I’ve not re-trained as an accountant, and I haven’t the hearing or the bladder control to work the stock market floor, although my body language ’emblems’ would come in handy.

Maybe it is a strange thing to be blogging about, but it’s something that works for me, and so I feel obliged to pass it on. It takes very little extra effort.

Albert Einstein called the concept of compounding the most powerful force in the universe.

Most commonly used to refer to interest, I prefer to use the concept of compounding to knowledge and income.

If you just invested 1% extra time a day or week to building your knowledge in a specific area for example, over a year you would be significantly more experienced in it than if you had not studied at all. Malcolm Gladwell talks about the “10,000 hour rule” in his book Outliers and cites people like Bill Gates as examples of where passion and persistence led to greatness.

For over 5 years the first 30 minutes of my day (every single day) has been dedicated to research on the topics of my ‘work’. I search out the latest papers, articles, and thoughts globally on compassionate assertiveness, body language, narcissism, communication, and am currently looking for correlation about number of people in a business who are passive versus assertive and the effect this has on success and employee contentment/retention.

If you have to be on Facebook – make it count to compound your knowledge. If you have to watch TV use it to enhance your learning, learn something new and add something to the planet.

You might compound your income by things such as :

  • Having an incredible depth of knowledge about your subject
  • Adding value to your offering in the spirit of amazing service to your clients or mankind
  • Charging more because of your ‘expert’ status
  • Working more hours or more than one job temporarily at least
  • Strategically identifying your biggest earner
  • Planning ahead to maximise bookings/spaces and earning potential
  • Automating as much as you can – making money online
  • Finding and ‘owning’ your niche
  • Figuring out what the compounding would be worth in money terms and how many ‘units’ of work that would be extra that you need to generate?
  • Working the referral market to minimise your outgoings

You could increase your income systematically and compound the effect of what you earn every day with a little extra effort, a good smattering of resilience, and a large portion of persistence.

Compounding works. You do more. That more becomes even more. You do even more, that even more becomes greatness.

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