Personal Development

Personal Development and Wealth Creation

You may know already that your wealth grows only as much as you do, so engaging in some form of personal development can only be beneficial to every aspect of your life.

Just on two years ago, my journey in the realm of personal development really got moving. I had bought many books in the past thinking that was the way it was done. Deepak Chopra, Dr Wayne Dyer, Allan Pease, are among some of the authors that I picked up off the shelf. They are all great teachers.

None of the people in my circle of friends at that time seemed to share the same ideas as me so I never made progress in leaps and bounds until I met and started to share with people who were on the same track and had the same ideas. This led me to take part in seminars with like-minded people and then the magic started.

The Magic of Compounding

moneyOne of the most revealing things I learned about building financial wealth was the Magic of Compounding. Let me ask you a question. Consider this. Say that you came to work for me and I offered you your salary up front. Your salary is one million dollars for one months work.

Actually, now that I think about it, would you rather that I gave you one million dollars or one cent doubled every day for thirty days. Now think about this for a minute.

 

Would you like some elevator music.

Have you thought about it long enough.

Okay, now let me show you something. Many of you, I gather, would take the one million dollars – am I correct. A small percentage of you would take the one cent doubled every day for thirty days.

Now here’s the thing. This is how it unfolds. Grab yourself a calculator and follow along. Begin by entering 0.01 and times it by 2 and keep doing just that. Don’t hit the = button, just keep up the X 2 for every figure.

By day two, you have a whole two cents! By day three, you have four cents. Day four, eight cents. Is there anything you can buy for eight cents nowadays. LOL you may say, well let’s keep going. Day five, 16 cents. By the seventh day you now have a whopping sixty four cents. Would you like your one million dollars yet. You choose. You can take it if you like šŸ™‚

So, by the end of the second week, you have eighty one dollars and ninety two cents.

By the end of the third week, you have (now I am going to use figures as the numbers are getting higher) $10,485.76 hmmmm… something to think about.

Day 22 $20,971.52
Day 23 $41,943.04
Day 24 $83,886.08
Day 25 $167,772.16
Day 26 $335,544.32
Day 27 $671.088.64
Day 28 $1,342,177.20

Yipee you cry – I have my million dollars and then some.

Let’s keep going though because you are only up to day 28.

Day 29 $2,684,354.40
Day 30 $5,368,708.80

Well that’s not a bad payday after thirty days of one cent doubling every day. I don’t think I have ever met anyone yet who didn’t like this compounding idea.

Wealth Creation and Jamie McIntyre

When I first met Jamie McIntyre and attended his 21st Century Academy seminars, the idea of multiple streams of income made sense to me in a different light. The use of the stock market, property investing, a presence on the Internet and either setting up your own business or contracting yourself out for business are all forms of multiple sources of income. These methods of wealth creation are accessible to every one of you. All it takes is the willingness to take action and to just do it. Be a part of something bigger than yourself.

I am not saying it is easy, but it is simple. There is a difference. You just have to apply the principles and get going. Keep moving forward and start accumulating assets that will increase in value. For example, did you know that owning an investment property in Australia worth around the median price will give you around $35K to $40K tax free every year. Imagine if you had ten properties. Now the next thing you are going to ask is how would I get ten properties. Well I won’t go into that today, but if you ask me very nicely, I may just write up a post on how it’s done.

So think about the magic of compounding and what a difference it would make to your life. You could go on to live the life you love šŸ™‚

Dedicated to Success

Ange

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12 comments to “Personal Development and Wealth Creation”

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  1. Thought provoking concepts for building a stronger future. Multiple streams of income are an excellent idea.

  2. Hi Jeanne, yes it is rather thought provoking and really, this is the way that self-made millionaires create their wealth. Working in a JOB alone just won’t do it.

  3. Thanks for sharing this ‘wealth’ of information Ange, we love the illustration with the $….we agree – a job ain’t going to cut it by itself UNLESS it is unbridled passion that doesn’t feel like work….

    Hmm. :0)

  4. Hi Flowers šŸ™‚ It is a great illustration!! When I first heard this, I thought, no way, one cent doubled!! Then when I worked it out myself, I was totally amazed at what it actually amounted to!!

    It just goes to show the power of compounding or multiple streams of income. Why work for every dollar yourself when you can have multiple assets all increasing in value and growing your wealth for you?

  5. “Your wealth only grows as much as you do…”

    …explains why I’m always broke.

    I’m only 5’2″.

    Hey – sorry about not doing the meme yet…I’ll get to it…it’s just that I had to write about getting sprayed by poo and having sex with a Tickle Me Elmo doll, first.

    you know…priorities.

    šŸ˜‰

  6. LOL mooooooog35….. well if you are talking about height, I am only 5′ so that would not make me wealthy either. It’s how much your mind grows that will attract the wealth sweetie!!

    Look forward to reading your post!! Tickle me Elmo doll huh!!

  7. Wealth and Success says: September 16, 2008 at 12:52 pm

    I agree with your post. Which is not something I will usually do! šŸ™‚ I enjoy reading a post that will make one think. Also, thanks for allowing me to comment!

  8. richard columj says: January 31, 2009 at 6:27 pm

    I liked what I read here Ange, I have heard it before but it is good to see how it is done again. thank you for sharing. the mind is working again.

  9. That’s the beauty of compounding. we must get to see the bigger picture. It’s a long term goal and we need give our efforts. This one’s cool. Thanks for sharing. šŸ™‚