Welcome to Day 26...
Friday...ahhh.
Time to breath a sigh of relief for the end of the work week. Though in the world of 365 Days of Writing, Marketing and E-Publishing, we forge on...
So...today I wanted to talk about compound interest. Finance and Investing you say?
Well kinda. I want to explore that almost magic-like principle that can turn a penny into millions of dollars.
According to Investopedia, compound interest is "The ability of an asset to generate earnings, which are then reinvested in order to generate their own earnings. In other words, compounding refers to generating earnings from previous earnings".
And here's how Stocks 101 explains it...
"A dollar invested at a 10% return will be worth $1.10 in a year. Invest that $1.10 and get 10% again, and you'll end up with $1.21 two years from your original investment. The first year earned you only $0.10, but the second generated $0.11. This is compounding at its most basic level: gains begetting more gains. Increase the amounts and the time involved, and the benefits of compounding become much more pronounced."
So how does this all factor in to writing and marketing...or life?
Well it's about looking for opportunities where an initial effort will add to multiple returns...a small input leading to bigger and bigger outputs.
If you can find those opportunities in life...in writing...in marketing...it makes everything you do not only easier, but you're almost guaranteed a higher level of success with each outcome.
Bottomline...those kind of "compounding" opportunities are so can't miss, we need to keep an eye out for them. All the time.
Here's one I came across recently...
I've been writing a lot lately about getting Blog Reviews and I recently stumbled across a site called Manic Readers
It's a site where you can promote your books and connect with bloggers...dozens of them.
The great part is that you can upload all your author and book info one time and then send off your request to a whole slew of bloggers with just one click.
One initial effort leading to multiple returns...
Here's to "Compounding" our way through the rest of our 365 days...
BTW...My contest for designing my next book cover is still open...Go to Synchronicity or http://www.maggiecollins.net/ now to vote for the best cover picture!
Also...If you do stumble across any "Compounding" opportunities, please feel free to share them in our comments section.
And let's not forget, Today's Takeaway Lesson...
Keep your eye out for "compounding" opportunities...for a small investment of time or work, you're almost guaranteed a bigger and better level of success. Every time.
Here's to Being All In,
Maggie
Follow me on Twitter @AuthorMaggie #busywriterslife
Visit my website @ www.maggiecollins.net
Want more info on compound investing? Feel free to go here...http://www.investopedia.com/ and here...http://news.morningstar.com/classroom2/course.asp?docId=142858&page=2&CN=
365 Days & Counting...
