So, what does this have to do with habits? Everything! It can make you literally twice as rich… compared to simply stuffing your money under your mattress. The bottom line is: over a long term, compound interest has the power to multiply your net worth. But year after year the effects of compound interest become stronger and stronger. Maybe it’ll give you a few extra dollars in your first years of investing. In fact, you will start to earn interest on your past interest! This phenomenon is called compound interest.Īt first, the effects of compound interest look small. Now, if you continue investing for 5, 10, 20 years or longer, then each year you will earn more of this interest. Interest is the money you make for allowing the bank to borrow your money. You see, when you save some money in the bank, they pay you interest. In finance, there’s an incredibly powerful idea called compound interest. It is only when looking back two, five, or perhaps ten years later that the value of good habits and the cost of bad ones becomes strikingly apparent. They seem to make little difference on any given day and yet the impact they deliver over the months and years can be enormous. The same way that money multiplies through compound interest, the effects of your habits multiply as you repeat them. Habits are the compound interest of self-improvement. The Compound Effect: Don’t judge your progress too soon or too often Also, it is probably the most well-reviewed book on habits ever, with over 22,000 reviews on Amazon and an average rating of 4.8 stars.ġ. It quickly became a bestseller, selling over 3 million copies worldwide. (Most authors would kill to launch their first book with such a large fan base!) Today he has over 1 million email subscribers. Over time and with consistent effort, James attracted a devoted audience. In November 2012, he began publishing two articles every week on his new productivity blog. He writes on a wide variety of topics related to self improvement, from procrastination to intermittent fasting. James Clear (author website) is an author, speaker and blogger. So I hope you’re excited to begin installing productive new habits in your life! Who is James Clear? It’s a fantastic book! It’s full of practical steps and based on proven psychology and science. And good news! On this page you’ll read a summary of James Clear’s book Atomic Habits. Whatever changes you want to make in your life, I believe habits are the best place to start. That’s why you’re here, right? You want to become the best version of yourself. Through simple daily repetition, people have accomplished incredible things. Often we blame ourselves for being lazy, when the real culprit is… our habits! Our habits make our lives. But if we have bad habits, then we will feel stuck, out of control, or falling behind in life. So if we have good habits, then our lives will tend to move in a positive direction. Then she wakes up tomorrow and repeats it all over again. She brushes her teeth, eats oatmeal for breakfast, checks her phone, drives to work, comes home, watches some Youtube videos, and finally goes to bed at 11PM. Imagine a woman named Sarah who recently graduated college is working at her first real job. We all repeat basically the same routines every day, every week, and every month.
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