PFA 016: It starts with a choice and is powered by the choices you make everyday
The Prepare for Awesome Podcast
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PFA 016: Show notes
On today’s show, we will be talking about choices and how they impact on your future.
#PrepareForAwesome #Change #Choice #CompoundInterest
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OK, so let’s talk about choices and how they impact you and define your future.
Without becoming overly detailed, most people have a fair grasp of the concept of financial interest and how it works over time. What a lot of people don’t know is there is 2 basic type of interest. Compound interest and simple interest.
Simple interest is basically interest on the original sum only, which means slower growth over time. For example, let’s imagine you have £10k that you deposit in the bank at 5% per year and they use the simple interest method over say a 5-year term. Each year, you would receive £500 which would be added to your investment. At the end of the 5-year term, you have a total of £12500 in your account.
On the other hand, you have compound interest, which is interest on the original amount in the first year and then interest on the new balance in year 2 and so on. The interest is on the original amount and on the interest. So if you take that same idea of £10k you would still receive £500 in the first year, but in year 2 you would earn interest on £10500, which would be £525, increasing your investment to £11025 which would then attract interest in year 3.
The compounding effect over the 5 years would be far greater than the simple interest effect over the same period.
Now you may be asking yourself what does simple or compound interest has to do with personal development, choices and your future?
As it turns out, a huge amount actually.
You see, the choices you make in life have a compounding effect over time. Whether you make good or bad choices, the effects are never in a simple linear form. They are always compounded over time, which means their effect is much greater than you first may assume or think.
Let’s think for a moment about health and fitness.
I recently agreed to a friendly challenge with 2 of my clients. The challenge was to lose 10kgs in 10 weeks. The reason for the challenge was all 3 of us needed to lose weight and regain some of our lost fitness and health. We were all feeling uncomfortable and our clothes were not fitting very well. In fact, we were all very out of shape and needed to do something about it.
But here is the thing. It did not take 10 weeks to get in the shape we were in. It did not take 10 weeks to get unfit and feel like a blob.
I know that in my case it was a few years of bad eating habits, drinking the sugary fizzy drinks, not exercising regularly. I did not put on 10kgs with the first burger and fries I eat nor with the peanut butter sandwiches I ate a few days later. It was a slow, but the progressive process with one choice compounding the previous bad choices.
And over time, I not only put on 10kgs but 15. And it was the compound effect of those choices which did the damage.
Author Jeff Olson calls it the Slight Edge. The compounding effect of the choices you make every day have got you to where you are.
Now, this compound effect works the other way as well. Just as much as the choices of the food I ate got me to 10 or 15 kgs overweight, the compound effect of exercise and good food choices will take that weight off and I will regain my fitness. However, just like putting it all on was not instant, neither is getting rid of it.
So I go to the gym on day one of the challenge and I train hard according to the program I have, I eat the right food during the day and I avoided the sugary fizzy drinks. And the next morning I weight myself. Will I have lost the weight I wanted to lose? Obviously not. The scale may have budged a small amount, not likely very much.
And when I check on day 3 or 4 or 5, there is likely very little change. But if I keep going and stick with the program, the compound effect of the exercise and healthy eating will have the positive effect I want over time. It may take 10 weeks, or it may take 20, but if I stick with it, I will get the results I want.
Now this is not only true with weight lose or gain, but with everything in your life. It’s about the small, seemingly insignificant choices your make all day, everyday.
And it is with a choice that change and transformation begins. Without making the choice to change, you will never change your philosophy, which means you will never change your attitude or your actions and therefore you will never change your results.
It all starts with a choice and then the daily choices you make which will empower your change or break it.
If I start out on my quest to lose weight and 3 days into my program I have a cheeseburger and fries with a coke, I may not be off the rails, but that choice makes it easier to make the next choice which will knock me off the rails. And then continued choices will see me stay where I am.
So over the last 15 episodes of this podcast, I have been talking about change and transformation, but none of that works without you first make the choice to change.
If you want to change the direction of your life, if you want to write the next chapter of your life instead of other people writing it for you, if you want to become the person you believe you can become, then you have the choice to make that change.
If I overeat or eat those foods which are not healthy for me, it is not because someone else has forced the food down my throat. It is because I have made the choice to eat those things and how much. Or drink that sugary fizzy drink or the next beer. I have made that choice.
By the same token, I can make the choice to eat the right, healthy food which will make me feel good and help me lose weight or not to drink that next beer. The choice is mine alone. And it is yours!
In the same way, the choice to change, is yours and yours alone.
So today, this week, this month, this year, make the decision to make better choices. It will be life-changing.
So that it for this episode. Thanks for listening. I look forward to chatting with you again in the next episode.
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Thanks again for your time today and I look forward to chatting with you on the next episode where I will again share with you ideas, tips and tools to help you become the best version of yourself you could possibly be.
Have a great day. And remember to be awesome today.
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