Last week we began our series on consistency by introducing the 1 percent rule. This rule essentially tells us that we don't have to be twice as good to get twice the results. You just need to be slightly better than others to reap the majority of the benefits of success. If we are consistently 1% better, eventually we will be drastically better than our opponents, or more importantly, our former selves.
In our first post on consistency, we covered the importance of consistent failure. Not necessarily seeking to fail, but knowing that consistent failure is a sure sign that we are taking risks and moving towards our overall goal. However, if we are ONLY consistently failing, we most likely won't be experiencing the growth we hoped we would. Not to mention, losing isn't as fun as winning. This week, we'll look at the methodology behind the 1% rule and see exactly how consistency creates success.
It's 401k of Personal Growth
The secret of the 1% rule lies in a principle taught to use by our sophomore algebra teacher: it's the rule of compound interest. My favorite story about compound interest is the story of rice and the chessboard. The story goes like this...
One day a man invented the game of chess and showed his game to the emperor of India, the emperor was so impressed he said to the man, "Name your reward!"
The man meekly replied, “Oh emperor, my wishes are simple. I only wish for this. On each day, give me one grain of rice for the first square of the chessboard, two grains for the next square, four for the next, eight for the next and so on for all 64 squares, with each square having double the number of grains as the square before.”
On the 64th square, the king had given the man every grain of rice in the kingdom by giving him 18,000,000,000,000,000,000 grains of rice, equal to about 210 billion tons.
The power of compound interest works the same in our personal growth as it does with grains of rice. By aiming for 1% improvements daily, we will see compounding impacts on our success. However, the same can be said for our failures. If we consistently make the same small mistake, eating a handful of chips on our way past the kitchen or turning on the tv instead of opening a book, compound interest can work against us. James Clear tell us that when we start a process, there is a very small difference in getting 1% better or 1% worse. Over time, the gap widens. How do we ensure we are moving forward versus backwards? Our habits.
By developing habits that improve our lives, we are making 1% investments into the bank accounts of our personal development, instead of 1% withdrawals.
Action
Spend 10 minutes researching how to develop habits. Who knows what the compounding effect of this small investment could be?
Question
What is a choice you consistently make that makes you 1% worse?
Quote
Success is a few simple disciplines, practiced every day; while failure is simply a few errors in judgment, repeated every day. - Jim Rohn
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