My wealth has come from a combination of living in America, some lucky genes, and compound interest.” – Warren Buffett
One of the great wealth building secrets that everyone “knows” – but few fully appreciate or harness – is the power of compound interest.
As Einstein said: “Compound interest is the eighth wonder of the world. He who understands it earns it… he who doesn’t… pays it.” It’s the great equalizer.
It doesn’t care who you are, what line of business you’re in, or which foot gets the sock first in the morning – compound interest builds wealth for anyone who applies it correctly.
What makes it such a supreme investment multiplier? Time. Because that’s what an investment is really:
Earnings increasing over time. It works because, as your profits accrue, you can reinvest that cash again and again until it transforms into a self-sustaining juggernaut.
Like a snowball, it starts small. But once you start that snowball rolling downhill, gravity takes over. As it rolls, it quickly gains momentum – growing bigger and bigger until it becomes an unstoppable avalanche of wealth. Yet as powerful as it is, compounding interest can’t make you rich overnight.
However, if you’re patient and disciplined – if you’re willing to consistently invest and reinvest – then compound interest has the power to make you wildly rich over time.
The same principle applies to your marketing.
There are actions you can take right now that not only help you get a new client immediately, but also increase your ability to attract new clients for the foreseeable future.
In other words, your client-attracting power compounds over time. If you invest, and reinvest, in building this client-attracting gravity (as we call it), then you’ll soon reach a tipping point.
After that, it takes on a life of its own and becomes virtually unstoppable.
So how can you build client-attracting gravity fast? Well, last week we talked about producing content. But there’s another way that works wonders:
Generating third-party reviews.
I’m talking about getting stellar reviews online with platforms like Google, Avvo, and Yelp.
As I said, they’ll not only help you attract clients today, but as you accumulate more and more reviews over time, these reviews begin to develop their own gravity – pulling potential clients toward you automatically. That investment then builds on itself, letting you collect more reviews even faster.
In case you missed it, a while back I put together a PDF guide that explains how it works. It reveals an ingeniously simple, two-step method for getting more (and better) reviews from clients.
Well worth a look, I’d say.
Here’s the link:
Copyright © 2009-2022 www.SpeakeasyMarketingInc.com. All Rights Reserved.