What can we learn from these sic dance moves?
Call it a lack of confidence due to thinking I’ll resemble something looking like Peter Garrett, but I just don’t feel I’ve got the ‘moves’ to pull out and impress those around me and avoid clearing the dance floor.
So I went in search of some sic moves to add to my dance kit and came across this clip, which gave me a bit more confidence:
Now don’t expect to see me out showing moves like the third dude in the black T-shirt who looks like he’s listening to the Divinyls song “I touch myself” or doing summersaults on the dance floor but I do feel a bit better about my chances if someone challenges me to a dance-off after seeing this clip.
What I also found interesting about this footage, aside from the dance moves, was how quickly the numbers grew to the point where people were jumping over each other to get involved. Seeing one person become three, then three become five, then five become ten is a simple example of the extraordinary power of compounding and it made me think what other parts of our lives can we see the effects of compounding.
When I was younger, I was told a riddle by a mentor about whether to invest in my 20’s or put it off until later. The story I was told gave two options where I could invest $2,000 a year from age 20 to 30 into a bank account paying 8% interest and then leave my nest egg sitting there, reinvesting the interest until age 65.
On the other hand, the other option was to start investing $2,000 a year when I turned 30, earning the same return, and continue my contributions for 35 years up to age 65.
Which option would you go with?
I like most people went with the second option and was somewhat shocked when told that although the second account would have a balance of $372,000, this was smashed by the $462,000 balance in the first account. What a mistake!
Pretty quickly I learnt the power that getting paid interest on my interest each year and what a difference starting 10 years earlier would make.
I guess we have a choice to be one of the last to join the lone dancer and delay earning compound interest or do things a bit different to everyone else and reap the rewards…
Posted: Tuesday, 30th June 2009 at 12:25 pm
One Response to “
What can we learn from these sic dance moves? ”
Join the conversation
Conversation Rules:
What do think? Agree, disagree, aren't sure about something? Being critical is fine, but we'll delete your entry if it's rude. Please do not put your URL in the conversation text and please use your PERSONAL name or initials and not your business name, as the latter turns out as spam. Have fun and remember to add to the conversation!
The incredible power of Compounding, almost no better real life example of something slowly coming together, and then the building of unstoppable momentum.