Recently, I recently watched a video clip of John Oliver, from HBO’s “Last Week Tonight,” who tried to educate his audience on the dangers of “hidden” fees inherent in 401(k)s and other retirement savings vehicles. While many of his points leaned to the negative, I did appreciate his take on the enduring value of compound interest. Most of us know the story: Saving early and consistently can be a significant factor in the success of your retirement savings strategy.
Many folks who find themselves unprepared for retirement at one point decided, consciously or unconsciously, to invest in other priorities – maybe a bigger house, education, vacations, new cars, etc. While some may be able to “catch up,” a lot of Americans will lose their freedom of choice and find themselves working long past their desired retirement age because they waited too long to take advantage of the benefits of compound interest.
This dialogue got me thinking about other things we do on a regular basis that could be positively impacted by employing the compound interest philosophy.
Following a fad diet is like trying to hit a home run in the stock market … failure happens much more often than success. Most of us know the formula for success is to burn off more calories than you take in. One pound of fat equals 3,500 calories, so to lose one pound in a week, you need to burn off 500 more calories per day than you take in. Just knowing the formula might help you eat a little better or take a few more steps. Over time, those little steps can really add up. It’s a simple concept, but by no means easy. Fitness trackers like MyFitnessPal can help you plan and assess your progress.
Whether we are talking about family, friends or colleagues, the concept of an “emotional bank account” applies. With any given relationship, we can ask ourselves if we are making more “deposits” than “withdrawals.” I’m sure keeping a formal ledger to track your relationship equity would be creepy to most people, but I think we usually know where our balance stands with the key people in our lives. Again, being conscious of it may help us make a positive impact.
Some people believe they do better cramming under pressure. But for most of us, doing a little each day or each week leads to more enduring success. Whether it’s reading a few pages a night, listening to a podcast on your commute, or spending a few minutes talking to someone with a different perspective, little bits of knowledge will turn into wisdom with time.
In all industries, there are people who make a great living by closing a few large pieces of business a year. Most of us, however, achieve success by being highly active with smaller pieces of business, talking with the right people (those who have the opportunity for your solution), having a repeatable, consultative value proposition, and keeping a positive attitude. Doing these things consistently in a region, as you increase your tenure, will normally lead to success.
I’m sure there are other aspects of our daily lives where the concept of compound interest applies. As you think about your own journey, I’d love to hear how you are applying it or planning to. Please remember, even though much of this is SIMPLE, it’s not EASY. Small, daily deposits in many forms will dramatically increase your chances for success. Make that first deposit today.
Around here, interns don’t fetch coffee – they learn from the best in the business and help contribute to making a difference! We want to help grow the next generation of professionals because we know they’ll help us grow in return.
As we reflect on our role in our industry and community, we asked our interns an important question: What was your first impression of Ash Brokerage? We’re flattered by what they had to say!
Kaitlyn Duchien, Annuity Case Specialist Intern: Everyone here is RIDICULOUSLY friendly and welcoming. During the first few days of training, I visited with more than 20 people across various departments, and each one was willing to take time out of their day to get to know me. Almost everyone said, “Don’t be afraid to ask questions,” which greatly lessened my nervousness and apprehension.
Michael McDaniel, Help Desk Intern: I have loved it here since day one! I am amazed by all of the friendly faces around the office – everyone is hardworking and caring. I’m proud to be called an Ash employee.
James Schwartz, Information Technology Intern: First impressions? Friendly people, awesome view, respectable company.
Thomas Starks, Customer Service Intern: Working at Ash Brokerage has been one of the best experiences I’ve had. The Ash culture is very warm and welcoming, and there is always an opportunity to learn something new. Ash teaches life skills far beyond the workplace.
Nicholas Stevens, Information Technology Intern: Everyone is friendly and welcoming to new employees. Not to mention the new building is extremely nice and is a huge upgrade from past work environments.
Nathan Niese, Help Desk Inter: My first impression is this a great group of people who are dedicated to their work and to helping others. They are helpful and open to questions.
Gabrielle Sherbondy, Human Resources Intern: My first impression started with our receptionists, who made me feel more than welcome. I quickly noticed that the people at Ash are a tight-knit team who will do whatever it takes to help a co-worker or client. The environment is very inviting, and people are passionate about what they do.
Want to see what they’re talking about? Make your own first impressions by applying to join our team. See our current openings at: http://www.ashbrokerage.com/Careers/Openings
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