Agency owner investment strategies

My dad was a conservative banker who did not get excited about much.?But, I can still hear the thrill in his voice when he talked about what he deemed the 8th wonder of the world — compound interest!?We had many a conversation on this topic over our evening meal.?Riveting!

(Before you fear that dinner conversations were dull at the McLellan abode, I should clarify the story by saying my Italian mom balanced things out nicely with her philosophy of “nothing is off limits from the dinner table!”)

My dad would do the math for us.?How a small investment could multiply when you applied the principle of compounding interest.?He loved the exponential component of the concept and I have to admit, when I realized how you could stack investments and make money on the money you were already making money on…. I became a fan.

I believe that the idea of compound interest is applicable to life outside of our investments.?Especially when it comes to our relationships and our time.

Let’s assume for a minute that I am right and the core principle applies.?If you invest regularly and consistently — you earn the added bonus of that stacked investment in the form of compound benefit.

Ask yourself this:

• Who should I hang around with that will magnify my professional learning, maturity, and growth?
• Who on the team should I double down on, knowing that there will be a multiplier on that investment?
• Where should I invest my time so that each minute is at least doubled in value to me and the agency?

Of course, there’s the inverse of this idea.?When you do something that detracts from the business, those repetitive actions gain more power too. Be sure to also answer:

• Who drains me/the agency of energy and what’s the long-term, exponential cost?
• What work, that I have no business doing, takes too much of my time, focus, and attention?
• What occupies my brain and distracts me from seeing the whole picture/what really matters and how does that distraction deplete me?

Life is all about limited resources.?The name of the game is to maximize the resources so they grow in strength and abundance.?How are you going to apply Ron McLellan’s 8th wonder of the world to your work?