Today: Learn from artists!
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MONET-LESSON:
There is an old riddle about a lily pad in a pond.
Read on if you're up for it!
Featuring @creation247
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There once was a lily pad that doubles in size every day.
After 30 days it completely covered the pond.
The riddle is:
On what day did the lily pad cover half the pond?
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If you answered without really thinking about it you probably answered “day 15”.
Did you?
Our mind automatically goes to this answer because we are comfortable with linear thinking.
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If the lily pad covers the entire pond in 30 days then it must cover half the pond in 15 days.
Hence, the lily pad covers half the pond only on day 29.
It then doubles one final time
...and covers the entire pond on day 30!
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Better question:
How much of the pond would the lily pad have covered on day 15?
Take your time - write down your answer!
The correct answer is that the lily pad will only have covered .0031% of the pond on day 15.
It would be covered by 1% on day 24 only!
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Our minds are comfortable with linear growth.
Linear growth is easy to envision and we are fairly good at estimating things that grow linearly.
However, we struggle to envision exponential growth and our estimating skills often fail us...
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Unfortunately money doesn’t double every year.
However, due to the power of compounding money does grow exponentially.
Benjamin Franklin described compounding as follows: “The money that money makes, makes more money.”
Growth at the later stage will be more important.
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This is important as you will need to be patient on your money journey - stay the course if you'd like to take advantage of compounding!
If it takes longer than planned:
Remember today's Monet-lesson!
For more art related life and money lessons follow:
⏩@creation247
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