Landing reposted this
Recently, I got a call from Samford University. They asked me to give the Class of 2024’s Commencement speech. Right away, I felt honored and full of gratitude. My next thought: 𝘞𝘩𝘢𝘵 𝘢𝘮 𝘐 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘵𝘢𝘭𝘬 𝘢𝘣𝘰𝘶𝘵? Thankfully, my wife – and Samford alum – helped me talk through our story, hopes for the next generation, and how we could tie them together. What came to mind was what Albert Einstein called the eighth wonder of the world: Compound interest. In Einstein’s words, “He who understands it, earns it. He who doesn’t, pays it.” Compound Interest is so powerful, it’s hard to wrap your head around it. I spoke about some examples. $1 today becomes $20 to $40 in 40 years – about when the students will retire. Benjamin Franklin, who also loved to talk about compound interest, created a trust that couldn’t be touched for 200 years. It started with $2,000 and ended up being worth $50,000,000. But I didn’t get up there to just talk about money. Compounding applies to all the other areas of your life: your relationships, career, and faith. It has no limits. And the earlier you start, the better. Compounding started for me at age 5. My mom had a computer – pretty rare in 1990. It sparked my interest in computers and technology, and that learning has compounded throughout my life. Compounding also grew as I took on challenges. Instead of taking the traditional path from high school to college to a corporate job, I chose the harder path. I dropped out of high school to pursue my dream of building a business. Since then, I’ve been able to start four businesses, employ thousands of people, and serve millions of consumers. Looking back now, it’s clear every experience I gained compounded on itself. The lesson: Compounding is about the choices you make each day. The greatest impact won’t come from the easy path. Compound your passions, your knowledge, and your impact on the world. The possibilities are limitless.
Bob Crutchfield
2mo
Bill, by compounding YOUR passions, knowledge and impact on the world, you have compounded mine, and many, many others. My professional, personal, civic and family lives are so much richer because of having the priviledge of working with you and getting to know you and your family through that work. I am very grateful, blessed and get to continue your compounding effect as I move forward in my life with the people and organizations in my path today. Thank you.
Sieva Kozinsky
2mo
"Compound your passions" - great advice
Another great share! Bill Smith I too took a harder path to entrepreneurship as well, and started at a community college my senior year, withdrawing from high school school the last two weeks of my junior year, due to challenges from a car accident that occurred the year before…now I’m completing my dissertation at Samford University this summer and have accomplished more than I could’ve imagined!
Kevin Kynerd
2mo
Bill, great life advice for these students. Thank you for sharing with them and congrats on your honorary doctorate!
Jason M. Cronen
2mo
Bill Smith – this is awesome and echoes everything I love about the principles in the book ‘The Go-Giver.’ I’m sure those Samford students took a lot away from your commencement address.
Jim Hilt
2mo
The time you spend mentoring and coaching and sharing your experience is invaluable to so many Bill Smith
Kasey Jones 🏔
2mo
I’m sure that was a powerful speech. Learning the concept of compounding growth was genuinely life changing for me.
Jonathan Moral
2mo
Very well put. Thank you for sharing this.
Alli Summerford
2mo
Love this idea. Thank you.
I love this comment: The greatest impact won’t come from the easy path. I agree, Bill. Wonderful comments to a group of people heading into the new world, where the rate of change will be accelerating at speeds we can not comprehend, but core values and principles like the ones you mentioned will stand firm. Stay thirsty my friend...