As I write this it’s Election night in the UK. Whilst it makes exciting viewing, the official Magical Penny view is that you should channel your excitement and energies into making positive changes to their own life instead of channelling your energies into the external promise-makers that are politicians. It doesn’t stop it being fun to watch though.
Google does it. IBM does it. In fact many successful businesses owe their success to it.
It is the mantra: “Release Early…Release Often”
Google didn’t build their vast indexes overnight.
Their algorithm approach was largely untested when it began as a small start-up. But they got there. They maintain this ethos in the development of aspects of their business. Email was nothing new when Google released Gmail. But they did have a new approach to email and were eager to release it to the world. It would be far from perfect: Gmail couldn’t even send attachments when it was first released, but Google understood the importance of the release early mantra.
In fact the whole of Silicon Valley is built on this belief. But tech companies building market share are not the only ones who can benefit from this approach. You can too.
The key message is starting. You can always improve with time. Want to lose weight? Start early and keep at it. Need to revise for a exam? Make the first step. Think it’s too early or late to start saving for retirement? Start small and you’ll be surprised how fast it can build up.
Like tech start-ups releasing products, saving works best when it’s early and often:
As Ramit Sethi writes:
“The single most important factor to getting rich is getting started, not being the smartest person in the room.”
There’s a reason why Magical Penny keeps coming back to “getting started”. It’s because getting started is the hardest thing in personal finance.
If you are going to be successful in growing your pennies, knowing about the best ways to invest and what to avoid will certainly help but the key element of money management and financial success is not how much time you dedicate to reading personal finance blogs and investment prospectuses.
It’s about saving early. It’s about saving often. You can research money strategies all you want but learning how to save early and often is key. And that’s an answer you can’t necessarily find on Google!
Have you started yet?
Next week is a big week for Magical Penny: We’re hosting a blog carnival (the Carnival of Stocks); featuring a great guest-post from a huge UK financial site; and getting specific with the most important step in beginning your investing career: using a Stocks and Shares ISA (Or Roth IRAs if you’re in the US)