There’s a story that’s been circulating for years. It’s the one about the young boy who is offered either a million dollars cash or the amount of a penny doubled each day for thirty days. This simple story teaches us all a valuable lesson about abundance, wealth and patience.

One day a rich merchant said to his young son, “Son, I have an important question to ask you. Think carefully before you answer.”

“Yes father.” replies the eager son.

“I will give you the total amount of one penny doubled each day for one month or a million dollars cash right now. Which will you choose?” the father asks with a sly grin.

The son answers without hesitation, “The million dollars of course father.”

The wise father looks at the boy and with a knowing smiled takes out paper and pen. “Son,” he said quietly, “Come sit next to me and learn a lesson about wealth and patience.”

Faced with the same question, which would you choose the million dollars cash or the total amount of a single penny doubled each day for 30 days?

Let’s study the power of a penny doubled.

We’re going to take that one shinny penny and double it each day for 30 days. Believe it or not, we’ll end up with much more than a million dollars.

Day 1 - $.01
Day 2 - $.02
Day 3 - $.04
Day 4 - $.08
Day 5 - $.16
Day 6 - $.32
Day 7 - $.64
Day 8 - $1.28
Day 9 - $2.56
Day 10 - $5.12
Day 11 - $10.24
Day 12 - $20.48
Day 13 - $40.96
Day 14 - $81.92
Day 15 - $163.84
Day 16 - $327.68
Day 17 - $655.36
Day 18 - $1,310.72
Day 19 - $2,621.44
Day 20 - $5,242.88
Day 21 - $10,485.76
Day 22 - $20,971.52
Day 23 - $41, 943.04
Day 24 - $83,886.08
Day 25 - $167,772.16
Day 26 - $335,544.32
Day 27 - $671,088.64
Day 28 - $1,342,177.28
Day 29 - $2,684,354.56
Day 30 - $5,368,709.12

The power of a single penny doubled is amazing isn’t it?

Yes, I know this doesn’t happen in real life but there is a real life lesson and moral to be learned.

Here’s the lesson in this story: The speed at which money grows can be amazing. Even if your savings or investments are small and minimal right now, start somewhere and watch your money grow and multiple over the months and years.

There is also a powerful lesson about patience and not giving up before payday. Let’s say for example you decided to take your money out on day seven or seventeen or twenty-seven, you wouldn’t have the same results, would you?

Wealth building is about the discipline of having a plan and developing the patience to stick to that plan until it comes to fruition. If there is over a million dollars in the power of a single penny doubled, imagine what you can do with your savings plan.

Here’s the moral of this story: The next time you see a penny on the street, make time to bend down and pick it up. You never know, you could be potentially holding $5,368,709.12 in your hand.