This is a short post. The biggest asset anyone can possess is time. The second is patience. Patience is something I work on daily, as I am sure many of you do. Being patient allows you to make better decisions in business, your relationships, and yes of course, with your money.
Patience is recognizing the market is down, but will go back up, which will help to earn you your money back. People who are impatient jump out when it is low and lose all but a slim chance of earning their money back. Patience is delaying big purchases (and small) to pay off debt, right your wrongs, and become financially stable. Patience is even investigating financial programs and sorting snake oil salesmen from people who legitimately care.
Everyone in the market wants YOUR money, but only YOU have control over it.
Read that last sentence three times.
You are the deciding factor, you say “yes” or “no”, you make the final call. We forget how much power we truly have over own lives when it comes to financial decisions and that hurt us in the long run. Furthermore, the power that we have all starts with patience. Good decision making, good investigative work, and solid execution separates dreamers from doers. You can be both, but the “doing” part is what matters to people on the outside.
People ask, “Where do I start?” My answer? Start with an idea that (1) you can follow through on and (2) that will cause you to be more patient. Any idiot can grab equity from their home, drop it in savings and call it success. A patient man, however, waits, plans, saves, and executes—all the while not talking about it.
Can you be patient? Can you play the long game? I hope so. The long game is what it’s all about. The long game tells us that $1,000 invested per month over 30 years at 8% is 1.5 million dollars. At 10%? It’s 2.2 million. That’s the long game. But the sub-question, if you will, is how do I get to the point where I am investing $1,000 every month. That's the question I help people answer; and one you desperately need to answer.
Can you be patient? Your financial life depends on it.