YESTERDAY, I was talking about patience as it pertains to work. I guess I should have titled yesterday’s post “Patience of Job”, but I didn’t want people to mistake this site as a religious site. Today, we are talking about patience and QUALITIES OF SUCCESS on the savings end of personal finance.
I don’t know of any credible finance “experts” who will argue realistically that one can get rich quick. Those that do are doing a disservice to any who are listening. The popular way to get rich quick lately has been in real estate. Up until a couple of years ago, people thought that they could buy a house cheap, do some minor, cosmetic repairs, and sell the house for a large profit because as everybody knows, real estate never loses value. Except, now it is losing value. Or rather, real estate is going back to actual values.
Prior to the real estate fad, people would trade stocks online. “Day-traders” would make money (hopefully) by buying low and selling at a (usually slightly) higher price in a short period of time. Of course, that didn’t work either.
There have been numerous fads that would come with great fanfare, only to be destroyed because there was never any stability to begin with. One listening to the news would assume that there were no rich people left after each of these fads went out of style. Of course, we know that’s not the case, so how do they do it?
Every rich person I know shares a similar story: They all started out with nothing, worked hard at very menial jobs for no money, saved every penny they could, invested wisely FOR THE LONG TERM, and lived fugally until such a time as they could afford to enjoy their accumulated worth.
I emphasized the long term, because that is the real key to being wealthy. You need to work hard, of course, but you need to let time work for you as well. I’m not going to go into a specific plan of action here, because there are a lot of variables that I just don’t want to have to cover to give investment or savings advice, but there are a few things that you should keep in mind.
1. If it seems to good to be true, it is.
2. If it seems to easy, it won’t work.
3. If you don’t have to do any work to “earn” it, it’s bogus.
4. If you would be ashamed to tell your family about it, it’s probably not a good idea for you to do it.
With patience, no matter the dollar amount, you can grow wealth enough to live comfortably.