In the quest to become financially independent there is a wide span of money habits proclaimed to truly create wealth. But which one do you pick? Budget, invest, 401ks, IRAs, no coffee, coffee, barrow, get out of debt, are just a few of the trending habits. However what lies beneath these great ideas and habits are two that won’t jump out at you. Patience and regular assessment your financial goals are underlying habits which will impact your future to creating wealth.
1. Patience – How it Creates Wealth
Patience seems like the opposite habit you would use when you think of being financially independent and creating wealth. However patient individuals will maintain long-term perspectives, they stay disciplined in their financial goals, and they avoid the temptation to chase the next shiny object. People who practice patience will not impulsively react to the market or market fluctuations either.
Other financial areas the habit of patience will improve.
Investment Growth: With any long term investment, patience is huge. To allow the power of compounding to kick in, time is the biggest factor. This means you have to be patient.
Radical and Emotional Decision Making: Radical and emotional financials decisions under times of stress are when you can make the biggest mistakes. Patience will give you the time to step back and look at the situation and determine if your initial thoughts were accurate or not. When you don’t have to hurry to make financial decision, you get to use your brain, step back, and truly think through the purchase.
Fickle Market Conditions: I’ve see this drive more people crazy than I have anything else. People make some of the dumbest decisions during these times. Selling Low, Buying High and trying to time the market at just the right time. Use patience to get through the ups and downs and believe in the system already set in place.
When Luck, a.k.a. Opportunity, Show Up: You will be glad you had patience. Others will see your sweet deal as luck, but deep in your heart you will know you were patient and ready for the opportunity to pop. Laugh them off and weep the benefits of being patient. Create that wealth.
2. Assess Your Financial goals
I’ve talked about how to get your money straight by tracking your finances and by saving, but having financial goals and assessing them often is a critical part of creating wealth. Without goals, without assessment, you will never know where you want to go or how close you are to getting there.
Changes in life take place at any given moment. People die, cars break down, kids pop onto the world, and sh!t goes side ways. It is ok and a big part of life. I can’t tell you how many times my life took a different direction when I look back on it.
The key, You have to be ready for these things to happen. First you have to know where you want to go. This is what setting goals does. Then you have to look back and look forward to see if you are on track and if the things in front of you are things you still really want. This is the assessment part.
Back in the day, I wanted a house so big everyone in my family and my wife’s family could live in it. That was a goal. Now, I’d much rather have an extra $10 Million in the bank and in investments. My goals changed over time.
This will happen to you as well. It is a known fact that financial and personal goals are not a one and done choice. Rather they are dynamic and evolve as people do. This is where you must assess your situations and establish a responsive approach that will grow and evolve with you.
In conclusion, all of the traditional financial advice out there has a spot, and I believe the two habits mentioned above, Patience and Assessment, will take you to another level in your finances. The strength of integrating these habits into your financial routine can and will put you on another playing field of growth and success.
If you need guidance….
In your finances or your life and not sure where to start. Hit me up and I will get you on the right track. Helping people is where my heart lights up every single time.
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