Impatience is the enemy of prosperity
There are no shortcuts to wealth and prosperity. So why do so many of us try things in hopes of getting rich quickly — or at least getting out of debt quickly or dramatically increasing our income?
No one would believe that ordering a kit over the internet for $29.95 would turn us into a brain surgeon overnight, but somehow the idea that a kit might hold the secret to wealth seems more believable. We think, “what do we have to lose?”. The obvious answer is $29.95, plus some time and effort that could be better spent making money via a more reliable method.
But impatience is the enemy of prosperity in more subtle ways as well. Going into debt to buy things that we want increases our costs and leaves us with less money for other things. Put a little time into saving up for what we want instead, and we’re able to get what we want for less, leaving us additional money to put toward other things.
Selling stocks that are losing value can lock in a loss, when it’s possible that given enough time we might end up making money instead. Likewise, buying stocks that are skyrocketing upwards without thinking the situation through and doing appropriate research can cause us to buy high, when a little patience instead might cause us to avoid buying during an artificial boom.
One way to avoid letting impatience eliminate or reduce future wealth is to stop and really think about the future value of the money you’re about to spend. Think about what it can do for you, invested wisely. Think about what it can do for you, not spent on things that you didn’t really want all that much and won’t even remember in a year. And in the case of the things you do still want to buy or do, think about it like any other project: generally speaking, the more time spent up front thoroughly investigating, considering options, and planning, the better and more satisfying the end results will be.
This idea of reminding ourselves of the future value of the money we spend is something that Warren Buffett used to do a lot (not sure if he still does as much). I’m reading “The Snowball” and he has trouble parting with his money because he knows what he can grow it to if he invests it. He didn’t want to buy a house for the longest time because he didn’t see it as a $100,000 investment, he saw it as a million dollar loss.
Impatience deals with the fact that we are greedy by nature. Looking for the quick easy money seems like a great trip, but the reality is it doesn’t come easy. Sure there are the 1 in a million person examples, but the normal person that doesn’t happen to. People need to sometimes play it safe in order to make it big down the road, stay patient.
I love the sentiment of this post. I have had my share of impatient moments in relation to money. One way to remain financially conscious is to actually consider what you’re buying before you buy it or consider what you’re spending and why. I have to ask myself why this purchase is important and give myself a few days to get over the initial “I want, I want” phase if it’s a really big purchase. Budgeting also forces me to think about purchases over time because as I get out of debt, I can’t spend like I used to and everything has to be budgeted.
Kimmy B. “The Prosperity Blogger”