The Wealthy Millennial: The Waiting Game
Patience really is a virtue. From the very beginning, we are taught to chase success and expect immediate results. But some things take time. If you really want to lose weight, you have plenty of options to choose from. Fad diets may prove to be the most effective. But if you want to lose weight and stay that way, it calls for sustainable changes to your lifestyle and diet. Similarly, when you want to create wealth that lasts, you’ve got to play the waiting game.
We’ve all heard the saying – good things come to those who wait. This applies to wealth creation as well. Sometimes we hesitate to make financial decisions because of fear and sometimes we react too quickly. It’s important to remember that fear is not your enemy, it is your ally. When you are afraid of losing money, you become more conscious about the choices you make. If you prepare yourself for the waiting game, know what to expect, and act accordingly, you will have the outcomes that you desired.
However, if downward market movements stir doubt and induce panic, or upward movements become reasons for celebration there needs to be a shift in your response. The markets react faster than the rate at which your wealth grows. It is tempting to assume that one is reflective of the other. But this strategy will never let you realize your full wealth creation potential. On the other hand, if you are able to bear market volatility with a cool head you will be able to take better advantage of market opportunities and you’ll be able to sleep in peace.
So how can you emerge as a winner in this waiting game? Start with a plan – prepare for contingencies, conquer the sources of your financial anxiety, and address your financial priorities. Nothing is set in stone, your aspirations and circumstances of today could be vastly different from those of tomorrow. Life is dynamic and does not always go according to plan. Never give up on the process of planning. Planning encourages you to periodically measure progress. Taking stock at intervals is important, it ensures that we don’t become too complacent and that we adapt to changing situations. More importantly, your financial decisions are now anchored to your dreams and not the fickle movements of the market. The waiting game demands that we become disciplined and flexible.
Remember, Rome wasn’t built in a day.