As part of my personal growth, I am working on being patient with others. Naturally I am a faster learner. I never struggled in school with subjects, did not struggle with time management in varsity nor did I struggle with learning choir songs in foreign languages. This kind of worked out best for me but it can play against me as I grow up hence on a path of learning to be patient with others that are do not work or think at the same pace.
Like many things , starting on a journey of financial management and hoping to achieve financial independence requires discipline and patience. Most importantly to know the followings:
- You can not rush time and hence you need to be patient with it. Your money will not grow over night and hence you need to be patient to allow the impact of compound interest rate to play for you. When you invest in shares, to also know that you can force the growth rate of the company you are invested in to grow faster than the business environment in which the company is operating and hence you need to step back and let time run its course.
- To know that if you are in debt, you will not get out overnight. You will need to finish settling that loan unless you get a lumpsum from somewhere to clear your debt.
- To know that you if you’re starting a business, it will not become successful over night. Each industry goes into a cycle and each business goes into phases. There is a teething phase in which you’ll probably be making a loss if not breaking even.
- It will take time to get that promotion in order to get the salary that you are dreaming of. Each job comes with responsibilities and the wisdom of experience that you gain over time will save you a whole lot when you finally get that job.
As for me, I have kind of understood that patience but I drive mainly my patience inspiration from nature. I cleared land a few years ago in hope of starting a fruit orchid. This was mainly guavas and paw paws. This was after I had been watering lemons trees for over four years without getting any harvest. 6 years later, all trees are matured and giving a bumper harvest. However with that being said, a new challenge has begun. What do I do with the fruits? The most sensible thing to do will be to start a business but I need the wisdom to know that even that will not succeed overnight.
Lack of patience in finance management often leads to impulsive decisions. The sorts of decision that you’ll make that you wish you have not done after a few hours of taking that decision. These types of actions if not handled with care can lead to financial stress.
You need to assess your situation and think to yourself, why are your businesses not successful? Why are your savings not growing? Why are you not staying at that job long enough? It could be that you are impatient and need to try and work on your patience.
As for me, if I was not patient, I would have not had this amazing venue for my engagement party. How nice it was to host my guests under the shade of my trees. Only because I let nature runs its course!