Warning: Implementing the suggestions in this article requires effort on your part. If you are looking for a get-rich-quick scheme, click here now. If you are committed to improving your financial situation, keep on reading.
In order to succeed in building wealth, you not only need to have the patience to be a long-term investor, but you need the endurance to gather the information and the time to interpret the results.
All too often, people’s plans fail because they don’t invest the time required to analyze the complete situation. Just like a good chess player wouldn’t move a piece until he examined the entire board, don’t make an investment until you’ve thoroughly studied your circumstances… and that takes time and patience.
The trait of patience is perhaps one of the most important skills you can develop on your way to becoming “rich as a king.”
Susan Polgar tells a particularly inspiring story of learning patience the hard way:
In 1984, I became an “International Master,” which is one step away from the highest ranking in the chess world (Grandmaster). For the following few years, I was the #1 woman player in the world. However, with all of the roadblocks that the Hungarian government put in my way, I never knew when the next opportunity to play in an international competition would arise, but I kept training anyway. Having the patience to work every day, never knowing what the results will be is hard enough, but as a teenager the agony of waiting was emotionally draining, too. I knew that I needed to have patience, not only on the board, but off the board as well. In the end, I got my grandmaster title.
(Excerpt from page 94 of Rich As A King: How the Wisdom of Chess Can Make You a Grandmaster of Investing)
If you’re ready to start achieving financial freedom, then you’ll need to make sure you have the patience to actually create a plan AND execute it.
Post Benjamin Franklin’s words in a place where you’ll see them daily:
Click here to get the bonus material from Rich As A King where Susan and I shared 4 important techniques for improving your patience.
I can tell you from personal experience that patience does pay off – both in investing, in chess, and in other aspects of life. So make sure to read this one-pager that will change your life!
Douglas Goldstein is the co-author of Rich As A King: How the Wisdom of Chess Can Make You A Grandmaster of Investing, an avid chess fan, and international investment advisor and Certified Financial Planner (CFP®).