Patience is a virtue
Did anyone else’s parents say that repeatedly? Mine did. Patience is a key philosophical pillar any good investor needs. Patience throughout your investing life will help you to realize your financial future.
What do we mean by patience?
Be patient with your investments. Be patient when things are bad and when things are good. Investing is not guaranteed to make you money, especially in the short term, but having the patience to withstand tougher times when the stock market fluctuates will put you in a better place. All too often we hear stories about why people withdrew their investments and most of them go like this:
“I got scared that I’d lose it”
“I thought I could time the market”
These stories we hear are painful to us because we wish there was a voice in their heads that said
“Don’t do it, just leave it alone”
Get Rich Quick Stories are the Exception, Not the Rule
The stories you read online about someone who got rich quick through investing, those are the exceptions and not the rule. It may be tempting to do the same thing, but we want you to try really hard to ignore those urges and impulses and stick to the tried-and-true way to good investing – steady, long term, goals-based investing.
So be patient – please. The more you look at your investment account balance, the more you may be tempted to make a move. Avoid that by only looking at it every few months or even les soften if you can. That way you keep your worst enemy at bay – yourself.
Our principles to investing are for the long term, which we firmly believe is the more robust way to build wealth over a lifetime.