an you wait more than 2 weeks to see the results of your efforts?
Corporate America trains us that we work for two weeks and then get paid. But if you can learn to wait longer, the payoff can be larger.
In my opinion, one of the main keys to succeeding in business, in real estate, and in investing in paper assets is the ability to put in the up front work and to trust and be patient that the payoff is coming.
If you don't have money patience, you won't continue to put money into your retirement account. When the numbers are small and the timeframe is short, it's hard to see the point. You might invest for a year and then find your balance is below the amount of money you contributed. You conclude that investing is a scam, doesn't work, or that you must be doing it wrong – surely day trading on RobinHood is how the rich are doing it, right?
Most of the rich people I know became millionaires over a ten year period, through starting a business, acquiring clients, investing the profits, and waiting waiting waiting, or through stashing as much cash as possible in investment accounts and riding out the ups and downs. You could work for years in a business before you hit that right combination of offer, client, and belief on your part that makes everything kick in. The marketing you've been doing will build and build and some day reach a tipping point, but for most people it's not instant.
Real estate is not my area of expertise, but in my understanding, it's the same thing. You might put down a big payment to acquire a property, then more money to fix it up, for a cash flow of only a hundred bucks or so. What's the point? But if you hold the property for 30 years, you'll wake up to find someone else has paid off the mortgage and now you own that property free and clear. Oh, and also, thanks to appreciation, most likely the property is worth way more than the money you and your tenant put in over the years. You can sell it and take the windfall or keep it and enjoy much higher cash flow every month now that the biggest expense, the mortgage, is gone.
So why don't more people think long term? Mindset. They either don't have the hang of what they need to do and need some education, or they are doing it exactly right but don't see the immediate return. They don't have the faith and the money patience to see it out and to build something for the long term.
If you are ready to manage your mind, your business, and your money with a long term view and to develop your money patience, contact me to schedule a free initial conversation. We'll go over where you are, where you want to go, and develop a plan to get you there.
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