As strange as it sounds, I’ve seen several people ruin their financial lives by simply waiting. Yet I’ve seen several people become financially successful by simply being patient. There are majors differences in waiting and being patient. Here are examples of both.
- “I’ll start saving next year, once I’m making more money.”
- “I’ll put a budget together if things get tight.”
- “I’ll pay off my student loans later.”
- “I’ll pay back my parents when they put heat on me.”
- “I’ll set money aside for taxes later in the year.”
- “I’ll get life insurance when I get older.”
- “I’ll be charitable when I become wealthy.”
- “I’ll buy the house I can afford now, not the house that I want.”
- “I’ll trade-in my car once it’s paid off, not while I still owe money on it.”
- “I’ll take the proper amount of investment risk now, and not be too risky for no good reason.”
- “I’ll buy clothes that I can afford without a store credit card.”
- “I’ll go on vacation when I can pre-fund it.”
It’s all about attitude. Waiting for arbitrary events never gets you anywhere. If you are constantly waiting for time to pass, then you will miss out on opportunity. Take control of your financial future by eliminating arbitrary time measures.
Don’t wait. Be patient.
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.