Business

Patience is a Financial Virtue

Your Money

With Cherryl Hanson-Simpson

Thursday, May 22, 2014    

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Modern society is characterised by fast-paced technology which allows us to enjoy Google searches, Twitter updates and ready-to-eat meals. Today, it seems that patience has become passé; who wants to wait for anything in this age of instant gratification?

Patience, one of the seven heavenly virtues, is the ability to accept delays in the desired timing of an event, or the capacity to endure problems without anxiety. Patience really requires you to take a passive approach while you allow nature or destiny to take its course.

When it comes to money, it could be argued that patience indicates weakness, as we should be fiercely ambitious in going after our financial goals. However, patience is an important trait to have if you want to succeed with money; without it you may actually be sabotaging your dreams.

Immediate not always ideal

Persuasive advertisers often encourage you to buy their products with a sense of urgency, as they insist that you can't afford to miss out on the latest fashions or their amazing sales. When you're spending your money, sometimes you may feel under pressure to act quickly to get the best deal.

Most times, applying a little patience when spending will not let you miss out on must-have items or a once-in-a-lifetime shopping event. In fact, taking your time and thinking twice before you hand over your money can help you to avoid making impulsive purchases that you may regret in the future.

Before you commit to any purchase, ask yourself if it is the best use for your hard-earned dollars. Are there more important purposes to which your funds could be allocated? If you postpone your purchase until the following day, you may actually be relieved that you didn't give in to the desire to spend.

Defer getting into debt

Lending companies also promote the idea that you don't need to wait for what you want, as you can attain all the items on your financial wish-list if your credit rating permits you to borrow. The concept of saving to obtain the finer things of life is almost obsolete, as your dream is just one loan away.

Experience has taught me that consumer debt is easy to get into and extremely hard to come out of. If you used your credit card to buy the latest high-end smart phone and your bank account is empty, you should be questioning your priorities. Is it worth paying loan interest just to keep up with the Joneses?

Instead of borrowing to buy luxuries, save for them or try to increase your earnings to match your desired lifestyle. Once you have fallen into the debt trap, it will definitely require a lot of time and patience for you to extricate yourself and get back on the road to financial stability.

Slow but steady savings

Another area in which you have to exercise extreme patience is with your savings growth. With the low interest rates currently available on savings accounts, some people choose to forgo saving to spend, or look for more lucrative ways to turn over their money for profit.

Apart from the fact that saving teaches you about making sacrifices and builds discipline, the act of saving is essential to create a store of money for emergency purposes. You also need to save to amass lump sums that can be used for goals such as the down payment on a home.

To get the most from your savings, opt for term deposit accounts that may offer higher interest rates, and ensure that the interest you earn is added to your principal every month. With lots of time and a little patience, the magic of compound interest will allow your savings to grow exponentially.

Wait for wealth

As the saying goes, 'poverty sucks.' It can be hard to be patient when there's never enough money to live in the way you truly desire. While you should aim to improve yourself financially, you must also be realistic about the time it takes for your wealth to grow.

One avenue in which many persons allow their impatience to get the better of them is with investing. People who respond to rumours about high-performing investments, without doing the necessary checks to ensure that they are legitimate, often end up losing their funds.

To increase your wealth, you need to become knowledgeable about investing and business options which can help you to multiply your money. You also have to be patient to wait for the opportune time to reap your rewards; remember you don't plant an orchard today and start harvesting tomorrow.

Patience brings personal growth

Patience also refers to your ability to tolerate challenging times. If you are currently experiencing financial difficulties, take the time to understand why you are in this position, and learn what you need to do to overcome your issues. Patience will allow you to face your reality with an optimistic outlook.

If you think it's taking too long for your money situation to improve, recognise that delay does not signify your eventual failure. You may just need this time to develop and mature into the person you need to be to take full advantage of the opportunities that are waiting for you.

Cherryl is a money coach, business mentor and founder of Financially S.M.A.R.T. Services. Her upcoming book, "The 3 Ms of Money", will reveal all the secrets she learned about financial success. Read more on money and business matters at financiallysmartadvice.com and entrepreneursinjamaica.com. E-mail comments to cherryl@financiallysmartonline.com.

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