How to Get Rich Quick? Be Patient!

Recently someone asked me what two words I would say to my younger self. To me that is a very easy question. The best two words of advice I could give to my younger self would be this: Be Patient! 

If I look back over my good and bad decisions, I can honestly say that my best decisions were usually carefully discerned and many of my worst decisions were impulsive and impatient gut reactions. Now this is not to say that I have never made a quick good decision, but with the major considerations of life, it does pay to be more discerning. This discernment is required in love, work and money.

A number of years ago I had a relatively decent six-figure job that had become mentally and emotionally strenuous. I reached a point that I had to develop an exit strategy. The exit strategy I chose was to go back to school to get a PhD and move into higher education. I could have made a rash decision and left my employment to begin a full time doctoral program. But with a nearly half-million dollar mortgage and two kids in private school, it was not really a consideration. I had to be patient. I moved into a part-time doctoral program and I stayed in that job three more years until I had completed most of the coursework toward the degree. I then was able to move into a full-time teaching position at a local college and eventually complete my dissertation (which took another two years). While my last three years with my previous employer were difficult, to say the least, I am glad that I was patient.

Additionally, I have also served in the US Army Reserve for over twenty years and when I initially embarked on my part-time military career that twenty years of service was my goal. I thought that if I could serve for twenty years, eventually work my way up to Lieutenant Colonel, then my part-time military career would be complete. I never really imagined that I could actually make it to Colonel, and I did have to endure some challenging assignments, but I never threw in the towel. I did my best, completed my required military education, and my patience eventually paid off.

While these are two professional work place examples, the idea of patience also works in the world of business and investing. In the investing world, the mantra is to buy low and sell high, but this is easier said than done. To buy low requires a commitment when everyone else is running the other way. To sell high means that you have put in the time waiting for your risky position to pay off. I can not tell you how many times I have sold too early because I got impatient and I can not tell you how many times I got scared off from even making the initial investment because of listening to the so-called experts warn against those particular positions. Perhaps the most patient investor the world has ever known is Warren Buffett, and yet there are many times when pundits have questioned his positions. Patience requires that in spite of the contra-indicators, you remain steadfast. You may not get rich overnight, but before you know it, and when you least expect it, those positions may indeed bring you more reward than you initially surmised.

Many people talk about "overnight successes," but a true overnight success is quite rare. Most overnight successes take years of work and sacrifice. Whether these be athletes, actors, business leaders, etc., the foundational work and effort put into those careers is what eventually leads to success. If you do not believe this, then just ask the third founder of Apple. He was a little too impatient and wanted to return to his relative job security rather than risk it all with Steve Jobs and Steve Wozniak. Many articles have been written about what his share in Apple would be worth today. It took some time to develop, but Apple is just one investment that has paid off greater than could have been foreseen.

When it comes to overnight successes, we often only notice the results. While we may only see the results, the years of preparatory development and sacrifice have provided the groundwork and solid foundation. This also works in the world of investing. The market is very hard to time, but with patience and nerve, it is not unimaginable to stake your claim, wait it out, then wake up one day to some amazing news that your investment has become an "overnight success." So, if you really want to get rich quick -- be patient!