Let me commence by posing a simple question. How many of you want to become rich? Do I need to know the answer to this question? Certainly not! I am sure the majority of the respondents [if by any chance not 100%] would immediately jump the bandwagon by giving an emphatic “YES” to the question I posed.
Most of the respondents would immediately jump to the conclusion of becoming rich, without even giving it a thought as to what it needs to be a rich person.
If you want to be rich [which I understand most human beings would like to be] then you also must explore the secret formula or the so called ingredients of “richness”.
I for sure know the one and the most effective – which is none other than the “patience”. We’ve all heard the prayer: “Lord, make me more patients—and do it now!”
Why it is that patience evaporate when we are late for a critical engagement and are caught in a traffic jam? Or we rush to the “10 items or less” line at the store, only to find someone in front of us with 16 items! Being forced to wait ratchets up the stress and shortens our fuse. When that happens, we not only fail to be patient but we undercut the Spirit’s work in our lives.
Patience is not just a virtue; it’s a fruit of the Spirit which means that demonstrations of impatience reveal the sour fruit of our fallen hearts rather than the sweetness of God in our lives. Since God is always patient, when we abandon patience we miss the opportunity to show our world the glory of God through our lives.
Let me now narrate a real-time incident that truly demonstrates the ‘power of patience’. We all know that Warren Buffett is perhaps the greatest investor of all time, and he has a simple solution that could help an individual turn $40 into millions.
A few years ago, Berkshire Hathaway CEO and Chairman Warren Buffett spoke about one of his favourite companies, Coca-Cola, and how after dividends, stock splits, and patient reinvestment, someone who bought just $40 worth of the company's stock when it went public in 1919 would now have more than $5 million.
Will anybody ever believe the above story if it was coming from some other source? But the fact of the matter is that it is indeed true. How come a paltry sum of $40 turned into an astronomical figure of $5 million over time? This is simple and the only factor which contributed to this feat is the “power of patience”.
But the moot question remains – as to how many of us can withstand the temptation of making fast bucks without waiting for the right time. I know that $40 in 1919 is very different from $40 today. However, even after factoring for real time inflation, it turns out to be worth $540 in today's money, which again is over 13 times the invested amount.
While on this we also need to underscore that not all who wait to reap the rewards, of course, but many do. Patience doesn’t guarantee success, but it dramatically increases the odds.
“Patience lets your money grow.” The longer you hold on to your money, the more you have of it. But more than that, time is the magic ingredient in the ‘power of compounding, which lets your pool of money expand every day.
Patience allows you to seize opportunities. If you’re willing to wait instead of buying today, you’re able to spend time comparison shopping or looking for free and cheap alternatives. If you’re in no rush, you can even practice predatory shopping — waiting for bargains and extreme markdowns that let you save big bucks.
Patience lets you discover what’s important. As you age, your values change. If you’re willing to wait, you learn what truly matters to you. Patience helps you practice “conscious spending.”
Patience leads to wealth and happiness (it leads to each independently, not as a package). But it can be tough to practice patience if you’re plugged into the television, radio, and the internet. Our society doesn’t believe in patience. Our society is all about “NOW.” We live in a Culture of Now.
We’re constantly bombarded by messages trying to convince us to buy now, to spend now, to have what we want this very moment. Nobody preaches patience. Nobody explains that the cost of “Now” is a loss of your future. That is, it’s generally more expensive — in time and money — to buy something now than it is to wait until you can afford it.
So coming back to investment matters, patience teaches us to invest our money with a long term horizon. Often when there are upheavals in the financial market any common investors would impulse to exit. But remember the universal truth – ‘what goes down will come up, it is a matter of time only. And this resistance on our part teaches us the ‘patience’.
Therefore, be patient, and always remember that patience will be rewarded in due course of time. If you are tired of reading this, please have some patience as I have decided to close for the day.