August 9, 2016

How patient are you? What's patience got to do with finances? A lot!

"A study shows that patience correlates with positive financial outcomes more than other factors. Impatient people are more likely to have less net wealth and more poor habits, such as smoking or excessive drinking, than patient counterparts." (Retirement Security Smartbrief). According to Adam Creighton, "they say patience is a virtue; it’s probably also a blessing." "More patient people grow richer and healthier than their more impetuous peers, according to a new study that compares elderly Americans’ willingness to delay financial gratification with their personal characteristics and lifetime outcomes."
"Patience boosts wealth by much more than marriage or religion. Respondents with discount rates more than one standard deviation above the average of the sample had 29% less net wealth, a loss of around $130,000. More impatient people—similarly controlling for religion, income, race, sex, optimism and education—were more likely to smoke, drink excessively, and miss out on their flu shots and medical examinations."
How much are you willing to give up today in order to save and invest for the future? Are you always putting off to "later" financial tasks you should have accomplished years ago? It's never to late to reassess your impatience factor and put more weight on the future than on gratification today.

1 comment:

  1. Patience is a very important feature in life. Of course, patient people are tend to be more financially successful. For example, impatient people often overspend and make spontaneous purchases which they find useless later. Most of patient people save money and always have money for a rainy day. Thus, patient individuals don’t have a need to turn to personal loan companies to deal with temporary financial crisis. Building wealth takes time so if you want to succeed, you have to be patient!


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