The short-term volatility of financial markets often means that anyone looking to make money fast should be equally prepared to lose it just as quickly.
As any seasoned investor would know, building wealth means having the patience to look ahead.
Trying to pick when prices are going to rise and fall may be a popular past-time among market punters (and makes for engaging news media commentary), but speculation is far from a sound strategy when it comes to building real wealth. In fact, those who’ve had any sustained success in investing will know that short-term highs and lows don’t matter much in the long run.
As they say, patience is a virtue.
A patient, long-term approach to investing can take some self-discipline and a willingness to accept things beyond our control (like stomaching short-term losses and inevitable downturns).
The long game of investing may not seem as exciting (or as nerve-wracking) as riding the highs and lows of a fast-moving market. On the flip side, taking a longer term approach can free you from the stress and anxieties that come with being too short-sighted in a fluctuating, unpredictable market – not to mention time spent monitoring markets and trying to time the most profitable entry or exit.
Patience. Not always easy, but patience pays.
