Are You Patient Enough to Become Rich?

So you want to be rich? I can tell you how right here and now.

There is a very simple three-step formula that will create wealth. It's a formula that has been proven to work over the years. Best of all, it's so common that you likely already know it.

1. Start saving money as early as possible.


2. Always spend a minimum of 10% less than you make.


3. Invest the money that you don't spend.

I'm guessing you're disappointed. You were hoping to learn some new secret that would teach you how to create wealth quickly and easily. Even though you already know how to create wealth, you're probably not actively building it. The reason that you aren't is because you lack an extremely important skill: patience.

Patience is one of the most important traits a person can possess in helping to build a substantial nest egg for their retirement years. When it comes to personal finances, patience usually isn't considered critical, but it should be.

Here are five ways that patience can help you achieve riches:

1. It helps forgo instant gratification: Being patient allows you to wait until you have the money to purchase the things that you want. But it's not easy to show patience in a society where instant gratification is advertised as being the norm and credit is easy to obtain. If you aren't patient, however, it means that you will likely use a credit card to pay for things you don't have the money to pay for. This is how people get into credit card debt, which will deteriorate savings and hinder your ability to become wealthy.

2. It helps you save: Part of being able to save 10% of your take-home pay is making sure that you spend your money wisely. Having the patience to wait until a product's price comes down will go a long way toward helping you build wealth. People who have to have the latest gadgets the instant that they appear end up paying a premium. When the technology becomes more mainstream, its price becomes more reasonable. Having the patience to wait before you buy often is the difference between having 10% to invest and not having it.