Are You Patient Enough to Become Rich?

Here are five ways being willing to wait can help build wealth.
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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.

Start saving money as early as possible.

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

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.

3. Patience helps avoid "get rich quick" schemes

: Whether it is the lottery or some hot stock pick, the urge to try to get rich quick is glorified in the media. The problem is, most people who are rich don't get there the quick way. Most have built their wealth over time. While the media glamorizes the few who do get rich quick, most people who try that route don't end up wealthy.

4. It helps you stay on your wealth-building plan

: Wealth doesn't usually appear instantly and doesn't present itself unexpectedly. It usually takes a well-thought-out plan over a long period of time. Taking the time to build a solid plan and then sticking to it will ensure that you have a much greater chance of creating and keeping your wealth than if you try to make your fortune instantly.

5. Patience helps you look long term

: Even if you create a solid wealth-building plan, there will still be bumps in the road. When these bumps occur, it's important that you have the patience to stick to your plan instead of panicking. If you end up abandoning your plan at the first sign of trouble, you will likely end up much less wealthy than if you have the patience to stick to your plan the entire time. Stocks fluctuate over short periods of time, but they usually go up over a long period of time. It's important to take a patient, long-term view in wealth creation.

You now have the secret to wealth creation. You have a simple plan to building wealth that works. You know exactly what you have to do. There is nothing stopping you from becoming wealthy, except for your lack of patience.

Jeffrey Strain has been a freelance personal finance writer for the past 10 years helping people save money and get their finances in order. He currently owns and runs