Patience or Impatience

Good morning, afternoon, evening fellow reader,

Today is going to be an interesting topic, and that is Patience or Impatience.

We can all think of a time when we were very impatient for something in our lives to come up, just like we can all think of a time when we were very patient.

Seeing how this website is aimed at Finance, Dividends, and Technology figured this would be a great time to throw them all into a blog post.

Patience, enduring through reading this, accumulating wealth, building up a passive stream of income. The things that take the most time, are typically the most important, and are some of the things that you should be very patient about, put that time into checking out the companies in your portfolio so it doesn’t become a costly mistake later in life. Doing the daily 8-5 grind, to be saving that money, or putting that money in some type of investment, passive income vehicle that makes money for you, and eventually replacing the need for you having to work for it.

Impatience, usually, for the most part causes us stupid costly mistakes, we don’t think of all the angles, we don’t see how our impulse buy at the time will have us locked into a 29.9% APR credit card because well “it’s 6 months same as cash, I’ll have it taken care of by then”. It’s finding one of those rent to own stores, either online, or brick and mortar.

But you can get a latest edition:
Apple 15″ Macbook Pro with Touch bar
i7 Processor, 16 GB RAM, 256GB SSD
AMD Radeon Pro 555X

For only $111 per week? Surely you can afford that right? It typically says in the add that you can buy it today, and in less than a year, you could own it making those weekly payments. Well that sounds awesome right! I mean I don’t have $2,399 to buy that model right now, but I can afford $111 a week.

Slow down, lets back up, and exercise a little patience here, and here is why:

First, there are 52 weeks in a year, so 52 x $111 = $5,772 so your impatience to spend $111 a week is ultimately going to cost you 140.6% markup, where as your could’ve just saved that $111 a week, and then bought yourself that Macbook Pro in about 21 and a 1/2 weeks. Now some do have the 6 months same as cash option, which is great if you have already planned on doing this option right from the beginning, but then again if you did that, you already thought about all the payment scenarios and you weren’t being impatient about it.

Now real quick let’s think of ways this money could’ve been working for us where we could’ve potentially got this Macbook Pro sooner than 21 and a 1/2 weeks. Well you could put that money into the markets, there is a risk of it dropping but that little amount really wouldn’t bother the bottom line that much unless you tried to gamble with it and pick stocks without any understanding of the business behind the ticker. You could either have it in a index fund which can match the S&P 500, or have a list of stocks that you’ve done your homework on.

You could invest it in this list of stocks and receive a dividend payment almost every business day of the year – Dividends
NOTE: I am not a financial and/or investment advisor, I can not be held responsible for any gains/losses that you incur should you decide to follow. This is my current portfolio listed on this site. And if you use this link I may get an affiliate kick back from M1 Finance.

So next time you have that impulse buy urge, look at its cost, and then break it down into a cost that you’d be ok with paying weekly, bi-weekly, monthly. Divide the total cost by the monthly cost you’d be worth paying and you’ll have how long it’ll take for you to save up for it, so throw it in a savings account, or an investment account, and then when you finally get it there , look at your account and see how much money your money has made you, that you didn’t need to work for, and then ask yourself “Is buying this item now even worth it? Or do I add to what I’ve saved so it can grow even more money for me?”

You might be surprised to find yourself saying I’m going to put this money into the account and have it grow for me. And eventually you will get to the point where the money created off the money you put in will be able to pay for that item you wanted.

Until next time…

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