- Patience (Driver #9 Mindset ~ Patience)
- Delay gratification on major purchases. We live in a time where you can make a purchase online and receive the package in as little as one day. Take some time between wanting to purchase something and actually purchasing it. I have waited as long as a year before pulling the trigger on a purchase. Go with your Gut on this one, if you are not 100% sure about the purchase, then you need to wait (when you have time visit GoWithYourGut for more detail on this topic). I have also decided not to purchase an item after waiting months and looking back on it I’m glad I waited and decided not to make the purchase. This approach has definitely helped me to be able to park in my garage.
- I have found that by waiting 30 days on most purchases the desire dissipates, even if I end up making the purchase by waiting I appreciate the purchase more than if I had just purchased it based on impulse.
- Let your investments ride, don’t panic in a down market. Investment markets fluctuate each day, so be prepared for the volatility and use a well-diversified portfolio of investments to help reduce the volatility. By making consistent monthly investments as I discuss in my Automatic Wealth Building Program, you can take advantage of a down market by having the ability to purchase more shares of your investments because the price per share has decreased. Consistent monthly investments over time will build your wealth while giving you the opportunity to purchase more shares for the same dollar investment when prices fall. You may have heard advisors talking about buying stocks when they are on sale. This essentially what they are talking about.
- Delay gratification on purchases.
- Desire dissipates over time.
- Let your investments ride through the ups and downs.
- Down markets can be a good thing.