The quote on patience from the legendary investor Warren Buffet is funny, but I have found it to be true on my Financial Independence (FI) journey.
When I started on my FI journey, I used to trade a lot. I used to buy and sell shares often. All in the hope of making a huge profit.
After trading furiously for a couple of years, I went back and took a look at the results. I compared my trading returns against a broad low-cost index fund (like Vanguard S&P 500 ETF – VOO). The result was that my portfolio had grown, but not as much as VOO!
I had also spent countless hours researching individual stocks – what to buy, when to buy, and so on. I would have made more money had I just put all my money in VOO (and saved a lot of time in the process)!
So, I started to focus more on Saving money for early retirement.
Lastly, patience is also a key ingredient for the magic of compounding.
The stock market is a device for transferring money from the impatient to the patient.
Warren Buffet