Patience is Key to Financial Independence. It is a necessary skill that can be learned and is important for every goal you set for yourself. Along with patience comes its close relatives, hope and faith. Without their support it is difficult to stay patient and leaves an opening for a couple of dream killers who also lurk in the neighborhood, discouragement and frustration.

My inspiration for writing this post comes from reading a blog post “My Best Early Retirement Advise” by Joe at retireby40.org and what one of his commenters had written. Simply stated the commenter asked when someone will offer advice to people who make very little and can’t get a decent paying job. I felt discouragement and frustration in his comment. The same I had for many years.

I replied to this commenter with the following:

“I agree with this article, especially create a life you don’t have to retire from. Everyone’s plan and timeline will be different to get there. Just like everyone’s vision of the early retirement life they save for and want to create is different. For those who are lower-income or unable to find 1 good full-time job it will take more time. Priority one is making enough money to pay for a smart frugal and balanced lifestyle and have enough income left over to get rid of all debt and start saving as early as possible.

That may mean moving where there are more opportunities and/or gaining additional skills (school, volunteer, intern, part-time, etc.). My first retirement was as an engineer at age 51 but it took me until age 37 to become an engineer. I set my early retirement plan in motion at age 40. Before making engineer I worked 2 jobs so we could live the best life we could and save what we could. Having a plan and vision of what you realistically want to accomplish is key to gaining anything. Having patience to see the plan through to its end is also a necessary skill.”

My Patience Story

Anyone who has read my post “Common Mans Journey to Early Retirement” would have to agree there is nothing but patience in my journey. But I can’t count the times I also went through discouragement and frustration. Leaving the house at 6:30 am for my full-time 7am to 4pm job. Then going to job number two from 5pm to 10pm. Doing that five and sometimes six days a week.

Without having hope and faith that what I was doing to support my family while also increasing my skills would eventually payoff and having the patience for when opportunity would someday come to me, I would have never made it through. Whenever discouragement and frustration is present we have to rely on hope and faith to remain patient. Nobody’s journey through life goes without a hitch. There will always be challenges to overcome.

I apply patience to everything I can now in my early retirement lifestyle. In fact some might say too much patience when it comes to anything financial.

Here are a few areas where Patience is necessary.

Career-

I read/hear over and over about how generation millennial can’t move up in the corporate world because it is plugged up with baby boomers who won’t retire and get out-of-the-way. Guess what? I am a tail-end boomer and the issue was there through almost all of my first career.

There will always be a generation ahead of the young go-getters sitting in positions they wish they could get. Learn patience and still do everything needed to make you the sure-choice when things do open up and believe me they will open up. If you are stuck in a low paying job make a plan to change careers and have the patience to see it through all the sacrifice it will take to get there.

Debt Repayment

It doesn’t take long to sign a loan contract but it sure can take a long time to pay it off. Too many don’t consider the length of time that was pitched as an affordable payment and how long that minimal payment will take to eliminate the debt. Make an aggressively reasonable debt repayment plan and have the patience to see it through. Going forward stop falling for the affordable payment pitch.

Saving and Investing–

You have to believe that wealth is built a dollar at a time over time. Have the patience to stick to your plan and rely on your hope and faith that over time that smaller looking balance will amount to something fantastic. Any sacrifice or loss you may be feeling will pass.

Big Purchases–

When it’s time to make a big purchase having patience will indeed boost your FI bottom line. When at all possible wait for a sale. This takes planning and knowing what a good deal is. This is where in my early retirement lifestyle I rule supreme.

I made a recent killer purchase, a new bike. I found out last year that I can no longer ride my mountain bike for more than 30 or 45 minutes before I have severe hand pain and numbness. My neighbor had this goofy looking cruiser bike that he rides and let me borrow it. I had NO pain and I could enjoy riding as long as I desired. It was made by Electra and called the Townie. Its flat-foot-tech design makes it look odd with its forward shifted sprocket/pedals with a long chain and extended-raked neck but it was awesome to ride. However at $550+ I couldn’t pull the trigger.

I searched for used and they too were in the $500 range. I saw lots of them cruising the beaches of Southern California while vacationing last fall and really wanted one. I had heard that one of the two bicycle retailers in Colorado where I live has a spring-time bike sale every year so I waited and just scored it with a coupon for $389. It is new but last year’s 21 speed model. Patience paid off and I am set for an awesome biking summer. My wife thinks I am nuts but hey, a freak has to do what a freak has to do.

In Conclusion

I do believe that Patience is Key to Financial Independence. As to the bike, yes I am now an old fart.

Do you have a story of when your patience was challenged or paid off?