Persistence Is Key For Financial Success

by Pam on November 1, 2010

When I was a child I used to have the picture (seen on the left) up on my wall that said, “Never Ever Give Up”.  I really liked it because it is the true picture of what it means to persevere.  Although it is silly, it gets the point across.  Whether you are a frog that is being eaten by a bird or not is beside the point.

You will find that most things in life that are worthwhile involve a lot of persistence. This is especially true for achieving financial success.  Persistent people make more money, save more money, and have a higher net worth than those who lack persistence.  They are so successful because they never give up.

Persistent people set clearly defined financial goals and then they create a budget and a plan in order to achieve each goal.  Even though they may be tempted to go off track, they stick with it, and the result is that they eventually get the desired result.  Their number one motivation is to keep their eyes on the prize.

Persistent people are not afraid to ask the right questions and they are willing to do research before making decisions.  They don’t just take someone’s advice before thinking through it thoroughly, and they are most certainly not afraid to ask for a raise if they think they have earned it.

Here are a few practical ways that you can practice persistence to achieve your own financial success:

1.  Be persistent in your investments. Don’t panic and pull out of the markets just because your investment has gone down.  Remember your true timeframe and understand that volatility over the short time is a normal part of investing.  Although it may be tough, don’t give into the temptation and sell when everything is low or you will end up locking in your losses.

2, Be persistent in your line of work. If you are an employee, don’t be afraid to ask for a raise or a promotion once you’ve earned it.  For those of who you are entrepreneurs, keep trying different things until you find that special niche you have been looking for.

3.  Be persistent in sticking to your financial plan.  Build a plan that includes all of your major life goals such as retirement, travel, and education for your kids, etc.  Create a savings budget and get into the habit of paying yourself first.  By doing so you will be successful in achieving your goals rather than just dreaming about them.

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