Overnight success stories can be inspiring but they’re very rare. A rags-to-riches story that happens within a short period of time is often the theme of teleseryes and daydreams, and may be the reason for the Philippines’ pervasive “lottery culture,” which rewards bettors instantly.
This is also the reason why, in this age of innovation, we are conditioned to prefer instant gratification—instant noodles, instant friends or lovers from apps, instant everything. The idea that success can be overnight makes people look for shortcuts, but the reality is that shortcuts never work.
Take it from legendary American industrialist J. Paul Getty, who said, “It is possible to make money— and a great deal of money—in the stock market. But it can't be done overnight or by haphazard buying and selling. The big profits go to the intelligent, careful and patient investor, not to the reckless and overeager speculator.”
Patience is not just about the big picture like making money or waiting for the results of a study or research. Patience improves our everyday lives too. Here’s how.
1. Be patient and you’ll think better.
Having more time equals more opportunities to assess situations and think of alternatives. Instead of doing things rashly, like putting up a business without a proper plan or testing the market, you can start your venture on a practical timeline. According to Forbes, patience is a competitive advantage. “Strategic patience” means putting all your energy or drive into a strategy instead of immediate action to achieve goals.
2. Patience promotes your wellbeing.
In your path to success, mind your physical and mental wellbeing. The study “An Examination of Patience and Wellbeing” shows that patience facilitates goal pursuit and satisfaction, particularly in the face of obstacles.
Aside from that, increased fortitude also leads to decreased depression. A study published in Psychological Science shows that waiting for things makes you happier in the long run especially if you have mastered this habit. To do this, start with something small like waiting a few extra minutes to reward yourself and then move on to something bigger as you practice more patience.
3. Filipino culture rewards patience.
Although Filipinos praise overnight successes, most people still consider businesses and other ventures built over a long period to be more stable and reliable. Culturally, we like people who are patient rather than aggressive.
4. Patience teaches us to persevere.
People who fail learn the virtue of patience. Did you know that Michael Jordan missed more than 9,000 shots and lost almost 300 games in his career? And that Harry Potter author J.K. Rowling was rejected by so many publishers before her books became a hit? When KFC’s Colonel Sanders tried to franchise his restaurant, he was rejected 1,009 times. If they gave up or lost their patience, they wouldn’t be the successful people that we know today.
5. Patience makes for better leaders and trailblazers.
Leaders and business owners know that to build an empire, you need to work with many people. And that means you have to manage different personalities, skill sets and personal goals. It's a lot to take on if you want things done right away!
According to an article in the Harvard Business Review, a survey conducted among US employees during the height of COVID-19 lockdown showed that when a leader demonstrates patience, employees’ creativity and collaboration increase by an average of 16% and their productivity by 13%. And we all know that a happy, productive workplace is a recipe for success!
Like Getty said, the big profits go to the patient investor. Check out FWD Life Insurance’s Manifest, which rewards patience when you invest early and give your money more time to grow. Reach out to an FWD financial advisor to now. Click here.