Making money is hard. Saving money I will argue is even harder. It absolutely takes a discipline and patience that just does not come naturally for everyone.
If you want to make money one of the most important things that you can do is to work really hard. If you are willing to put the time and the work you can absolutely make money. Often you can make quite a bit of money. It can be great. The challenge comes when you perhaps want more time to yourself, or you exhaust yourself, or you face an injury or health problem. Then it can be challenging to just work more or harder.
Savings on the other hand requires a willingness to sacrifice today for the future and the patience to not interrupt that which you have sacrificed. In other words, you have to be able to take money that you have available right now and put it aside for as long as you possibly can. That is saving.
Charlie Munger famously said that you have to give your savings a long road to let the magic of compounding interest to do its work. By far the most difficult part of this entire process is getting started. Creating the initial nest egg is where it takes the most discipline and requires the most patience as it will not grow quickly at the beginning. You will also have many other things that will challenge you for those resources. You have to have the discipline to put the short-term aside and keep focus on the long-term where the true rewards are!
So, work on being as disciplined as you can and you will be rewarded later when it really matters!
As always, if you are looking for a gift for the young reader in your life, you can find some great children’s books on Amazon. Just go to these links The Desert Fairies of Oylara, The Rainforest Fairies of Oylara, and The Artic Fairies of Oylara and order them.
Additionally, check out this very cool podcast on Spotify called Gen X Dad and his Gen Z Teens. Entertaining!
Finally, check out some pretty cool music on YouTube if you have a few minutes: Introduction , Mosh, Smoke, Watch Out , and First Day Out. Enjoy!
Patient and Disciplined Saving 