This article appears as part of Casey Weade's Weekend Reading for Retirees series. Every Friday, Casey highlights four hand-picked articles on trending retirement topics and delivers them straight to your email inbox. Get on the list here.
If you’re looking for success when it comes to investing, fitness, relationships or really any area of life, quick fixes often aren’t the answer. Patience and consistent effort over a period of time are two key components, as they give way to the power of compounding.READ THE ARTICLE
Long-term mindset: Here, author Owen Stoneking reflects on his experience of running the prestigious Berlin Marathon. He notes that while his marathon time was not as fast as the elite runners’, those athletes achieved their speed through years of continual training without significant interruptions. The main secret to becoming a fast runner, he states, is to run regularly for many years, avoid injuries and do the necessary maintenance work – leading to compounded growth.
However, Stoneking argues that our brains are wired for linear thinking and often overlook exponential growth's long-term benefits. Instead of focusing on maximizing immediate returns, your time and effort are better utilized on minimizing losses and maintaining consistency. Years of sticking to a custom investment plan can help accumulate wealth and continually showing up for those you love strengthens your bond over time.
Your key to a financially confident, happy life is simple. Time, consistency and dedication can create limitless potential.