Dealing with Impatience reaching financial goals

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bligh
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Dealing with Impatience reaching financial goals

Post by bligh »

I have found that as I approach a financial milestone I get more and more impatient trying to reach it. [OT comment removed by admin LadyGeek]

I have a decent savings rate and have had one most of my life but in my current state I can totally sympathize with people who are not prioritizing saving for their future. Putting money aside just seems like such a slow grueling slog with so little reward for so long. The end seems so far away!

I am partly venting here, but also I can't be the only one that feels this way. How do you guys deal with it? Do you also get impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?
Texanbybirth
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Re: Dealing with Impatience reaching financial goals

Post by Texanbybirth »

We're about $25k away from a six-figure 401k balance. That's the next big milestone, barring any more babies before then. Assuming zero growth, we'll get there by Jan 2019. Would I like to get there sooner? Shoot yeah, but there's no room in the budget for any larger contributions. We're debt free aside from the mortgage, and putting money aside in seemingly all the right places. I'm starting to realize I'm settling into the "slow grueling slog" that is working adulthood. Hopefully with prudence, I'll make it to the other side with all the really important things (family, health, sanity) intact. :D

I do find I tend to worry about/get impatient with it when I'm at work (seems in line with my generation, Millennials worry about money at work), but when I get home to my family I don't have a lot of time to think about it. And it's a "good problem" to have, IMO, so I'm thankful.
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NiceUnparticularMan
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Re: Dealing with Impatience reaching financial goals

Post by NiceUnparticularMan »

I try to avoid checking my progress toward my goals frequently. Once a year seems more than sufficient.

I completely ignore odometer numbers.
Phenix
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Re: Dealing with Impatience reaching financial goals

Post by Phenix »

bligh wrote:I am partly venting here, but also I can't be the only one that feels this way. How do you guys deal with it? Do you also get impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?
I am right there with you. Toward the end of 2016 my portfolio was nearing 6 figures and I though for sure October would be the month. October turned out to be a down month, but then once my portfolio did reach the $100k mark, the market continued back up and my account is already up to $125k.
I admit that I have a bad habit of checking my account balances daily. I don't worry or change my behavior by looking at them frequently, but I'm sure there are better things to do with my time. 8-)
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Re: Dealing with Impatience reaching financial goals

Post by Vanguard Fan 1367 »

I have a podcast I like to listen to called, "The Powerful Attribute of Patience." It kind of helps to remind me to exercise patience.
Upton Sinclair: "It is difficult to get a man to understand something when his salary depends on his not understanding it."
arsenalfan
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Re: Dealing with Impatience reaching financial goals

Post by arsenalfan »

Not to be a debbie downer, but whenever I get revved up about nearing/crossing a threshold, I remember that equities can drop up to 50%.

So when I got excited about having $2.5MM in accounts, I remembered that could drop to $1.5MM or so.

Reminds me not to get too excited or too depressed.
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Portfolio7
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Re: Dealing with Impatience reaching financial goals

Post by Portfolio7 »

I haven't had much of a problem ignoring the balance these many years. We've seen ups and downs, but always been focused on the family or other things. The nature of geometric growth is that it moves slowly. We're now around 45% or so of the way to our 'number', so it's all coming into focus finally.

Now that we are getting closer to our 'number' as well as to retirement, I admit to feeling impatient. Part of that is being tired of my job, ready to move onto something else. I was feeling 'trapped' a bit by family circumstance, health care needs, the usual. All of that is a little less important now that my wife has resumed her career, and I just started working on my resume. You might want to consider if maybe it's not the money that's really the issue?
"An investment in knowledge pays the best interest" - Benjamin Franklin
retire57
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Re: Dealing with Impatience reaching financial goals

Post by retire57 »

Rather than looking at just your bottom line or just your ROI, start tracking the number of shares you are accumulating - whether through contributions or dividend reinvestment. Maybe, like me, you will find patience there.
Cunobelinus
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Re: Dealing with Impatience reaching financial goals

Post by Cunobelinus »

I don't actually tally up all the various accounts but two or three times per year.
The multiple layers of security (password manager, two-factor authentication, locked down browsers, and a wife who always takes the computer away from me) make it too onerous for me to actually check how much is in each of my accounts frequently. I like it better that way -- a few times a year. I'm still contributing more than the sum of all accounts are growing on their own, so every time I check the overall sum is higher than before.

I also don't set milestones/goals per se. I have a few years before I have to do that. For now, it's accumulation while I can and refining habits. I do notice that a few times a week for a month or two after I tally up my accounts that I try to "predict" what year I may hit something big, like 7 figures, at different growth rates. Then I realize it's not this year, or the next year, or the one after unless we see a particularly amazing growth rate.. so I probably should be focusing on other things.
Karamatsu
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Re: Dealing with Impatience reaching financial goals

Post by Karamatsu »

How do you guys deal with it? Do you also get impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?
I suppose I just try to maintain a constant rhythm... maintain my saving/investment/speculation pace, and not worry too much about the ups and downs of the total. It probably helps if the other non-financial aspects of life are more than enough to keep you busy!
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Re: Dealing with Impatience reaching financial goals

Post by High Income Parent »

I try to concentrate on the whole process rather than the results. We're investors for the rest of our lives.
The number is kinda irrelevant in some respects because some things will change depending on the number and others will stay the same.
For example, you might be able to retire from your day job once the number is a certain level, but then you enter another part of your investor career, maintaining a portfolio from which to live.
Once you have that down and see that the portfolio will succeed in providing your expenses, you might shift into passing it onto your heirs and tax consequences.
You might be bored after retirment and go back to work for a different company just for fun. Then the number doesn't matter as much as it used to.
Like I said, the process and executing at each stage of the game becomes the fun part, not necessarily the number.
Children are not a distraction from more important work. They are the most important work. | | C. S. Lewis
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Re: Dealing with Impatience reaching financial goals

Post by jebmke »

Karamatsu wrote:
How do you guys deal with it? Do you also get impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?
I suppose I just try to maintain a constant rhythm... maintain my saving/investment/speculation pace, and not worry too much about the ups and downs of the total. It probably helps if the other non-financial aspects of life are more than enough to keep you busy!
That is pretty much what we did during the accumulation years. Once we established a saving and lifestyle pattern, I didn't really pay attention to much other than monitoring our equity/fixed mix -- and I could only do that quarterly because a huge slug of our assets were in my wife's pension and profit sharing scheme which only reported quarterly. So we never really had financial goals per se.
When you discover that you are riding a dead horse, the best strategy is to dismount.
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djpeteski
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Re: Dealing with Impatience reaching financial goals

Post by djpeteski »

bligh wrote:I have found that as I approach a financial milestone I get more and more impatient trying to reach it.
I/We feel you. During our debt pay off phase my wife or I were frequently depressed thinking we will never meet our goals. Looking back we paid off debt at an amazing clip. It would be hard to believe that we were down at all, but we were . Fortunately we were never down at the same time, so the up one would encourage the down one.
bligh wrote: I have a decent savings rate ...slow grueling slog
As your assets increase the effect of contributions diminishes. When you have 10K in your 401K, it will take you a few weeks of healthy contributions to double your holdings. This will happen no matter what the market does. When you have 100K, it takes about 4 years to double and you are somewhat tied to the performance of the market. The double could happen much sooner or a bit later. When you have 500K, it will take you 20 years or so of contributions and you are totally at the whim of the market. There are times when you will fall behind or tread water. So what you are experiencing is natural.
bligh wrote: I am partly venting here, but also I can't be the only one that feels this way. How do you guys deal with it? Do you also get impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?
bligh wrote: I am partly venting here, but also I can't be the only one that feels this way.
You aren't. The most painful thing we did was save an emergency fund. That serves us well, we will never spend it.
bligh wrote: ... impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?
First we find that when we are approaching a nice round number milestone, it seems like it takes a long time to reach it, then we blow through it like crazy.

Second, pinching pennies will not help you make up that extra 15K or so to reach your milestone. You just have to trust the process.

Third, this may speak to a hole in your life. The range of emotions that both my wife and I felt addressed some emotional instability in the both of us. Since then we have learned to be more stable, trust the process and each other, and have drawn closer. When Mr. Market foils our desire to reach some X milestone we now laugh were we used to look for a bridge to throw ourselves off of (melodrama). The journey to your goals is an important part of achieving them.
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Re: Dealing with Impatience reaching financial goals

Post by hightower »

bligh wrote:I have found that as I approach a financial milestone I get more and more impatient trying to reach it. [OT comment removed by admin LadyGeek]

I have a decent savings rate and have had one most of my life but in my current state I can totally sympathize with people who are not prioritizing saving for their future. Putting money aside just seems like such a slow grueling slog with so little reward for so long. The end seems so far away!

I am partly venting here, but also I can't be the only one that feels this way. How do you guys deal with it? Do you also get impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?
I feel this way often as well. I hope to get to a point in which I'm on autopilot and not worrying about it. For me its tough though because I can work as little or as much as I want so I often obsess over how much I should work and constantly calculate how it would change my savings goals.
stonerolled
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Re: Dealing with Impatience reaching financial goals

Post by stonerolled »

Any logarithmic curve(compounding) is boring at the beginning and exciting later on. I must thank bogleheads.org comments where like minded people help keep things on the right track. The world says don't just stand there, do something. These guys say don't just do something, stand there. I have to check in from time to time to drink that in. A direct way to deal is to realize that saving money trumps returns. You must fund the accounts to receive the investment returns. Once this sinks in, you find ways to save more which speeds things up. Early on my focus was on returns, later on it became funding the accounts.
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greg24
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Re: Dealing with Impatience reaching financial goals

Post by greg24 »

You can turn that impatience into action. Find a way to increase your 401k contributions by 1% TODAY.
MrNewEngland
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Re: Dealing with Impatience reaching financial goals

Post by MrNewEngland »

I go through and look at my accounts at least 3-4 times a week, and I have quite a few accounts (Roth IRA, trad IRA, 401k, 457, state retirement fund, and small taxable funds). However I don't daytrade and I have am very much in the Boglehead mentality. I don't know why I check so much, maybe it's my OCD.

I was growing impatient too but I signed up with Mint and after a couple years I could see my net worth trend line really going upwards. This really helped me with my patience. Maybe some kind of net worth tracking could help you too.
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Re: Dealing with Impatience reaching financial goals

Post by Vanguard Fan 1367 »

MrNewEngland wrote:I go through and look at my accounts at least 3-4 times a week, and I have quite a few accounts (Roth IRA, trad IRA, 401k, 457, state retirement fund, and small taxable funds). However I don't daytrade and I have am very much in the Boglehead mentality. I don't know why I check so much, maybe it's my OCD.

I was growing impatient too but I signed up with Mint and after a couple years I could see my net worth trend line really going upwards. This really helped me with my patience. Maybe some kind of net worth tracking could help you too.
With the market at new highs today the net worth tracker I have at Vanguard is fun to watch. When the bear hits or the market goes down I try not to look at the net worth, which Jack Bogle would recommend, "don't peek."
Upton Sinclair: "It is difficult to get a man to understand something when his salary depends on his not understanding it."
Ari
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Re: Dealing with Impatience reaching financial goals

Post by Ari »

I, too, am impatient, but I've managed to make the savings slog into a challenge. I constantly work to keep my savings rate up (except for rare occasions where I allow myself to relax), cutting corners and optimising processes. Can I get a place with cheaper rent? How much did I spend on food this month? What opportunities do I have for increasing my salary? I'm at a ~70% savings rate, and just keeping it so high is a challenge; never mind increasing it! But every item I could buy but don't is a small victory, and I have some ideas for increasing my income slightly in the coming year or so …
All in, all the time.
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Meg77
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Re: Dealing with Impatience reaching financial goals

Post by Meg77 »

I used to be more this way, but the longer I invest and the more milestones that come and go, the less I think about it or even notice them. It may also be because I am thinking a lot more about life goals and milestones than simply financial or net worth goals/milestones lately. At the end of the day, the numbers on your balance sheet are pretty arbitrary. They don't indicate how happy or healthy you are, or whether you're doing fulfilling things each day, or how close you are to achieving any number of non-monetary personal goals.

Maybe try setting or focusing on some other goals, or even on implementing new positive daily habits instead of goals that can be checked off a list once and then they are over. If you're anxious to reach a specific financial goal because you think it will change your life in some tangible way - such as being able to retire or move or have a kid or quit your job - remember that you can likely do those things sooner with a lot less money than you think. You may have to adjust the budget & vision, but it can probably be done.
"An investment in knowledge pays the best interest." - Benjamin Franklin
staythecourse
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Re: Dealing with Impatience reaching financial goals

Post by staythecourse »

I think the issue is the abnormal focus on "financial milestones". Who cares if you hit 6, 7, or 8 digits in life. Does that make you a better person, better husband/ wife, better friend, better citizen, better neighbor, etc..? I don't think so. It is great having wealth and working hard for it, BUT it is not in itself the goal of life.

It seems you have focused so much on hitting an arbitrary number that it doesn't really give you the same happiness as you would think it should because numbers on a page say X.

I can tell you how excited I was for my first milestone and thought about it for a whole week, then the second one came and though about it for about a day or two, and now the third milestone is coming in the next month or so and will likely think about it for an hour or so. The reason? I realized I derived much more pleasure/ happiness in life that had NOTHING to with money. Spending time with wife and children is what I get pleasure from. The money is just a security blanket for me giving me MORE opportunities to spend time with family and friends. That is why I prioritize the stuff I enjoy in life (wife and kids) over making more money just to hit a higher number or same number faster.

Good luck.
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FelixTheCat
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Re: Dealing with Impatience reaching financial goals

Post by FelixTheCat »

Financial goals are a long term race. I try to focus on exercise, eating better and visiting friends.
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Re: Dealing with Impatience reaching financial goals

Post by rcjchicity »

A couple of years ago, I starting tracking my yearly retirement contributions and year-end 401k & Roth IRA balances since I started investing (~15 years) on a spreadsheet.

I recently graphed my cumulative contributions against year-end account value.

It helped to illuminate a couple of things:
1) The first 6-7 years, there wasn't much separation between the two lines (and 2008 happened in that time, where cumulative contributions exceeded account value :( ). But since then (& with the aid of an extended bull market), compounding has started to kick in.
2) Since I started reading this site 5 or so years ago, the slopes of my contributions and account value lines are noticeably steeper
3) Doing this exercise only once a year gives a longer-term view of what I've been able to accomplish, and where I need to go.


Maybe doing something similar would aid in seeing the big picture?
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arcticpineapplecorp.
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Re: Dealing with Impatience reaching financial goals

Post by arcticpineapplecorp. »

Realize that investing is boring for a long time and exciting much later. As an example in a Michael Kitces' article titled, Is "Save For Decades, Then Quickly Double Your Money And Retire" Your (Unintentional) Retirement Advice!?" he makes a few points, one of which deals with the fact that returns aren't even/smooth. You might earn 8% a year over the long term but that's not like earning 8% each and every year. But he makes another point using the oft used example of a 25 year old who invests $300 a month for 40 years and if earns 8% a year CAGR will have $1 million by age 65.

However, most articles use this example but don't show you what it looks like (image below). He makes the important point (which you only understand when you see it visually below):
As the chart reveals, while it is true that the client has accumulated $1,000,000 by the end of the 40-year time horizon, it’s notable that after 30 years, the client still has less than $450,000! And of course, at that point the impact of a marginal $300/month of savings is fairly negligible; the client will succeed because of the investment returns. With an assumption of “just” 8% in growth, the classic rule of 72 means the client will double her wealth in 9 years.
https://www.kitces.com/blog/is-save-for ... nt-advice/

On the chart below, while it takes 24 years to get to $250,000, it only takes 9 more years to get to $500,000 at age 56! Then when one has
$500,000 at age 56, it only takes another 9 years to double this and get to $1 million by 65 years of age. While it takes 31 years (ages 25-56) of saving to get to half a million, it then only takes 9 years (ages 56-65) to get the other half million.

Image

Keep the faith! Keep investing! Be patient with your investments!
Last edited by arcticpineapplecorp. on Tue Aug 14, 2018 4:52 pm, edited 3 times in total.
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Re: Dealing with Impatience reaching financial goals

Post by Mr.BB »

I think and focus on the end goal. Use a calculator and figure out your end number at your current rate, (if you haven't done it already). You have to think like an investor, not a trader.
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."
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Re: Dealing with Impatience reaching financial goals

Post by Mr.BB »

rcjchicity wrote:A couple of years ago, I starting tracking my yearly retirement contributions and year-end 401k & Roth IRA balances since I started investing (~15 years) on a spreadsheet.

I recently graphed my cumulative contributions against year-end account value.

It helped to illuminate a couple of things:
1) The first 6-7 years, there wasn't much separation between the two lines (and 2008 happened in that time, where cumulative contributions exceeded account value :( ). But since then (& with the aid of an extended bull market), compounding has started to kick in.
2) Since I started reading this site 5 or so years ago, the slopes of my contributions and account value lines are noticeably steeper
3) Doing this exercise only once a year gives a longer-term view of what I've been able to accomplish, and where I need to go.


Maybe doing something similar would aid in seeing the big picture?
I put my wife's 401k /Jan 1 starting total in a spreadsheet sheet every year (started doing this about 15 years ago). Boy is it fun to see that line graph change every year!
"We are what we repeatedly do. Excellence, then, is not an act, but a habit."
Cruncher
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Re: Dealing with Impatience reaching financial goals

Post by Cruncher »

A lot of good advice in this thread. I was going to suggest plotting out what your portfolio "should" be with where you are in your accumulation years (taking into account your expected average rate of returns). If you do that, you'll see that the balance is painfully low for quite awhile. IOW, you are probably right on track (though it may not seem like it).

For us, we kind of just ignored our portfolio balance early on. We only invested in the S&P500 fund for years (pre-BH days, but wasn't a bad selection looking back). I literally ignored it for probably 6 or 7 years. I was an active Duty Marine back then, and life was quite a bit different than today, so it was easy to ignore "money issues."

Just keep the faith, set your Asset allocation to your dialed in risk tolerance. Live life man; don't eat ramon noodles every night. Rebalance once or twice a year (if necessary).

Darn clock seems to be speeding up ... If I didn't say it before, enjoy life.

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avenger
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Re: Dealing with Impatience reaching financial goals

Post by avenger »

Meg77 wrote:I used to be more this way, but the longer I invest and the more milestones that come and go, the less I think about it or even notice them. It may also be because I am thinking a lot more about life goals and milestones than simply financial or net worth goals/milestones lately. At the end of the day, the numbers on your balance sheet are pretty arbitrary. They don't indicate how happy or healthy you are, or whether you're doing fulfilling things each day, or how close you are to achieving any number of non-monetary personal goals.

Maybe try setting or focusing on some other goals, or even on implementing new positive daily habits instead of goals that can be checked off a list once and then they are over. If you're anxious to reach a specific financial goal because you think it will change your life in some tangible way - such as being able to retire or move or have a kid or quit your job - remember that you can likely do those things sooner with a lot less money than you think. You may have to adjust the budget & vision, but it can probably be done.
This is a very wise, insightful post. Thanks for the perspective.
cheers ... -Mark | "Our life is frittered away with detail. Simplify. Simplify." -Henry David Thoreau | [VTI, VXUS, VWITX, SV fund]
sambb
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Re: Dealing with Impatience reaching financial goals

Post by sambb »

I think the OP is correct, it seems like a long way to get anywhere, and i think it is best to always be realistic about it. It is a grind. it is not fast at all. HOWEVER - it can be a lot faster if you do 2 things: 1. SAVE MORE by cutting expenses 2. MAKE HIGHER SALARY by investing in yourself or your career options. These are the main 2 ways, but both need significant sacrifice.
Dandy
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Re: Dealing with Impatience reaching financial goals

Post by Dandy »

Everything is getting faster so we are all getting impatient with any delay. Soon you will order something on Amazon and you will have a 3D printer print it out instantly or a drone will appear on you porch. Compound growth is fantastic but can't be speeded up. It is like magma that keeps on growing and moving but you barely notice it.

So just try to save, diversify and rebalance. Impatient people will tend to fidget and make investment moves that will likely end up worse.
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Re: Dealing with Impatience reaching financial goals

Post by 10YearPlan »

I try to channel it in small ways.

Let's say, for example, that I hit $99,400 in a taxable account. Well, because I prefer round, milestone-worthy numbers and am also a bit impatient, I will see if I can squeeze out an extra contribution to that account to hit the milestone of $100k sooner. In this case, if I couldn't squeeze an extra $600 all at once, I would do it in 2-3 steps. I have found that the closer to the round number/goal I am, the more motivated I become.

Even though I look at my "numbers" monthly and I do not do this exercise often, so it's not too onerous or anything. And, for the most part, I only do it for non-retirement savings because otherwise it would be too administratively burdensome. It's just a way for me to harness that weird part of my personality for good.

I also like the approach of watching your shares grow vs. strictly focusing on the $. That helps to remove the "clutter" of day to day or month to month market noise.
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Re: Dealing with Impatience reaching financial goals

Post by Dottie57 »

bligh wrote: Thu Jun 01, 2017 11:19 am I have found that as I approach a financial milestone I get more and more impatient trying to reach it. [OT comment removed by admin LadyGeek]

I have a decent savings rate and have had one most of my life but in my current state I can totally sympathize with people who are not prioritizing saving for their future. Putting money aside just seems like such a slow grueling slog with so little reward for so long. The end seems so far away!

I am partly venting here, but also I can't be the only one that feels this way. How do you guys deal with it? Do you also get impatient/restless as you are approaching a major financial milestone (financial independence, retirement, a nice big round number, etc.), do you start really pinching pennies to try to get to that milestone sooner?

I didn't believe I could ever have a $1m retirement fund. But I kept putting money into the 401k knowing something was better than nothing. ( When I started, the 401k wasn't on the interwebs, so I could only view 401k on statements. I didn't start really paying attention until 2008. )

The best advice is to find things you love and enjoy NOW, so you stop focusing on your financial progress. Concentrate instead on your family, friends and job.

P.S. I do have the $1m retirement. Watching it wouldn't have helped at all.
Last edited by Dottie57 on Mon Aug 13, 2018 8:17 pm, edited 1 time in total.
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Re: Dealing with Impatience reaching financial goals

Post by Broken Man 1999 »

One thing that allowed us to not obsess, or worry was always paying ourselves first. All the time.

And, understanding that sometimes you are going to face a tremendous reversal of wealth for reasons that are completely out of your control.

It is disheartening to see your hard work be cratered.

I would dare say the millionaires on this forum saw their million dollar portfolio reduced to below that value once or twice. Maybe even more times.

Getting to a million $$ is hard, but having to reach that pinnacle a few times to get it to actually stick, well, that isn't enjoyable. But, you have to press on, keep stashing $$ in your accounts as best you can. Time will heal your portfolio, but it still is a painful thing to experience.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go. " -Mark Twain
dh
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Re: Dealing with Impatience reaching financial goals

Post by dh »

I have felt a similar impatience. Rather than trying to pinch pennies further and accelerate the process, I decided to "chunk" my goals. Instead of thinking about that ultimate financial goal (usually a number), come up with sub goals (yearly, 5 years, 10 years, etc). Remember the path to saving 2 million consists of saving 1 million twice. Seeing success at achieving those shorter-term financial goals will give you motivation to keep going and giving you confidence your saving goals are on track. Seeing those sub financial goals achieved will also allow you to keep growing and developing yourself professionally and personally. The growth edge is where the good life exists! Best wishes. :sharebeer
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willthrill81
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Re: Dealing with Impatience reaching financial goals

Post by willthrill81 »

Put everything you can on auto-pilot and walk away. Just walk away. Don't look at your balances more than once per year.

I have chosen a different path: I am constantly looking for milestones that can be broken with savings and/or debt reduction (e.g. portfolio reaches next $50k mark, net worth reaches next $50k mark, etc.). If I always have a goal that isn't too far off, I don't struggle with impatience.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings
texasdiver
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Re: Dealing with Impatience reaching financial goals

Post by texasdiver »

Figure out how to mentally cheer when the stock market goes DOWN. I learned to do this during 2000 and 2008. If you are still in the accumulation stage then every bit the stock market drops gives you the advantage of buying at a discount. You don't need it to actually go back up until 30+ years from now when you get around to selling. If you are already maxing out your investments then all you can hope for is cheaper prices while you are buying.

And then just live your life. Old age comes fast enough.
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Re: Dealing with Impatience reaching financial goals

Post by Vanguard Fan 1367 »

texasdiver wrote: Mon Aug 13, 2018 8:12 pm Figure out how to mentally cheer when the stock market goes DOWN. I learned to do this during 2000 and 2008. If you are still in the accumulation stage then every bit the stock market drops gives you the advantage of buying at a discount. You don't need it to actually go back up until 30+ years from now when you get around to selling. If you are already maxing out your investments then all you can hope for is cheaper prices while you are buying.

And then just live your life. Old age comes fast enough.
I tell my wife how happy I am when the stock market drops! The greats in investing like Charles Ellis recommend doing the same thing.
Upton Sinclair: "It is difficult to get a man to understand something when his salary depends on his not understanding it."
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