Let’s talk today about staying the course, about doing something for such a long time that it becomes easy to you, whereas you can achieve good results with little effort, something like the the flywheel effect.
Staying the Course in the Stock Market
At one time, I used to be a market timer. I tried to enter at the right time, and I tried to exit at the right time.
Yes, I succeeded a few times, but I also failed many times.
I thought that I was smarter than the market, but I was not. I was a part of the market, and I suffered the consequences of unnecessarily moving my money in and out of the market.
I paid the consequences for missing the biggest jump in a rally, paying commission fees, paying higher taxes, and paying with my time and peace of mind.
Since then, I have discovered that I can make the most by absorbing the ebb and flow of the market, accepting the ups and downs, with the knowledge that 20 years from today, the market will be higher than today.
Since I discovered that staying the course is the most profitable thing I can do, my net worth has increased year after year, and my enjoyment of life has also increased.
Staying the Course as a Photographer
About six years ago, I decided to hang my shingle as an event photographer.
During my first year, I did two events. The following year, I did 10 events, and now I am doing at least one event per week, about 60 events per year.
True, with time I have become a better photographer, but the bulk of my success as a photographer is because I have stayed in the field for so many years. I am the first photographer that comes to mind when the cousin of someone is getting married next year.
I don’t have to advertise anymore. Most of my business is word-of-mouth advertising. People already know me, like me, and trust me; the only thing to ask is if I am available on that particular day.
Summary
Whether it’s the stock market, our professional lives, or our personal relationships, there is great value in staying the course. If you find something you like, stay put. Do it consistently. Over time, it should get easier, and you should reap the rewards of our constancy.