There’s an interesting truth that I think applies to everyone. If you give yourself enough time, you can achieve almost anything.
As simple as that sounds though, the reality isn’t so simple. For many of us, time is a luxury we don’t have. Sometimes, it’s on us. We lack patience and we want things to happen fast. And when they don’t happen fast, we give up. We live in a world built on instant gratification. There’s no shortage of people out there willing to sell you on the belief that big things can happen for you quickly.
Other times, it’s about the fact that we can’t afford to give ourselves the time to achieve something. Practical realities might get in our way. We have family obligations. We have bills. We have a life to live and only limited time and resources that we can dedicate to other things.
Like it or not, time is the secret recipe for success. Big things don’t happen in days or months. They happen over years and decades. Give yourself enough time and you’re almost guaranteed to make it. The question is, how much time are you willing to give yourself. The more of it you can give yourself, the better your chances are that you’ll achieve whatever it is you’re trying to achieve.
The Long Game Wins When It Comes To Money
When it comes to money, time is undoubtedly our friend. Give money enough time, and it can grow to astounding amounts. Take, for example, this clip from Futurama.
Now, most of us don’t have 1,000 years to let our money grow. But what most of us do have is decades to let time work for us. If you start saving some money right now and you keep doing it for a long time, you’re going to find yourself with a surprising pile of money. Interestingly, it doesn’t take much money if you give yourself enough time.
You might be surprised to discover that you only have to save about $30 per day to become a millionaire in 30 years. $30 per day isn’t that much money – it’s $10,950 per year. It’s not chump change by any means, but it’s money that most people can save if they try. And if you can’t save that much from your existing income, you probably can figure out a way to earn an extra $30 per day doing something (I call this the Reverse Latte Factor).
$30 per day might not seem like much money, but 30 years is a long time to do anything. Most people won’t think about money in that time frame. They think of it in terms of years or even months. They want those big returns, not in 30 years, but right now. Everyone wants to get rich quickly. But unfortunately, that’s not the way you win the money game.
I’ve always opted to play the long game when it comes to money. No, my investments won’t make me rich tomorrow. But with time, I’ll probably do alright. In fact, I’m almost guaranteed it. When it comes to money, you’ll always win if you play the long game.
The Long Game Wins When It Comes To Success
Just like the long game lets you win with money, the long game also puts you in a position where you can almost guarantee some level of success at whatever it is you want to do.
I started this blog as a side hustle over 5 years ago. If anything, it was barely a side hustle. It was really more of a passion project – I enjoyed writing and felt like I had ideas and a story to share. For years, this blog didn’t earn much, enough for me to cover my blog expenses, but that was basically it. It wasn’t until 3 or 4 years into my blogging journey that I started to see something bigger. Not a huge amount to make me rich or anything, but enough that I could at least support my lifestyle.
Spending over 5 years doing anything is as close to a guaranteed recipe for success as you can get in our world. I expect that if I spend another 5 years on this little blog of mine, things can only go up. It’s not easy though. Every single day, I’m reading, writing, researching, and thinking of things that I can write about. The thing is, if you can put that much work into the world, it’s hard to imagine something doesn’t start to happen.
The problem for most people comes down to a practical one. Do you have the resources and the patience to keep going until you start to see success? 5 years is a long time to do anything, especially if you have a job, and bills, and a family, and other things to worry about.
I think you need two things if you want the long game to work for you in this area. The first is passion. If you do something you don’t care about, you’ll never stick it out. And the work you put out into the world will show your lack of passion too.
Second, you need resources. Whether that’s a day job, another side hustle that can create an income floor for you, or a working spouse that’s able to support your family, you’re going to need something to pay the bills while you continue to build or reach towards whatever goal you’re chasing.
Resources seem like a difficult thing to deal with – and it is. But it’s also something that you can deal with. You can save a lot early on and reach financial independence – then you can literally do anything. Or you can reach Coast FIRE or Barista FIRE, and suddenly, you don’t need to earn as much money to live. You have more options than you think.
Compounding Works With Everything
A lot of people think of compounding as something that only applies to money and numbers, but in fact, compounding applies to everything we do in our lives. Every decision we make, every action we take, all of it ripples down over time. The small things add up.
The work I do on this blog has a bigger impact than it did when I first started. It didn’t happen overnight. I’ve written hundreds of thousands of words over the years. I may have written a million words for all I know. Each word I write is me building on my craft. There’s no doubt in my mind that I’m a better writer and blogger now than I was 5 years ago. But it didn’t happen overnight. It was a slow trickle – something that happened because of the small amount of work I did every single day.
Most people don’t understand this. They start something and expect that they should be good at it from the beginning. Or worse yet, they decide they suck at it and quit before even giving themselves a chance to get better. Quitting is fine – we sometimes have to quit. But quitting because you suck at something shouldn’t be the reason. The truth is, we’re all terrible when we start. It takes time, practice, and a lot of the compound effect until we start to become good at whatever it is we’re doing.
Time Is On Your Side – But You Have To Do Something
Time is on our side. But the funny thing is, it can work against us too. Because for many people, the long game ends up being about inaction. So many of us say we want to do something. We tell ourselves we have ideas. We say we want to make a difference.
But then, we never act. We let fear hold us back. We keep waiting and waiting for that perfect moment. Eventually, the years pass by, and we’ve done nothing. I’m guilty of it too. I have a lot of ideas and things I want to do. But somehow, I never get going on them.
Here’s something for you to know. There’s never going to be the perfect moment. Whatever moment you’re in, start doing something, even if it’s just a little bit to get started. Start saving some money today, even if it’s just a few dollars. If you want to create something, start creating now. Let your skills develop. Think in terms of years and decades, not in months.
The long game will work for you. You just have to take advantage of it.
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More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
My long time mantra to clients was “Save early – save often.” It works, but requires a level of discipline and patience that many savers/investors can’t muster. The other facet of this life lesson is the willingness to expose what we save to reasonable levels of risk. $30 a day in a savings account will not achieve long term savings goals. Instead, savers must be willing to expose their savings to some level of risk (i.e., equities) – a level of risk they can live with and which is likely to provide reasonable rates of return over a long period of time.
The one game always work in investing due to the power of compounding. It just takes patience.
Compounding works with everything. I need to learn this.
I think it’s Angela Duckworth’s Grit – do you finish what you start? – that determines success.
Good Job FP.
The older I get the more I know this to be true.
If you play the long game you’ll surely always win. Will it be easy? No.
You will struggle and second guess yourself, but if you keep at it you will get there. And it works for financials, relationships, career, side hustles, etc.
Great post!
The I Series U.S. Savings Bonds are yielding 7.12% for the next 6 months. With inflation going up, it is almost a sure bet that the yield on the I-Bond will be secure for a few years. The minimum is $25 and the maximum is $10,000 for a year. To get credit for the entire month of November, buy the I-Bond by 29 November at treasurydirect.gov. Once on their site, you do need to establish an account. Interest for U.S. Savings Bonds is simple interest, not compounding, but it is a great place to park money.
Also, note that you have to keep the I-Bond for 1 year, and if you cash it before 5 years, you forfeit some interest. Even if time is not on your side, it is worth the gamble. The I-Bond can be set up for dual ownership by including the word ‘with’ after the owner’s name. To establish a beneficiary with only ONE owner’s name listed, then enter POD (Paid On Death) after the owner’s name and the beneficiary’s name. This instruction came from Treasury Direct via an email.
Here is their response to my email:
Treasury.Direct@fiscal.treasury.gov
Fri 11/19/2021 7:50 AM
Hello,
TreasuryDirect accounts must be set up in one person’s name and social security number. However, an account owner can buy and hold securities in various registrations in the account. There are three ways to register securities held in a TreasuryDirect account:
• Sole Owner: Only one individual is named as owner. The Sole Owner may grant View rights to any TreasuryDirect account holder.
• Primary Owner (with Secondary Owner): Two individuals’ names are recorded, separated by the word “WITH.” For example, “John Doe SSN 123-45-6789 WITH Joseph Doe SSN 987-65-4321.” Here, John Doe is the Primary Owner, and may grant View or Transact rights to the second-named registrant, Joseph Doe. Upon the death of either the primary or secondary owner, the survivor is considered the sole owner of the security.
• Beneficiary: Two individual names are recorded, separated by “POD” (Payable on Death). The first name designates the owner and the second, the beneficiary. The beneficiary will become owner only upon the death of the original owner of the security. For example; “John Smith POD Jane Smith.” “Jane Smith” is the Beneficiary. “John Smith” is the owner and controls the security during his lifetime. He may grant only View rights to the Beneficiary.
Ha–just wrote something similar about compounding. It really does apply to all areas of life, not just interest.