Inspiration and hope right now seems very bleak all around the world. In fact, even with me, as I am seen as a very hopeful person that uses the world to become inspired, has lost almost all of my hope. The stock market is currently in turmoil. There seems to be another recession on the horizon along with a potential housing crisis too. As Americans and people abroad are reeling from losing a lot of their 401ks among other crucial investments, people are looking for advice and ways to recover from this disaster. Yet, one entrepreneur and lawyer that has been internationally recognized as one of the best gurus in the space has a different piece of advice for people reeling from this economic decline. Frederick William Penney (@frederickpenney1 says to stay confident and remember the long-term gains that can result from sticking with the stock market and not getting worried or upset.
Frederick, now 56, was raised in a low-income community outside of Sacramento, California, but eventually went on to earn a degree in philosophy from Brigham Young University in 1988. Financing his own way through college, he obtained a Juris doctorate from the university’s law school in 1991, later starting his own firm “Penney and Associates.”
“I grew up with little to no money. I remember wanting to become a lawyer, but I realized that I had to persevere through a lot of schooling while my friends were out buying new homes and cars because they had the money right out of high school,” said Penney. But to Penney, focusing on what he wanted to become, or rather, what he wanted to accomplish, allowed him to persevere through difficult financial circumstances.
“I will never forget after many years of grinding school, looking out the third story of the law school that I attended. Up on the hill were big beautiful homes that successful people had built,” said Penney. “When I would get down or was tired of studying and tired of making no money, I would just stand there for 10 minutes or so and stare, saying quietly to myself ‘patience Fred, patience.”
Frederick William Penney, 2020
Frederick said one of the keys to his success was the ability to stick with stuff in the long term. Of course, some things may seem like they will be doomed right from the start but look at the big picture of other successful businesses. For example, no one thought Bitcoin would be successful. In fact, when people started to invest their money into it, it quickly started to crash and a lot of people, who focused on the short term, pulled their money out. Yet, the people who saw the long-term success in Bitcoin doubled down and put in more money in order to maximize on its gains.
There are countless examples of companies that at first no one believed in them because they were looking at the short-term success. This is why Frederick, since he first understood the markets, has been saying to focus on the long term. Yet, Frederick also preaches that success to one person is completely different to another.
“What is success to one is not always successful to another. Everyone has to find success in their own way. I have heard so many people say, ‘I have not become successful in life or business yet because I have not yet found my passion’,” Penney noted. “Well, most people have not found their passion, and still have become successful.”
Frederick William Penney, 2020
Even though success may not come in the same form for everyone, the underlying principle in terms of successful people come from long term goals and being able to achieve those goals. This is what success through long term focus means to me.