One of the key components for the magic of compound interest to work is time. You need to have time to let your money grow. You can’t be spending it. It requires discipline to allow time to work for you. In the Keys News, Tim Reynolds explains what time means to NBA all-stars like Jordan, O’Neal, and James, and more recently, Luka Doncic. The greats all lost before they won, and Doncic just experienced a loss in the NBA Finals, despite being one of the best to ever play. Reynolds writes:
Michael Jordan needed seven seasons to win his first title. LeBron James needed nine seasons and two futile trips to the NBA Finals before he became a champion. Shaquille O’Neal got swept in his first finals. And the newly crowned champion Boston Celtics lost the finals in 2022 and lost in the Eastern Conference Finals last year before now breaking through.
The lesson, as everyone knows: Winning the biggest prize almost always takes time. Not always. But usually.
Such is the reality for Luka Doncic. At 25, he’s already one of the best players in the world, if not the very best of the bunch. But he’s not a champion. Yet.
The wait for his first championship will now extend until at least 2025, which really shouldn’t be all that surprising. Doncic and the Dallas Mavericks weren’t a logical pick in this series against the Celtics; one was a 50-win team that caught fire at the end of the regular season, the other was a 64-win team that was better than everyone from the very beginning. The smart money said Dallas would fall in these finals, and that’s what happened. It ended Monday night in Boston, the Celtics winning 106-88, an 18-point margin for their record-setting 18th title.
Action Line: Winning will take some time for Doncic, as it did for the others. But that won’t take anything away from him. And taking time to win won’t take anything away from you. Putting together success in investing is a lot like sports. It helps to have a good coach, a great game plan, and the patience and determination to win, even if it takes time. When you want help building a game plan from a coach who wants you to win, I’m here. In the meantime, click here to subscribe to my free Survive & Thrive letter.
