Delayed Gratification, a critical skill for wealth building!
Delayed gratification is one of those things that is difficult to execute in a world of instant everything – from instant food to instant information. I remember a time when a photo had to be developed before you knew how it turned out. Or a time when you had to go to the library to get information – but now we have Wikipedia. With the shift to everything being produced and offered up so quickly, and people having easier access to celebrity lives via social media, we have made it normal to live above our means. We used to keep up with our neighbors, the Jones’, but now we are attempting to keeping up with celebrities (some who are living above their means).
The skill of delayed gratification has been lost – as we prefer YOLO, fake it till you make it, ball till you fall and other ideals that promote living your “best life” right now. Somehow, living your best life has equated to buying what we want now instead of being content while saving for a rainy day, putting away for retirement, or saving up to buy that new car or house. Cheap money (low interest rates), peer pressure (yep – even with adults) and lots of marketing has wrecked our financial lives because we have forgotten or refuse to delay a little bit of gratification today, for a better situation tomorrow. I am not advocating that you become a fuddy duddy and never enjoy your money, take trips, or make big purchases; I am advocating being a realist – and only buying things you can afford and saving for a time when you will need that money working for you later in life. Getting control of your need for instant gratification today, will pay dividends tomorrow. Practice learning to wait!
If you need a financial coach to help you organize your finances, email me at: or I also do speaking engagements on personal finance.
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I am a financial coach that focuses on improving personal finance behavior. I do not sell investment products or manage investments.
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