Delay of Gratification
There are always a million things that come up on your way to achieving your goals that could distract you. Learning to just say no when you can't afford something is a skill that requires practice, but can be learned.
Financial self control isn’t just a skill reserved for those without a lot of money. In fact, if you haven’t mastered this skill early on in your financial journey your problems are likely to only get bigger when more money comes your way. It’s a big reason why people who suddenly come into a lot of cash find themselves bankrupt a few years later. They haven't learned impulse control and how to wait for the things they want. Their pocketbooks may have expanded, but their temptations also get bigger. Since they've never mastered the skill of delay of gratification they will always have problems with money.
There are all sorts of hidden benefits from delaying gratification. Food tastes better when you’ve waited for it. Buying a piece of furniture feels more rewarding when you’ve saved for it rather than put it on plastic. Relaxing in the evening feels better after putting in a hard day’s work. In short: when you’ve earned something, you derive more pleasure from it.
The harder you work for something, the higher you tend to value it. Quick-fixes are rarely satisfying (think fast-food, shoddy repair jobs, etc.). Imagine your child comes to you asking for a new bike. She’s old enough to earn the money herself by saving birthday money, babysitting, or doing other odd jobs. Do you think she’ll take better care of the bike if she earns the money for it herself, or it is simply given to her?
Delay of gratification is an extremely important thing to put into practice when you have children. It’s one of the biggest indicators of success in life, so begin helping them practice at an early age. Here’s an interesting article on delay of gratification:
One Marshmallow, Or Two?
Once you start seeing the connection with delay of gratification and increased satisfaction and enjoyment, you’re more willing to exercise that skill and put it into practice on a daily basis. It will not only improve your financial life, but every other area of your life as well.
Assignment: Start to recognize all the areas you put delay of gratification into practice on a daily basis. When do you succumb to temptation? By working on it on a daily basis, you’ll be creating good habits that can be carried over into your financial life.
Step #47: Delay of Gratification
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