“The ability to discipline yourself to delay gratification in the short term in order to enjoy greater rewards in the long term, is the indispensable prerequisite for success.” – Brian Tracy
We live in a time that thrives on instant satisfaction of our wants and desires.
With the development of technology, one-click payments and purchases made on future credit, the idea of waiting has become unnecessary.
The result is a ‘buy now, pay later’ mentality. The consequence is a society that often lives above their means and are silently burdened with the pressure of debt. Today it is rare to meet a person that has mastered the habit of delayed gratification. More often we meet individuals who face a future filled with worry about retirement, children’s eduction and the rising cost of healthcare.
Do you have the ability to resist temptation in order to receive an even better reward later?
One of the best ways I’ve learned to master the habit of delayed gratification is to establish clear rules. Here are my money rules:
Pay yourself first; invest in your future before you spend in the moment.
No consumer debt; if the money is not in your bank account, do not purchase on credit. This encourages you to plan for the future.
New money! New money! A stress free “yes” is available when you find new ways to create new money for the things you want. This encourages you to build an income that supports your desires rather than shrinking your dreams to fit a budget.