Hello and Happy Memorial Day Weekend!
The sun is out shining and I hope you get a nice weekend to enjoy J
I am currently camped out inside of library, with a view of a nice lawn and parking lot, wishing I was outside.
Why am I in the library, you ask? Well I am helping my brother work through his homework. AKA babysitting to make sure that he gets it done.
I am not here to share a frustrating moment; I am actually here to touch on delayed gratification.
How are these two things connected? Well… my brother struggles with delayed gratification. We were supposed to go out paddle boarding today but he wanted to work on some of his side projects yesterday and did not complete his homework. He failed to see the bigger picture that if he had gotten his homework done in a timely manner, in turn, he would have been able to do something fun.
So here I am in the library.
How does this relate to money? Well, we think that we won’t see the benefit in the short run, how can we see the benefit in the long run? For example, while $20 a week does not seem like much, you can save up to $1,000 per year. You might want that new top but in a year, you could be going on a nice vacation!
Delayed gratification can be easier for some than others and it can be taught, but it is something to keep at top of mind when thinking about growing wealth.
Do you really need X?
Are you going to have Y for a long time?
Is Z an impulse purchase?
Patience can be trying and be a challenge, but is the reward worth it? Would you rather have a large nest egg in 5 years, or the shiny new object now?
So, here is some food for thought on delayed gratification: do the long term results outweigh the short term satisfaction?
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