Delayed Gratification? A habit that you want to instill for yourself and your kids for great wealth

Instant gratification is the habit of wanting to enjoy now and not having the patience to wait for the future benefits. This is what keeps most people from great wealth as they have the habit to spend now for instant enjoyment.

What is the problem of instant gratification? People who are looking for instant gratification spend a lot more than they invest. They would tend to spend more on new car, new television, new big house. Whenever they have more savings, they will upgrade their lifestyles. When it comes to investing in investment products, books, seminars and courses, they will think twice as they cannot see the immediate benefit, they do not wish to wait for the future benefits.

If you think carefully again, those things that can create instant enjoyment normally cannot help in multiply in wealth. Everything that can increase wealth, e.g. education and assets, takes time to see the results. But, once it is done correctly, wealth can be multiplied with time.

This is also same to business. People who want instant gratification will always look for fast way to get customers. They do not build long term relationship and add value to customers. They tend to cut corners to get fast sales and as a result the profits rarely last for long time.

Another point people do not realize is people either spend or invest. If they spend RM 1000 to buy a new television, the product is there, the money is gone. The value of the product will not grow over time. When the RM 1000 is used to invest in a course, even though the product is invisible, the impact remains. With better knowledge, one can earn better, more money will then flow in. It just needs to take some time.

Hence, we need to start to have the patience and adopt delayed gratification in order to grow our wealth better. We also need to develop this to our children. This is a habit that can be built. We can explain more to our children that delaying the instant enjoyment can bring them better financial future. Then, they will have the mindset to be patient in everything and never take shortcuts.

Instant gratification: Spend > Invest

Delayed gratification: Invest > Spend

So, develop the habit of delayed gratification – spend wisely and you will see your money multiplies.

************************************************************************

You can receive broadcast message relating to wealth creation to financial freedom through Telegram. Click here to subscribe to the telegram for the weekly newsletter and get updates on regular free classes on wealth creation topic.