“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
In this new age of rapid information, rapid implementation and rapid results, the virtue of patience took a back seat. In fact, the idea of waiting for things is almost inconceivable for a lot of people, most especially when it comes to your financial future. After all, you know what you want, and you want it now! “Why wait for tomorrow when I can have it today.”
That way of thinking is the instant gratification mindset. It can affect you in all different areas of your life, not just your finances. When you live in a time of fast food, the microwave, email, text messaging, commercial free binge watching and anything else you can think of, it’s no wonder you don’t have much patience for things. It’s gotten to the point where having to wait for something is actually annoying.
The Importance of Delayed Gratification
Now don’t get me wrong. These advancements are great and have provided pretty cool things that serve their purpose in the world we live in. Although, when it comes to money and finances, that mindset of instant gratification can (and will) wreak havoc. Not only for the future health of your finances, but your present financial health as well. When it comes to money and finances, you have to take advantage of the benefits that time and patience has to offer.
For the purposes of your financial health, delayed gratification and sacrifice are two timeless principals. Principles that will never change in this quickly changing world. The only way to get on the road to financial freedom is to understand and apply these two very important principles. Otherwise, you’ll inevitably find yourself living paycheck to paycheck with no end in sight.
“Great investing requires a lot of delayed gratification.” – Charlie Munger
Patience is a virtue. That’s a phrase I’m sure you’ve heard many times, but it’s not always an easy one to live by. Having to limit your capacity to receive something now for the enjoyment of being able to have something better and bigger afterwards is difficult. Waiting patiently for the future to get what you want is the sacrifice you make by only getting what you need now.
Imagining and envisioning your future is challenging for a lot of people. That is where small, clear financial goals come into play. They help you see the progress you’re making toward your future. It is in the little steps that you take now that will add up to the significant results later. The initial results may not seem like much at first, but time and patience will win big in the long run.
Having a plan with goals is the first step. The grit and determination of sticking with the plan for your own future, day in and day out, not just for the week, not just for the month, but for many years and working really hard to make that long run a reality is living life like it’s a marathon, not a sprint. Keeping in mind that the rewards will be delayed is the key factor for building your financial future.
It’s the ability to delay gratification that makes investing possible. You invest when you believe (or know) that by delaying gratification, you can expect greater rewards for your future. That’s what investing is all about! It’s about using your money now to buy time (financial freedom) in the future.
“Don’t give up what you want most for what you want now.” – Richard G. Scott
There are certain things that can’t be avoided if you are to achieve financial freedom. For starters, the time-tested principles of delayed gratification and sacrifice are very important ingredients for your finances that may require a greater change in mindset…or paradigm shift for some more than others. It may be easier for you to grasp and apply the concept than it might be for someone else.
Regardless of who you are, what you’ve been through or what your current situation is, the challenge will be there. The fact still remains that the end result needs to be constantly kept in the forefront of your mind in order to see your goals through. It’s keeping the end in mind and working toward those goals until you reach your vision.
See your future for what you want it to be and make the choices and take the actions now to make it happen! Think back to the thoughts and dreams you had as a child. You imagined the future of who you wanted to be when you grew up, what you wanted to do, what you wanted to have. You have to tap into that same imagination as an adult as you think about your financial future.
Be that kid again! Use that same imagination to imagine, envision and create a new dream. Know that you can start over, but this time be deliberate, be intentional, set goals, make plans and know that you are the creator of your financial future. Dream it, believe it and build it!
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