Delayed Gratification versus Immediate Gratification
Here are examples of situations where success calls for practicing delayed gratification, even though immediate gratification appears to be just as compelling. While reviewing each example, just think about how one course of action bears plentiful fruit in the future, while the other course of action only results in limited rewards in the moment.
| Delayed Gratification | Immediate Gratification | | Putting time on the job to gain experience and show loyalty to future employers. | Hopping from one slightly higher paying job to another, and having a resume that looks like that too. | | Figuring out a problem by thinking it through and discussing it with others, so you have a better idea how to solve similar problems when they occur. | Giving up quickly and asking for the answer. Knowing the answer, but not really knowing how to get the answer. | | Owning a “beater” car because it is paid for and requires only liability insurance. | Driving a new car that is flashy and impressive, and makes you feel good about yourself. | | Putting what’s left of your paycheck in the bank to fund something that is meaningful and worthwhile, even if you have no idea what that might be. | Putting what’s left of your paycheck on the bar so you and your buddies can have drinks together at the end of the work week. | | Studying at the library after class to gain an edge on the upcoming examination, because you know that education is important for higher career income. | Spending time with your friends playing sports after class because that’s a lot more fun than studying at the library. | | Renting a modest apartment for now and saving for a down payment on a house. | Spending more to have a really nice apartment now, but not saving for a down payment on a place of your own. |
You can see the push and pull present in each scenario.
The immediate gratification is pulling you to do things that don’t have long-term wealth building or investment benefits. The activities are wealth draining or otherwise not an investment that will payoff in terms of potential for higher income.
Delaying gratification isn’t immediately satisfying, so it pushes you toward the immediate gratification options. This is what needs to be resisted.
The good news is that the delayed gratification scenarios hold much larger and more satisfying long-term benefits. The challenge is to see into the future and recognize that you are building wealth and making an investment in your financial future, a little at a time. You know that anything worth having is worth working for and waiting for.
Done with Delayed Gratification, take me back to Are You Frugal?
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