Hey there, fellow dream chasers. You may have heard it before — reaching your investment goals (and other goals) in life often hinge on this one crucial factor: delayed gratification.
Let’s be honest – we all love the thrill that comes with instant gratification. But there’s a catch. Instant gratification can be a dream killer.
The things that come too quickly and easily, whatever luxury it may be, can indeed veil your long-term dreams and aspirations. It’s sneaky, but before you know it, focusing too much on the “here-and-now” can put your dreams, visions, and purpose on the backburner.
It’s not easy, we know. Reflecting on your ongoing and periodic expenses takes a lot of discernment, but imagine how much better a higher standard of living or extra vacations will be when you feel 100% financially secure.
To practice delayed gratification, a good starting point would be a dash of discipline and a strong vision for your future.
One tip that we’ve heard is to put a 3-6 month waiting period on any large expenses. That gives you time to solidify your opinion on making the purchase. Not to mention, the value we get from splurges typically diminishes over time, until the realization is reached that the splurge was never that important to us to begin with.
So, can you articulate your primary financial goals over the next 1, 5, and 10 years? Can you make better decisions in the present which support the end-goal you have in mind?
Whether it’s helping maximizing your 401k, saving towards short and intermediate term goals, or making other smart financial decisions, working with a financial advisor can help you stay disciplined and develop a vision for the future.
The truth is, choosing to delay gratification doesn’t just perk up your financial literacy. It’s a golden ticket to reaching any long-term goal you set your eyes on – be it an athletic or academic goal, mastering a new language, or developing any unique skill.
And the best part? By learning delayed gratification, you will have learned a cornerstone of emotional intelligence. It bolsters your self-confidence, ramps up your self-esteem, and polishes your character along the way.
Next time you’re thinking about making a large purchase, you can do so, if that’s your financial goal. But if not, then “leave it to Beaver”.
It’s all about what you want most, not what you want now. So keep practicing delaying gratification when you should, and you’ll continue to see that the best things in life are worth waiting for.