Learn Delay Gratification
For me, delay gratification is an interesting phrase in financial world. Before I talk more on it, let us understand the meaning of delay gratification first. Gratification means self satisfaction. You might want to buy yourself a branded watch after you have receive monthly pay-check. You feel happy and satisfy after wearing it. It happens to all people.
I think you can guess the meaning of delay gratification by now. You delay the gratification desire and save the money for more important purposes. You can save your money for investment which generate passive income instead of buying fashion clothes or branded watch which do not add value to your portfolio.
We are taught delay gratification when we are young by our parents but we forget it when we grow older. We are taught to finish our homework first before watching television. We are taught to make saving before buying any desire things. We are taught to get good grad in order to travel during the school holiday. All these are delay gratification. We need to sacrifice our happiness in order to achieve something.
It is same to financial world. We need to sacrifice initially to have better life tomorrow. In financial freedom pathway, the earlier you start, the earlier you can retire. I guess you would not want still working in stress in the age of 55 right?
I always want to buy a DSLR camera to shoot nice and important scenes in my life. Whenever I saw those big camera in exhibition, I so desire to have it. I even plan to cash out my ASW fund money to buy it. Logical Vs Emotion battle. Logical win. I know it is too lavish for a student like me last time to buy a few thousand camera just to fulfill my lust. I told myself I only buy it when I start working and earning enough to afford it.
People usually don’t like this phrase as it hold back their lust to buy. I also don’t like it. However, after setting my financial goal with clearer view of my plan, I have to love it no matter what! So far, I am fine in controlling my delay-gratification.
great that you understand & realise the NEED to perform “delay gratification”. I notice many ppl at your age don’t realise this. Congrats!
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