There are lots of lessons people can learn about money, how to get rich, how to make money fast, how to save, etc., but the single biggest personal anyone can learn is to delay consuming decisions.
One of the biggest problems today is that people wants to buy the latest gadget, the latest smartphone, not matter what, not matter how much it costs and specially, not matter if I can buy it or have the money to do it.
Delayed Gratification and Money
Holding off your decisions of buying things you DON’T need, with money you DON’T have and expect to a better time to do it is what I call Delayed Gratification.
Look for gratification in some inexpensive, or cheap things, or better, FREE ONES! like spending your time reading a book instead of looking for the latest iPhone. Doing some exercise around your neighbourhood instead of paying the fee on the ultimate gym.
At this moment, when you think of delayed gratification and money, you immediately save it. It brings financial stability and perhaps, the more important thing, it lower your stress levels.
The more often you practice you turn it into a habit and it gets easier and easier.
This is something I wish I learned when I was younger. The urge to “have things” brought me lots of troubles, and probably the most common between our readers, credit card debt.
I used to have some thoughts like: “I’ll buy it now with my credit card and pay it with my next pay check”. Guess what? The next pay check never get to meet that requirement.
How can I learn about delayed gratification?
There are some tactics you can use to start “easy”.
Let’s imagen you are walking in a shopping mall and get crave about a Donut you just saw near the food court. Don’t buy it! Do you really need it to survive?
Another tactic. Apple just release the latest iPhone (6s at this moment) and you already have the 5. Is it still working? is it in a good shape? do you really need to change your phone this quick? Try this: give it a month to decide. Delay your decision for a month. Do you think you can live without the latest phone for a month?
If you are in doubt, think of the problems to spend like crazy buying things you don’t need will bring you some problems later in the future. You have to focus on individual steps and visualize the benefits in the long term.
Why don’t you save the money you just didn’t spend? after all, you though you could spend it.
Once in a while, you can enjoy little things, I’m not saying you shouldn’t spend anything.
I’m a believer that the saying: “live below your means” is completely wrong. You don’t have to live below your means, you have to “increase you means”. That is why I’m writing this blog, that’s why In Sales Now was created. So we can share (because I’m allowing comments) ideas, tips, etc., so we can increase our means.
Delayed gratification is part of it. If you keep from buying things and save your money, or invest it and make more money, you can buy bigger and better things.
This takes practice. But it is better to practice now than making mistakes (like we all do) that can cost you gratification in the future.
Credit card debt can sink you and for what, for having things you won’t sale at the same price you bought them to pay your debt, does it worth it?
Hope you find this useful.