One of the most difficult things for most people to do is delaying their pressing gratification. We belong to a society that wants everything and we always want it now. Oftentimes we overlook all the possible future impact of these desires can have on us. However, the ability to delay instant gratification will have a direct impact on the level of success in life. This is true for not only the financial aspect of your life, but your entire life.
Here are some ways of how delayed gratification builds wealth.
- Get a higher education instead of trying to find ways to make fast money straight out of high school. A person with a post secondary education receives higher salaries than those without. This doesn’t mean that you should forever be a student as this can obstruct wealth.
- Consider doing some long term investing. Instead of investing in whatever stock is “hot on the market” do some research and find a sound long term investment plan that suits your degree of risk tolerance and let it work for you.
- Learn to how to plan, budget, spend wisely and establish a savings. Live below your earnings and save to buy consumer products instead of living from paycheck to paycheck. A good rule to follow is if you’re not certain that you really need it then don’t buy it.
- Put your money into real estate investment. Acquire some rental properties at some really good price and invest in it for the long term. Don’t bother with the flipping properties just to get rich quick as property flipping will increase your risk drastically; plus the profits made are taxed at a really high rate.
When starting a business, take some quality time to build its foundation. Although at this stage the returns are low, the business will pay for itself several times over as it grows.