North American consumers expect instant gratification and some retailers offer the alternative to layaway items. This allows people to purchase products that they might have been able to afford, however it comes with an increase to the amount of their debt.
Many individuals do not believe that they should save to buy something when they can just borrow the money and get the product now. The problem with this “buy now concept” is it will catch up with you on the long run and your minimum payments may be turn out to be more than you can manage and the housing crisis in the United States is a perfect example of this.
Creating wealth that is lasting is a slow process and delayed gratification is one of the key factors of that success. It is essential for consumers to learn the principle of delayed gratification. This will not just teach them about the value of money, but also about the notion of financial responsibility. Sure, there are some individuals who just seem to get rich suddenly; however most times this wealth is as a result of hard work and dedication over period of time.
The primary principle behind delayed gratification is the ability to prioritize your needs and desires. This will help you to almost always put your needs a head of your wants. In order to be successful you have to be as detailed as you can about your choices as well as the likely results. Occasionally it may be difficult to say NO to certain things, but you have a clear vision of what you want in order to resist these urges.
Another great tip is to plan out in detailed how you will achieve your goals. It doesn’t really matter what they are, you must have a plan in place. Once you have that plan in place it gets easier to resist the urges and you will become more aware of your actions and how they work with your plan.