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Delayed gratification means resisting the temptation of an immediate reward, like buying something impulsively, to save more and have a better future.
It’s about prioritising long-term goals instead of giving in to short-term desires. For instance, to retire early, you might have to give up guilty pleasures like daily coffee runs.
By postponing immediate gratification (purchases), you consistently save and invest more money, building wealth and gaining financial security for the future.
Choosing to wait instead of buying something on credit, like using credit cards for takeout when you’re out of money, will help you avoid debt and limit your wealth-building ability.
Practising delayed gratification helps you to build emotional resilience against marketing tricks and peer pressure that force you into impulsive spending.
When you wait and analyse all your options before buying something, you end up buying better products for a lesser price, getting more value for your money.
When you have clear goals set, like a good education, early retirement or even a car, it's easy to practise delaying gratification and prioritising savings and investments.
By sacrificing short-term wants, you can save, invest and retire early, which will give you the freedom to live life on your own terms rather than being stuck in a 9-5.
When you practise this, you set a good example for your family and children about efficient money management, motivating them to be better for their own future.
It’s not just about money; when you learn to delay gratification in other things, like committing to a healthy diet for long-term health, you can improve all aspects of your life.
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