Delayed Gratification
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This is a concept which I think is never taught as a subject but we Indians grow up learning it unknowingly.
This ability shows control and perseverance on once part to achieve something the yen for and then relish the journey and destination in doing so.
Delayed gratification is the ability to wait in order to obtain something that one wants. This ability is usually considered to be a personality trait which is important for life success. [source : Wiki]
Our society demands Instant gratification but exactly opposite is required for success.
When in childhood I wanted something expensive thing, there was always a condition attached. Nothing in the world is free lunch, I had to earn it be it by the way of good score, good habits/manners etc. Most of you would have similar experiences, even someone born with silver spoon I guess.
This is a good thing which has happened to us because it teaches lot of things.
You would be wondering why I am writing this in a financial blog.
For financial success too delayed gratification is necessary.
Its about restraining your urges to own something which you cannot own and get into a debt trap.
Instead of spending money now on your wants instead of your needs you may be jeopardizing your future
needs unless you have gauranteed steady flow of increasing income without any jerks.
You can delay buying expensive plasma tv, luxury car etc to name a few.
Lets take an example . You want to buy a plasma tv for 1 lac. Instead of buying now impulsively. You can invest that money for 2-3 years. Going through current market scenario you can double your money in that time frame.
After 3 years you can buy your plasma TV for free you will still left with 1 lac and with prices coming down money saved will be bonus :-)
This is just one example to illustrate the fact. You can think of small things in your personal realm.
Hope I was able to make the point I wanted to, and more so hope you appreciate and enjoy reading it.
Ref :-
Self Control .
Delayed Gratification
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