Delay of Gratification

An acquaintance asked me a question, "Why am I not living luxuriously when I can afford it?" It's not that I dislike driving Mercedes Benz or BMW. I would love to own one of my own. It's not that I hate the idea of staying in a posh apartment or condominium facing the sea. My wife and I would love to own one.

My answer would be "Delay of gratification." I realized that most people tend to shower themselves with excellent gifts when they receive decent amount of money from a salary increase, prize money, inheritance and etc. They couldn't resist the temptation of lavishing on luxurious items.

Deferred gratification or 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. Daniel Goleman has suggested that it is an important component of emotional intelligence. People who lack this trait are said to need instant gratification and may suffer from poor impulse control.

Robert Kiyosaki, in his teaching stressed the difference between buying an asset and a liability. Asset puts money into our pocket. Liability takes money out of our pocket. As simple as that. So I would rather buy more assets that will put more passive income into my pocket. In doing so, I will build long term passive income to fund what I desire to buy in the future.

So the next time you are having the slightest idea of buying an expensive gift to pamper yourself, think carefully. Do you need it so urgently or can you just turn back and tell yourself "Delay of Gratification." Delay is not a denial.