In my earlier posts, I discussed the idea the secrets of success are available to all of us, and not just the fortunate few in life. I mentioned best-selling author Robert Kiyosaki and his Cash Flow book series, and the clues he shares in it. In this post, we’ll discuss clue #2, Delayed Gratification.
What is Delayed Gratification? If you ask some people, you might get a blank stare of confusion. It is unusual to find people who actually understand it today.
However, prior to the 1960’s, Delayed Gratification was common in Western culture. Previous generations understood it very well. Credit was almost unknown to them. Purchases were made with cash or barter. Some of the only parts of society that had credit were businesses (though most operated on a cash basis) and the few who had mortgages for their homes or farms.
Today we have a credit driven culture. We often hear of young people graduating college many thousands of dollars in debt, not just in their student loans, but also because of credit cards, overspending and a failure to practice Delayed Gratification. We often hear of coworkers and relatives struggling with their finances because they got mortgages they couldn’t really afford or credit card debt due to not practicing Delayed Gratification. Some of this debt is due to life circumstances, such as job loss or catastrophic medical bills, but much more is due to a failure to practice Delayed Gratification than for other reasons.
We use Delayed Gratification when we see something we want, but don’t buy it immediately. We use the Long Term Thinking we discussed in my last post and set a goal to reach toward, understanding after we do the work to meet the goal, we can reward ourselves with the desired item.
To practice Delayed Gratification like that produces self-discipline as we do it over and over. Instead of acting on our impulses like small children, we grow into ourselves maturity and self-respect. We know we can see something we want, set goals, practice Delayed Gratification, apply some hard work and see the fruits of our rewards become manifest in our lives.
Toward this means, another purpose of Delayed Gratification is to teach us the stuff we set goals to acquire is just that, stuff. We learn the process and growth within the process is more important than the reward. By learning these things, we also learn some of the proper place in our lives of stuff, below invaluable things like relationships and undefinable things like life lessons.
I didn’t understand Delayed Gratification early in my adult life. I was a college student, paying for my needs with student loans and part-time jobs. A bit later, we got married. He’s a bit older than I am, and came equipped with credit cards, savings and cash to buy whatever we wanted and needed. A long series of financially unwise choices, including a failure to live frugally, and emergencies led to a crushing load of debt. Almost all this was debt we could have otherwise avoided, had we practiced Delayed Gratification.
It took us several years and information from our mentors and what we learned through the materials (particularly the best-selling Financial Fitness package) from LIFE Leadership to straighten out our financial mess caused by our own personal failure to practice Delayed Gratification. Now, we look at things we want, and if it’s not an immediate need we cannot live without (like necessary car repairs or medical bills), we look at our list of goals, decide where it would be appropriate on that list to reward ourselves with it, and put it on there.
Delayed Gratification is why our relatives think we’re out of touch with reality because we have smart phones but don’t use our data plan (as they do), and don’t have tablet computers (as they do). Do we have the money? Most folks have the money for something they really want, and if we looked, we could probably get a tablet. But practicing Delayed Gratification is teaching us discipline, self-denial and is an undeniable cure for the instant gratification culture in which we live today.