Delaying gratification is one of the hardest thing most of us not used to. Getting decent amount of fund could be very tempting to spend. It's like a one day millionaire.
Haven't you think of buying new gadgets, new cell phone, appliances, shoes and accessories. Yeah sounds great it's a great feeling buying new stuff. In this article I'm gonna be giving some good reasons why delaying your spending and celebrating with the good deals later is worth it.
Did you ever heard the fable of the goose that lays golden eggs? Where the owner of the goose was so GREEDY becoming richer that the couple decided to cut open the goose. Very disappointed that they found out that the goose was just like the other ordinary goose. There's no golden eggs inside ending up losing all.
Story reference here >>
Do you spend golden eggs or wait till the golden eggs hatch into goose that lays eggs?
During my first job back in 2010, I was thinking of buying bunch of stuff. It's a good feeling that I can finally buy on my own and not relying on my parents to pay stuff I wanted. This was some of the mistake I did during the first 2 years working. My hopes is you do pick up something about it.
I was earning and spending here and there. I realize the value of money after 2 years when I messed it up in the corporate world and go broke again. I realized the TIME I'm using earning those hard earned money won't come back and I'm getting old. And how I quickly spend it to things I don't really needed yet. And at the end of that 2 years I'm still feeling broke but I'm learning from the experience.
It's a bit frustrating. Relaying on other people or family now a days could be hard. But it's sometimes the least we can do.
So the only way you can help your family is help yourself stand on your ground. Steady and brave.
I did heard stories of frugality, being thrift and how they manage their finance when they are young and how they got to the point where they are right now. These people are millionaires. How I wish I could understand financial terms and investment tool while I'm still on school. But the reality is, school won't teach us such things.
I just wanna have a good stable job back then while at school. But getting laid off, terminated and pay so little seems to be not so stable after all. I need to make some changes and need to learn new stuff about finance from that point.
The fact is regardless of what womb you came from you can learn how to take care of your finance.
Now a days I develop this habit of setting aside portion of what I'm earning. Since I don't have yet my own enterprise. I'm still investing in tool I knew. Spending on books may do but still not enough cos you get to forget what we read. You don't need to memorize every book you read but just getting the juice or the good stuff may do.
Now I got some friend who I encourage to save something up. It might be too "meddling" on their part. The next time some friend of yours told you that, think that they're just concern. However now a day we Filipino don't talk about too much on finance we're very shy talking about the solutions and very public when we have financial problems.
So let's get back to the topic and here's some reasons why delayed gratification is worth doing.
Reason why delaying gratification is a good thing.
1. It SAVES you bunch of funds. When spending. See to it if you really need to buy that particular thing today or you can buy it later for affordable price. Remember buying liability is buying stuff that don't gives you additional income but gives you that monthly additional expenses.
For example the last time I need a new phone I bought an android phone only worth 4,000 peso that used to be 6,000 plus. I purchase it from a friend who badly needed cash sold me the phone. Be just sure that the phone is still in good condition and looks brand new. I just save 2,000 from the market.
2. It KEEPS your earning. When you carefully understand the right time when and what to spend. You preserve your fund. Bunch of us keep thing that do depreciate (lose it's value) and most of the time these are the things that we spend. Taking your time to think twice or thrice when spending will keeps most of what you earned all these years. But keep aware on the inflation. Meaning product and services keeps rising from time to time your money keeps losing it's value.
3. Your earning GROWS. By this time it requires learning. Delaying gratification is very uncomfortable but once you work it out it's pretty rewarding. Use the formula income - saving = expenses. Make it to a point you can save something and that's the key. Once you had that habit learn other stuff while doing it.
There are bunch of investment or business you can do. See to it what is your risk appetite and what business that could fit for you. Because every person has different amount tolerable risk that they can afford. Spotting a good asset to buy is one good way to grow what you earn. The younger you are the better for you to take the risk because you have more time to learn and to recover.
Hopefully this article helps and eventually find your way to being financially free. To receive helpful article you could subscribe here.
If you have same stories like this feel free to share it. You may also put some of your tips below the comment box. I appreciate it.
photo credit to thumbs.gograph.com
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