An immediate gratification is an act that could rip you off financial success. For instance, someone tells you that “if you leave now, you will get N10, 000, but if you go in the next five hours you receive N70, 000.
At that moment you wanted to leave, you were in dire need of N10, 000, would you rather wait to make it N70, 000 or just take the former since you are in urgent need of it.
This kind of feelings of immediate gratification requires self-control to overcome. Otherwise, you will fall for it. The resultant effect is usually financial doom, which could have been easily avoided.
“Individuals with good self-control who can regulate their emotions, are on a trajectory in which they will have more experience of success, which will make them more confident, self-assured and give them a sense that they’re able to overcome all sorts of negative outcomes,” says Prof Mischel, in an interview with the Financial Times.
The inabilities to delay gratification, some experts have regarded it as poverty state of mind which denied every individual financial success.
Leaning to delay gratification is a financial skill which should be learned because it is a roadmap to economic freedom. People without this skill often pay the price when the time comes.
One of the ways to start implementing delay gratification is by saving your part of the income or having a solid retirement plan. A lot of people focus more on the present without bothering about the future. This is right, but in personal finance, you must think of the future.
Don’t think you have the whole time by embracing the gains of your labour immediately. It is better you continue to labour while having it in mind that something bigger awaits you in future.
You can invest your money in educating yourself on specific skills. Learning the skills may probably affect the amount of money you earn. The good news is that you start earning more when you have acquired those skills.
The skills serve as an arsenal that arms you for more revenue. That is why you must sacrifice those moments and the future.
On the other hand, if you fail to develop those skills, you will remain at that same income level. The question is which of them is better off?
Thoughtful Financial Quotes from Women CEOs.
Gaining financial freedom is something that everyone thrives for. This would be difficult if you’re still leaving paycheck to paycheck.
If you think you can leave your job for about six months without missing the money then you are in a good position to start something worthwhile.
I was surfing the web and discovered some nice and thoughful quotes by women successful entrepreneurs. It’s quite worthwhile to share with you what some of these women CEOs and founders of companies think about money.
- “Negotiate. Accepting the first offer they make puts you in a weak position from the beginning of any new opportunity and causes your boss to doubt your ability to negotiate on behalf of your team in higher-risk situations going forward.”
— Kate Gardiner, audience engagement strategist
- “If you wouldn’t buy it at full price, don’t buy it just because it’s on sale. Everyone has a closetful of ‘great buys’ that are actually never-worn busts.”
—Tory Johnson, author; founder and CEO, Women for Hire
- “Set up an automatic transfer to a savings account NOT connected to your everyday bank. The less you see it, the less likely you are to touch it.”
—Ali Brown, founder and CEO,Elevate and Ali International LLC
- “Save 10 percent always.”
Carrie Hammer,
founder, CarrieHammer.com
- “When I launched my consultancy, the best advice I received: Don’t hoard revenue. Hire freelancers to do almost everything so you can remain visible and continue developing business and your pipeline.”
—Susan McPherson, founder and CEO, McPherson Strategies
- “Facing a mound of debt, I learned the power of a budget via envelopes of cash divided with Post-it notes.
The boundaries those Post-it notes set around my spending that initially felt so constraining became liberating because I knew exactly what I could and couldn’t do.
In three years I slammed down $30,000 of debt to start with a clean slate. Budgets help you claim back your power.”
—Chrysula Winegar, founder, Wake Up World Communications
- “Educate yourself about tax savings vehicles, like flex spending accounts that you can use for health care expenses or child care. Using pretax dollars on things like dentist visits and daytime babysitting can save you thousands of dollars a year.”
—Allyson Downey, founder and CEO, Spring
- “Whatever you’re doing/running/building/growing, set out to make a ton of money, and feel perfectly OK about doing that. As women we don’t get taken seriously until we get taken seriously financially. The more money you make, the more we all benefit.”
—Cindy Gallop, founder and CEO, If We Ran the World and Make Love Not Porn
- “Always remember that you’re responsible for your own life, economically and in every other way. Never depend on anyone else in ways you couldn’t recover from if circumstances change, because life is full of surprises!”
—Leslie Bennetts, journalist; author of The Feminine Mistake
Conclusion
I believe that those quotes resonates with you. Study them carefully and apply them to your financial life. Let me know your thoughts at the comment section.
