How Delayed Gratification Can Make You Rich

By Leah E. Reinhart

The Lost Art of Delayed Gratification

Delayed gratification is a lost art since the evolution of the internet. No longer are the days of waiting for the next episode of your favorite show. You can binge watch a season within a week. Amazon can deliver your items less than 24hrs. to your doorstep. This has been both a blessing and a curse. With everything at your finger tips it has made patience very difficult to come by. Social media ads are always on “how to get rich” schemes. That simply isn’t reality. It takes time, strategy, and a whole lot of patience. (Can’t help but think of G n R’s lyrics in their famous song Patience, “All we need is just a little patience.”)

Now-a-days people want what they want and now. I remember when I bought my first home. It was a condo, something I really didn’t want. I wanted a house with a yard and not a unit that had sharing walls or ceilings. But I couldn’t afford my dream home the first time around. Not only that, the way I could save money was to move in with a family member to save for a down payment.

It was my client’s response to my complaint of my rent going up that had me thinking. He told me if I could save up money for a down payment on a property, I would ultimately spend the same amount of money a year with a house payment or renting. Owning a home would give me a tax break countering the increased monthly payment. Therefor, give it to the landlord that has control over what I do in my place. And no control on how much rent could end up at the same time, pay more in taxes. Or, I could pay more for a place, pay less in taxes, and have complete control over the amount over time. And build equity. Basically it was a no brainer. But there would be some sacrificing on my part.

What is Delayed Gratification

Delayed gratification is knowing what you want and planning to get it in the future, and knowing you might have to give up some things. Boy, did I give up some thangs! At 24 yrs. old and a mother of a 3 yrs. old, my grandma offered us a room for cheap in her home to help me save for a down payment on something. That meant I had a curfew and no real space to have just anyone come over. It took me 18 months to save that money and purchase my first place at the age of 25.

My first home wasn’t my dream home. I bought a condo. It wasn’t my first choice. There was no yard only a balcony. After looking at houses and in a safe neighborhood, I came to the realization that I couldn’t afford my dream home the first time around. But the condo was a great start. I knew in the back of my mind that I’d keep the condo for five years then take that equity and buy what I truly wanted. I had it for five years then sold it, and put the money into the home with a yard that I still live in today. That is the epitome of delayed gratification.

One of the 7 Habits of Highly Effective People

One of the 7 habits of highly effective people is “Begin with the end in mind,” something I struggle with today. Yet, is very effective. What is your end game plan? Do you have one? Setting money away for retirement is another example of delayed gratification. Most of us know some people that never planned for retirement. It doesn’t take that much money or discipline. You may not get to go on every trip that you’re invited to. Or you might have to cut a couple dinner nights out per month so you can live comfortably in your old age.

There’s been a lot of talk of creating habits to get rich and delated gratification is one of them. Credit card debt is at all time record breaking high, with a 4.6% increase in a single quarter in 2023. Lending companies love having their clients in debt. They reward you for spending money you may not have. That little plastic card is so simple, in fact, you don’t even need it on your person. It can be stored in your phone! They bank (you see what I did here?) on people spending more than they have to make easy money on interest. Can you imagine how much money is being made on the interest at a rate of 18%-22%? I hate spending money on my money.

I am very thankful that I was raised to treat credit card debt like the plague. There are times I use credit cards, especially those with rewards, but I always pay the balance off. Rarely will I not pay off the balance, but only in an emergency, which may come up at times. Don’t feel bad if this is not you. Everyone is raised differently.

You Say You’re Broke, But Then Justify Spending

I can’t tell you how many people have sat in my chair, telling me how broke they are. Do you know how much hairstylist charge in the San Francisco Bay Area? A lot. When I was claiming poverty, there was no way I could afford my hair or nails. These people are accustomed to living a certain way, that they don’t think twice about spending $150.00-$250.00 on hair between 4-6 weeks, that’s approximately $1733.00 per year. They aren’t bad for doing this, it’s most likely how they were raised. I think it’s habit. Again, people want and justify what they want and will pay for it now or later. They won’t delay the gratification, they get what they want or, perceived need.

I hear about housing as well. When I first moved into my first apartment I was 20yrs. old and pregnant with my daughter. Not having credit made it difficult to find a place that would take me and with my barely-making-it pay stubs. No where in my desired area would take me. I had to move into a rather seedy area for what I could afford. My parents weren’t the kind of people to help me with that sort of thing. If I was old enough to get pregnant, then I was old enough to live on my own without their help. It was a form of tough love, and I appreciate what it taught me in the long run. Poverty can be a great motivator. At least for me.

If you want what you want, there’s nothing wrong with that and nobody needs to justify anything. But if your goal is to make money and be rich, then it’s just basic math. If you want to save money and your rent is $3K a month and you make $40K, you make need to look elsewhere. Because it’s not just your rent amount you need to live on. Remember, if you have to live in a less desirable area for some time before your income allows you to spend more, doesn’t equal forever. It’s putting things off until you get that promotion or raise; delayed gratification.

Where You Can Make Sacrifices

Believe it or not, it doesn’t take big sacrifices to see progress. It doesn’t have to be this excruciating experience filled with deprivation. In David Bach’s book Smart Women Finish Rich, https://a.co/d/23u6Yar is where he coins the phrase, the “Latte Factor”. By bypassing Starbucks, Peet’s, or Philz Coffee and paying roughly $5.00 a day, could save you $20.00 per week and approximately $100.00 per month at only going 5 days a week. That’s approximately $1200.00 a year. Right there you’ve saved some money. That’s only coffee!!

We all know how much restaurants have gone up since 2020. As convenient as Door Dash is and all those other apps to help you, costs a fortune. If you justify that your time is money, I get that. But how about really looking at your spending habits, and cutting back. You’d be amazed at the money you’ll save. I think it’s funny that the “dash” in Door Dash is all about the quickness, quite the opposite of delayed gratification.

Conclusion

You might be asking why I am writing about delayed gratification when the last few blogs are on manifesting or intentional thinking. Well, I believe that they go together. What helped me get to the place I am now took years, but not as long as you might think. My net worth grew exponentially from being 20 yrs. old to 29 yrs. old. I went from broke in my early 20’s to owning three properties, two rentals and my main home. Granted I married my husband that came with one of those properties. But together we each had a one property and after we married, we had three. By the time I was 34, we had six properties and owned part of an apartment building.

My dream of having financial freedom started back in 1993. I set the intention of I am worthy of success and I can achieve it. Law of Attraction was introduced to me around that time with Bob Proctor’s book, You Were Born Rich. https://a.co/d/dgyge8m After reading it and applying what I thought was great advice, I began bringing information to me and recognizing it, like my client that put that information in my ear. My rich clients offered lots of free advice on how property helped them get their wealth. I literally had ideas and people come to me that could help me manifest my dreams.

This may sound like magical thinking, but like I’ve stated in previous blogs, law of attraction only works when you apply law of action to it. https://wellnessgardentoolshed.com/the-truth-secret-behind-law-of-attraction/ Delayed gratification is one of those actions, discipline for the greater good. When I learn or hear about something on a podcast or some interview and it excites me, I want to share it. My new favorite podcaster, YouTuber, is Alex Homozi. https://www.youtube.com/@AlexHormozi He offers sound and straight up advice to those seeking to be successful in business. Something I strive to be. And I know many out there also want to achieve success. Now I need to practice delayed gratification when it comes to my diet.

I hope this offers you one more tool from the Wellness Garden Tool Shed to be the best you can be whether it’s in business, your personal life, or wherever. I thank you again for you reading this blog. Let me know if and how delayed gratification has helped you. I welcome your comments and I know someone will be benefit from them.

Delayed gratification is a sweet lesson whose teacher knows the best is not right now, it is yet to be.

Maximillian Degenerez