Resist Temptation to Buy
As technology evolves at a faster rate, the need for instant gratification seems to elevate in unison. As a result, America exponentially increases its over-consumption and the general population dives deeper into debt. People are actually using the value of their homes to leverage more buying power.
It’s insanity that, in general, people continually pay for things they can’t afford and don’t actually need, with complete disregard for managing their personal finances. Wouldn’t it be better to have a nice, early retirement with an enormous amount of wealth than to satisfy an immediate, impulsive desire?
Why not take that desire for material possessions a catalyst for change? The undeniable feeling to want something for personal satisfaction can create a driving, unstoppable force - whether that be positive or negative. When channeled correctly, desire can allow someone to achieve extraordinary accomplishments. In fact, it was desire that we discussed as The One, Essential Trait of Every Self-Made Millionaire.
If you postpone impulse buying and the need for instant gratification, many things will happen. For one, you may later realize you are not as interested in that thing you thought you wanted so badly. Sleep on it, and if you continue to feel that this purchase is something that would really make you happy, put it on your wish list as a reward for reaching a major goal. This will push you to work harder to reach your goals, and you will have more appreciation for the reward. It is no longer an impulse buy but a representation of something you worked hard for and deserve.
Millionaire Money Habit: Keeping up with the Jones’ is a dangerous thing that can drive you into debt and impede your overall wealth accumulation strategy. Before making any major decisions, whether it is a purchasing decision, an investment decision or any other personal decision, sleep on it and remove yourself from an environment that can impact your ability to think clearly.
Set spending boundaries, create rewards to propel you to accomplish more, and resist the temptation for perpetual instant gratification. As a result you will get more out of life and find more success in your wealth accumulation strategy.