I am considering for the first time in my life getting a credit card. Never really liked the idea of spending money that I don’t have. I still feel that way but for various other benefits am leaning more towards it.
It makes me think about one of the big slogans you hear in advertising – a mindset that causes many problems in the world today, and not just financial ones.
“Buy now, pay later.”
I think it encourages people to make purchases that they can’t actually afford. From there it’s very easy to get carried away into dangerous levels of debt.
People can get into the same pattern with personal relationships as well: “Not sure I want to be with this person this time next year but what can I get out of this relationship while it still lasts?”. Or with business: “What can I squeeze out of this client right now?” with little regard of maintaining a positive long-term relationship with them.
The lesson of delayed gratification is a difficult one. Sometimes you can be clever with a wise financial investment. Sometimes a lucky bet ends up paying big. Sometimes investing your time in extensive training with a new member of staff pays off and you see them flourish in their role later down the line.
The crucial thing is not rushing into decisions based on short term impulses and desires but thinking about what is going to best in the long run.
Here’s a short video to demonstrate the struggles and benefits of delayed gratification.
https://youtube.com/watch?v=wWW1vpz1ybo
