Read on Twitter
THREAD: Let’s discuss Instant Gratification, Delayed Gratification and how to balance the two to make financial decisions that are good for you today, tomorrow and decades later.
1/13
1/13
Many of us pick fights on Twitter whenever someone talks about the virtues of Delayed Gratification.
The common argument is, “What’s the use of all the money when you don’t have the time and energy?”
2/13
The common argument is, “What’s the use of all the money when you don’t have the time and energy?”
2/13
We don’t have to sacrifice the present for the future or vice-versa...as long as we do just a few things right and avoid a few blunders.
3/13
3/13
Here is the Scale of Gratification:
4/13
4/13
We value both the instant gratification and delayed. But each of us give different weightage to IG and DG in our life choices and financial decisions.
Your choices could be here:
5/13
Your choices could be here:
5/13
Mine could be here:
6/13
6/13
And that's perfectly fine.
Our life choices are different. Our expenses and income levels are different. Our priorities are different.
7/13
Our life choices are different. Our expenses and income levels are different. Our priorities are different.
7/13
What really affects our happiness and financial well-being negatively — both in the short-term and long-term — is when we get into the Extreme Zones of IG and DG.
IG Extreme Zone proves harmful for the future and DG Extreme Zone for the present.
8/13
IG Extreme Zone proves harmful for the future and DG Extreme Zone for the present.
8/13
People in the IG Extreme Zone spend most of their income on things that feel good in the present…saving little for the future.
Saving for the future gets even harder if they have an exciting social activity or purchase just around the corner, which is almost always.
9/13
Saving for the future gets even harder if they have an exciting social activity or purchase just around the corner, which is almost always.
9/13
People in the DG Extreme Zone are locked in the ‘Prison of Frugality’
They avoid most of the discretionary spending
When they do spend, part of them feels guilty for walking out of the Prison of Frugality
They prohibit themselves from doing things they dream of doing
10/13
They avoid most of the discretionary spending
When they do spend, part of them feels guilty for walking out of the Prison of Frugality
They prohibit themselves from doing things they dream of doing
10/13
My Advice:
1- Don't be in either Extreme Zone
2- Avoid consumer debt, especially if you're in the IG Extreme Zone
3- Don't keep all the happiness for an imaginary future and live a miserable life today
4- Spend guilt-free on things you love. Cut costs on all else.
11/13
1- Don't be in either Extreme Zone
2- Avoid consumer debt, especially if you're in the IG Extreme Zone
3- Don't keep all the happiness for an imaginary future and live a miserable life today
4- Spend guilt-free on things you love. Cut costs on all else.
11/13
Full post:
12/13 https://vikshukla.com/instant-gratification-delayed-gratification-personal-finance/
12/13 https://vikshukla.com/instant-gratification-delayed-gratification-personal-finance/
Hello @Vivek_Investor and @Prashanth_Krish sirs, I'd love to hear your critical views on the matter. Thanks
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End. 13/13
