What is delayed gratification? What are the rewards of delayed gratification? Why is this something worth spending time thinking about?
Delayed gratification is nothing more than putting off the reward until the work is complete. This is as simple as not eating the cookie until the homework is done. It's as simple as doing your exercise today instead of tomorrow. It is doing what you should before what you want. Many people, as evidenced by our national debt and by our personal debt, can't save first and spend second. They can't wait to buy a new flatscreen after they save the money. It's too easy to just put it on the card.
When you practice delayed gratification it isn't fun to begin with but is sure is fun to reap the rewards. A few years ago our family bought a new boat. It was a boat we had wanted for a while and it was an upgrade over our current boat. It took some time but we saved the money to buy the boat. When we were finalizing the purchase of the boat we were asked if we wanted to use the sellers financing. It felt good to tell the seller that we couldn't afford his interest so we would just pay for the boat. It would have been fun to have the boat sooner but it was better for us to save and then spend.
Below is a cartoon I found online the other day that I thought told the story of delayed gratification better than anything I could do so I have added it below.