Everyone can but not everyone will - power of delayed gratification

Everyone can but not everyone will. Jim Rohn said that and he was spot on.

Property investing is hard work! It needs focus, it needs sacrifices. I'm referring to delayed gratification. Though in the society, delayed gratification could be preceived as you are really "missing out" by not spending on multiple credit cards and overseas trips. I recall a colleague of mine who was probably earning 50% more than I was a few years ago, was shocked to hear I was targeting savings 30% of my income as they said they were left with nothing at the end of the month. They had 3 of the 4 family members working.

My idea of focus is working towards my goals and hence delaying gratification due to the sacrifices in the current moment. Sure there is an argument, you never know about life and what will happen the next moment. Yet, I do feel that the earlier one looks at the finances and gets edcuated about finances, the better it is. It's prudent! And would likely allow for more action and less blame on the house prices / investors / salaries etc.

I tried to convince an old work "friend" several times. Initially it was in 2012 and then in 2015 (for Brisbane), given they had missed the Sydney market big time. I offered them to help with their numbers and even offered to share my spreadsheets to help them. But no action was forthcoming....so I stopped saying it all together.

I learnt, I love inspiring people and I need to find people who are willing to learn and make financial changes in their life for the better!

As mentioned, everyone can, but not everyone will. So why not you? why not now?

I've relaxed a bit about spending, but that's taken quite some time. What have you delayed gratification with? Or do you have an alternate strategy? How do you find the balance for yourself?

 

Keep reaching for the stars Ms Ali and Ms Ali, you can tell who is going to be successful by the work they are doing now.

 

Pick me!

Sorry I missed you guys in Brissie. Next time fo' sho.

 

Hey Bran - can't wait to come back. I love Brisbane!! As I posted in the other thread, I could do this every day. I actually enjoy public speaking. Talking about our own story makes it easier ...because it's US. It's our truth

 

Hi @Bran - there will be a next time for sure

 

I really really really want a boat. 5 years I might have one

 

Cool, what sort do you like?
And are you ready for the massive drain of berth, fuel, upkeep costs that follow?

 

get one now Mr Josh - eBay could have some cheaper ones.

 

You are better off to lead by example, if people are interested they will ask you. Its too tiring trying to help or rescue people ... and if you try you will only disempower them ... if it goes wrong they will blame you.

Everyone has a different journey to take. As long as you are happy with yours, nothing else matters.

 

I disagree with this comment.
I feel you can help most people. Sometimes people need the slightest nudge or to be shown something, which in turn can change them forever - kick starting them.

My girlfriend for instance, she had no real knowledge of IP investing, didn't like talking about it, I got her to read a few simple books, since then she is helping others and our goals are fully aligned and she says she is amazed how her perception of things have changed - wealth, working for a wage, investing etc.

So I believe it is everyone's duty to help others in any area of life then can. Never force your opinions or beliefs onto others but as humans the gift of knowledge and wisdom is one of the greatest we can give.

 

Yes we need to help one another, share knowledge etc, but only do it if people are interested, otherwise your potentially wasting your time (and peeing them off!)

As the saying goes... you can lead a horse to water.....

PS MERRY CHRISTMAS

 

That sort of mindset will get you nowhere

 

The opposite mindset to that - buy the boat and not consider the lack of uses, the cost of fuel, repairs and maintenance - is what most folks do, and then they end up selling the boat 2 years later for a nice big cashflow loss.

I think if most folks were totally aware that their holding costs for 5 years on a boat will be closer to the purchase price of said boat (unless you buy some cheap piece of crap tinnie that sits in the driveway for 360 days a year); they may make a lot better financial decision about which one they buy.

 

You can get a pretty nice driveway size boat. Guy across the road has one. He sirens a lot of time cleaning it playing with the motor and other tinkering. I can imagine even without berth fees though it would cost a bit. Just like big cars do (tyres, insurance, fuel etc) but more

 

True but you may get kicks out of owning a boat. It's like watches or cars.

 

I'm glad we invested in our late 20's and early 30's. We are certainly not rich by any means, but now in our mid 40's we have many choices.

I think there is a point though where you need to enjoy the wealth you've built and delaying gratification can lead to regrets in other areas of your life.

 

Yes there are a lot of things most people lose the ability or will to do as they get older, better to take those risky adventures while you can.

 

Article by @petewargent

Learn from Warren Buffet’s greatest investing errors -

 

There's a delayed gratification exercise/experiment psychologists sometimes perform on children to determine whether they are ready to go to school, it's called the "marshmallow test".


Basically - kids are placed in front a marshmallow and told that they can eat it now, or if they wait 5 minutes that they will get two.

Those who are willing to take the path of delayed gratification (and thus get 2 marshmallows) are judged as being ready for kindy and are found to be more successful in later life as well.

I have no doubt which option you would have opted for if given the test at that age OP, or most of the forumites for that matter!

 

Hi @Finrod, that's a cool experiement. There's also the question of which glass contains more water - a tall thin glass or a stout short glass. Its mind blowing to find out the answer is not the tall glass.

Its a bit like the question posed on this forum "Is your car an investment" and the poll count had something like 43 people saying no, and 3 people saying yes. I believe collectible cars are... (though admittedly they can cost a bomb to fix) otherwise your daily drive... no. It seems a good % of us see no issues in driving cars well over 100,000kms and over 10 years old. And many of us if getting a car, don't see any need to buy a brand new car, a 3 year old car is good as its already had a lot of deprecation and still relatively new.

I think a lot of us have read Robert Kiyosaki to get that sort of overwhelming poll result.