How can practicing the concept of delayed gratification build superior character in your child tha t will set them up for financial succes ? it can do so in a number of a ways including, mos notably, the following:
1. Strong work ethic
Work ethic isn’t just working hard by putting in the hours. It is working hard to get the right result for the situation. Work eyic means you have to work consistenly harder than others and pay the price while other sometimes take the easy way out. It is one of the foundations for success. How do get your child to di her homework firs and pay later? Basically by cultivating a great work holic. To do this they need to master the conscept of delayed gratification. Work ethic will set our children up for a life of success in work, business, finances and investments and many other areas of life.
2. Emotional control
We are going to cover this more detail in chapter two, but most impulse buying is linked to a lack of control over emotions. Delayed gratification teaches a child how to delay or not give in to these impulses, therby allowing the child to save more, in turn giving child more invesment capital. Which allows the child to invest more and become rich faster.
I have watched Michael Jackson through interviews talk about how his father made him practice dancing for several hours a day from the time he was five years old while other children went out to play. Behind every gifted person’s “gift” is probably years of practice 10.000 hours. It’s a sacrifice, but delayed gratification is the key to get your child want to pay the price for success.
If you were to ask me what is one of the most fundamental keys of success? I would tell you that build something at all cost, that drive is the difference between those who succeed and those wo do not. The concept of delayed gratification builds in your child the ability to drive and achieve a goal by working harder now with litle immediate reward to enjoy the full benefits of it later.
Picture a scenario where a three years old is a screaming loudly because he want to eat something other than whatis bought fo him. The mother who is with a litle boy first tells him to just do it. That fails, then she tries to dustract him, this also does not work, so she then gets angry and shouts and threatens the child, and not surprisingly this fails as well. Finally, exasperated and embrrassed fot the scene the child has created, she gives in to him by giving him what he wants and sighs “humph. Why are you so diificult? You make me so angry!”.
If the mother continous doing this with a child, then every time the child wants his own in something, enforcing this negative habit will cause major problems within the child.
It may look like we have solved the problem I the now, because the child does not shout and scream any more, but in reality we have just sabotaged the principles of delayed gratification. Delayed grafiitication is an important principle, not just with money but in all areas of life.
Now picture a teenager screaming and shouting because she does not want to do her homework, but she want to go out partying with her friends who are bad company and noot good role models. She wants to enjoy what she wants now instead of seeing how living for the future will help more. So just to pacity her, the father says “ Finish yotu homework, then you can go.”. he hast jus sabotaged his child’s future.
If we eat whatever we wants, whenever we want, we will become overweight and uhhealthy very quickly because we are not delaying our gratification. However, if eating sugary food is a special treat for which we delay yhe gratification to once in a while, we teach and dicipilnes our body to delay the gratification fo a greater ongoing and future benefit which is better health.
The principle of delayed gratification applies in all aspects of life including marriage, work, habits, learning and other importants relationship. Imagine a friend who wants to do what he wants, regardless of other people. He certainly would not have many friends for long.
Simply but, those who don’t practice of delay grafitication don’t succeed in life, those who do, have a distinct edge over others, because many people have not had the awareness in life to live by his this principle.
Delay grafitication also applies to money in a big way. Only major observation I have made a I train people is that while many people want quick approaches to make millions and inevest in good assets like property, most of them cant not even raise the capital to make these investments. They are literally capital-less. Even I f I tell them out s sure fire opurtunity with guaranteed returns, they have no invesment capital whatsoever with which to take advantage of such an oppurtunity. They have never delayed spending in the moments, in return for the greater benefit of accumulating capital fo the future.