Financial Habits
Delayed Gratification - To put off your immediate desires in hopes of long term gain.
An age old adage says that, "Time in the market is better than timing the market". History has shown that, over time, the global economy always expands and increases, and as such prices inflate over time.
As such, people always tell you to save, invest and not spend your money on frivolous things. Many people tell you to consider needs, not wants. This mentality is largely born out of historical narratives, when Singapore or many Asian countries were impoverished in the past, spending on luxuries was an unheard of concept, reserved for only the richest.
Parween M
When you were a child and asked your parents for money, how often did they say no? How often did they tell you to study now so that you can enjoy the future? The idea of delayed gratification is something that is often worshiped and seen as a valuable trait to have.
In 1972 Stanford University conducted an experiment to see whether children could delay their gratification to gain more benefits in the long run. What they found was astonishing.
But should delayed gratification be glorified? While it may sometimes be the smarter choice, not every decision in life is as simple as the marshmallow experiment. Delaying your gratification may be the correct choice when you can guarantee a better outcome, but in life you can't always be sure that there's another marshmallow waiting.
Imagine a life where you always delay your gratification, you suffer, never wanting to eat that ice cream for fear of growing too fat. You only study, in anticipation that exams are the most important thing in your life. That life sounds both very boring and painful.