Delayed gratification
My-sister-in law Natalie bought herself a brand new Tesla because she works hard and she says she deserves it. The only issue was she was paying almost 20% interest on the debt she was carrying on her credit cards. Natalie was carrying about a year's worth of her salary in debt on her cards. She was also studying and decided she wanted to have a baby her last year of school, instead of finishing school first. She ended up never finishing school and lives with her mom, as she had to file for bankruptcy because of all the debt she had and couldn't pay.
We all have strong desires, want kids, cars, hamburgers, etc. But stop and think about the consequences of your behavior. Holding off on particular desires can reap huge rewards for you in the long term. Having the self-discipline to wait on things for the sake of your future, will yield you the lifestyle you want.
According to the U.S. Department of Agriculture, the average cost of raising a child from birth to age seventeen is $233,610 in 2019. Multiply that by several kids and the missed opportunity costs and you are talking about millions in potential losses. Of course, we can't monetize everything. But, if you could hold off a few years till you finished school, bought a house, or maybe got your business going, you’d be better able to provide for your kids. I'm very grateful for what my parents gave and provided for me. However, both my parents stopped pursuing their careers to work to support us, and I’m sure they stopped pursuing things they wanted in their lives as well.
Throughout our lives, we will be faced with temptations of all sorts. Getting married, having kids, buying cars, working more, and going to school less to buy stuff, etc. Don't be in a hurry to grow up, enjoy your time. Delayed gratification will set your future up.
Really excellent, Ernesto, I think this is a great article for young people!
ReplyDeleteThank you Mike
ReplyDelete