Millionaire Habit 4: Delayed Gratification

By: Adam Khoo .... Click on the author's name to view their profile and articles!!!

What keeps most people from becoming rich is the habit of wanting instant gratification.

Instant gratification is the habit of always wanting to enjoy now and not having the patience to wait for future benefits.

As a result, these people spend a lot more than they invest.

By spending on that new car, new widescreen television set or designer watch they get instant gratification.

When it comes to investing in books, seminars, stocks or insurance products, they will think twice as they have to wait for future benefits.

It is precisely for this reason that whatever money comes into their hands will soon be frittered away and not multiplied.

People who want instant gratification will always look for quick and easy ways of making money rather than building a sustainable business that adds value to (repeat) customers.

They tend to cut corners on quality and deliver shoddy products to save money and boost short term profits. As a result, their profits rarely last and they will soon go out of business.

At the same time, those who desire instant gratification lack the patience to allow their money to grow and compound through investing.

When they don't see huge sums of money in a few weeks, they abandon their investments and never get to reap the benefits.

They have no patience to wait for the seeds they sow to grow into huge money trees that bear fruit.

On the other hand, all millionaires adopt the habit of 'delayed gratification.' They have the patience to wait for greater abundance in the future.

Whether in business or in investments, you must have delayed gratification in order to create massive wealth.

People with delayed gratification invest a lot more than they spend. Again, they know that by spending a dollar, they may feel good for an instant, but their future wealth will be destroyed.

When it comes to spending money, they are extremely frugal. However when it comes to investing, they do not think twice about writing a check for a few thousands dollars.

They know that through patience, that money will multiply into a future fortune.

Millionaires never take shortcuts in business. They look at always giving the best value to their customers, even if it means earning less at present.

They know that by building their reputation, it will lead to huge profit streams in the future.

So, develop the habit of delayed gratification and spend wisely and you will see your money multiply.

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Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program '7 Steps To Financial Freedom' here.

Note: The content of this article solely conveys the opinion of its author, Adam Khoo