According to some psychological journals - Instant (or immediate) gratification (the opposite is delayed gratification) is a term that refers to the temptation, and resulting tendency, to forego a future benefit in order to obtain a less rewarding but more immediate benefit.
It is the lure of short term pleasure immediately achieved that is difficult to control (impulse control). Tapping into an IRA to buy an expensive motorcycle may be considered a poor impulse control.
What does this have to do with retirement?
I have written that planning for retirement is a long term process. The process certainly qualifies as delayed gratification.
According to the Squared Away article: “A desire for immediate self-gratification can come at the detriment of any number of personal financial decisions.”
Delayed gratification, on the other hand, means that you are able to envision your future and that you have the motivation to plan for it.
Having a PLAN and setting GOALS is one way to avoid the temptation of instant gratification and poor financial decisions… when it comes to planning for your future and the future of your loved ones.
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