Good morning, good afternoon, good evening. Depending on the part of the world you’re in. This is Jonathan Satovsky of Satovsky Asset Management and on today’s episode of “Seeking Wisdom, Wealth, and Wellness,” I want to talk about the keen balance between consumerism and delayed gratification for your future self.
Every day you’re being advertised to 24/7. You search on the internet and you’re looking something up, such as dog food, and then all of a sudden the dog food shows up on your social media or on other web searches because of cookies and tracking and whatever. So, every day your thoughts manifest into something you can buy and consume today. The harder part that I’ve been trying to work on, and my team has been trying to work on with clients every single day, is delayed gratification.
How do you carve aside 10 or 20 percent of your earnings today to buy and care for your future self when those earnings are no longer there? And it is a battle. Every day for the last three decades, we’ve been trying to convince people to save a little more.
Okay, you can’t save 10 or 20 percent? You can start with 1, bump it up to 2, bump it up to 3. It’s not easy to do.
The only way to get it done is to automate a behavior that otherwise left to your own devices, you’ll be distracted and seduced to do something else. So recognize that there’s a 10:1 pull of consumerism and spending for the now versus delayed gratification for tomorrow. Recognize that the weight is stacked against you to consume, consume, consume. Shift the landscape a little bit by automating something in your own future best interest.
Have a great day.
