This, for me, is a very important habit that you must have if you want to be a millionaire. From the book that Adam Khoo wrote, Secrets of Self-Made Millionaires, he mentioned that if you want to be a millionaire, you have to prevent this habit, instant gratification. Therefore, what you need is this…

Delayed 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 who adopt this instant gratification habit, will spend a lot more than they invest. By spending on that new car, new wide screen television set, or designer watch, they get instant gratification.

When it come 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. (Tips, learn and Make Use of Piggy Banks)

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 customers. They tend to cut corners on quality add deliver shoddy products to save money and boost short term profits. So I hope that you will learn this lesson today, that is to learn how to delay your gratification.

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.

Well basically, there are only two ways you can use your money. You can either spend your money, or you invest it somewhere. For example, if you spend $1,000, you get instant gratification from whatever you have bought. However, you have to remember that your $1,000 is gone. It is the same if you spend $100, or even $10. When you spend it, it is gone, you get zero return.

When you invest that $1,000 in a seminar, books, or stock, it will grow into $1,200, $2,000, maybe even $10,000, depending on your rate of return. 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.

So, do think twice whenever you want to buy something that is going to make you feel instant gratification. Instead, go ahead and use that money and invest in books or seminars that are going to make you a fortune.

Know this, self-made 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.

Real Life Example of Delayed Gratification

I’m going to tell you about how Adam Khoo learn to delay gratification, and make him a millionaire at the age of 26! When Adam was in the college and university, most of his friends spent their holidays partying and having fun. They experienced instant gratification. For Adam, instead of partying, he spent all his holidays taking up speaking engagements to hone his presentation skills, reading investment books, analyzing company reports and writing chapters of his books.

He knew that by ’sacrificing’ this immediate enjoyment, the rewards in the future would be tremendous! Sure enough, by the time he graduated from university, he had streams of positive incomes from his best-selling books and his 2 businesses which he had set up. Adam was earning more money than his lecturers while many of his friends were struggling to get their first job with their first paycheck.

So can you see it now? If you want to be a millionaire, you must first learn how to invest your money instead of spending them. The moment when you want to spend something, just think twice and ask yourself whether that thing that you are going to buy will make you money in the future. This is how many self-made millionaires made build their money.

Do you think that the world’s greatest investor, Warren Buffet knows about this habit? You bet, if he doesn’t have this habit, I dare say that he won’t be as rich as today. Learn How To Save If You Want To Be A Millionaire.

==> You can straight away download the complete version of The Nine Millionaire Habits here in PDF, without having to go all over my articles.

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Posted on May 14th, 2008 by Shawn
Filed under: The 9 Millionaire Habits

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