Intentionally deferring pleasure may pay off handsomely in life and business.
A related type of deferred gratification — called in the economic realm “low time preference” — may be a unique road to prosperity in the company (including investing). Even someone with a good income and a flourishing business might become impoverished if they have a “high time preference” or a tendency to be preoccupied with the present. On the other hand, someone from a low-income family who has the right training and a low-time preference may become affluent. People that fail in real estate or business generally favor the former and hence give up before succeeding or win and then squander their profits rather than reinvesting them. Lowering your time preference is a crucial step toward achieving success in any endeavor. If you can achieve this, you’ll be well on your way to building generational wealth for yourself and your family.