In this episode, host Laura Sexton delves into the concept of delayed gratification and its significance in the journey toward financial freedom. Using relatable examples of instant gratification desires, such as impulsive fast-food cravings or buying concert tickets at the expense of financial stability, the host emphasizes the importance of making decisions that benefit long-term goals. The episode offers practical advice on combating instant gratification, including defining clear goals, creating a values-based spending plan (budget), and establishing an emergency fund with a well-defined concept of emergencies. Laura encourages involving family members in the decision-making process to foster a collective understanding of financial goals. The episode concludes with the recommendation to seek the assistance of a financial coach if needed.
In this episode, host Laura Sexton delves into the concept of delayed gratification and its significance in the journey toward financial freedom. Using relatable examples of instant gratification desires, such as impulsive fast-food cravings or buying concert tickets at the expense of financial stability, the host emphasizes the importance of making decisions that benefit long-term goals. The episode offers practical advice on combating instant gratification, including defining clear goals, creating a values-based spending plan (budget), and establishing an emergency fund with a well-defined concept of emergencies. Laura encourages involving family members in the decision-making process to foster a collective understanding of financial goals. The episode concludes with the recommendation to seek the assistance of a financial coach if needed.
Hello and welcome to the Accelerate Your Legacy podcast. I'm Laura Sexton, your trusted financial coach and money mindset specialist. Join me as we explore the world of money and money mindset while also paving the way for a lasting legacy that extends far beyond money. Together we'll eliminate stress, amplify freedom, and ensure you stop paying for your past so you can start saving for your future. If you're seeking peace in your finances, more margin in your budget, and a legacy that inspires generations to come, you're in the right place. Hey, accelerators today, we're going to talk about delayed gratification and why mastering that is such a huge step to your journey and financial freedom. Look, we all understand what. Instant gratification is right. We've all seen that kid in the toy aisle. It may be one of mine who is sitting there and just wants to touch everything and says, mommy, mommy, can you buy me this? Mommy? Can you buy me this? Oh, mommy. What about this? Can you buy me? Mommy? This is amazing. This is exactly what I want. Get it for me. Get it for me. Get it for me. Get it for me. And no, I'm not going to, but we all kind of see that in ourselves. Or do we, do you see that in yourself? Do you see the inner kid in the toy aisle how you behave sometimes? What about this? The other day, my kids and I are driving down the street and we pass by 1, 2, 3, 4 fast food restaurants. Begging as if they've never eaten before, please. Can we get chicken nuggets, please? We need chicken nuggets if we've never eaten anything ever before in our whole lives and we're starving to death My kids were literally telling me that they were starving because they were so hungry, but they weren't actually starving We had just eaten before we got in the car There was no need to stop anywhere to get chicken nuggets But they were begging for it because they had this need for it Instant gratification. Did we have food going on at the house? Yes, we had food cooking at the house. So they did not need to eat right then, but for whatever reason between school and home, they felt the need to beg. For chicken nuggets best believe we got home. They ate what we had at home. They were fine, but I see this in myself sometimes, too, when I am just really worn down and I'm hungry, it is so much easier to get that instant gratification of going through a fast food car line. Then to wait and go home and get the nutrient dense food that I have waiting for me there. So what is delayed gratification and why does it matter? You see, being an adult means setting aside what feels good right now. For what will benefit us most in the long run. I say it this way. You have to give up what you want right now in order to get what you want most. It's hard though. It's hard, especially in a society where we cook with microwaves to come home and get something that's been cooking in a crock pot. We want to be gratified right in the moment, but that is childish behavior. And if we ever want to find. Peace in our finances, we have to find peace and allowing our gratification to be delayed. This is part of maturing. This is part of growing up. This is a piece of society that we don't focus enough on. Mastering delayed gratification is an important skill for building wealth and achieving financial stability. I would say it's an important skill in many other areas of life. Think about it. You have saved up your 3 to 6 month emergency fund and then your husband uses it to buy a boat or you use it to buy NSYNC reunion tickets. That feels good in the moment. And please believe I will be excited to buy those tickets. Right? It feels good in the moment. But what you've done is you undid all of your process. And you've left yourself vulnerable. Saving up 3 to 6 months of expenses is very important because you need to have that set aside to be a buffer between you and life. You've done all the work. And then you just undid it all in a moment. That's not what I want for you, friend. I want you to have stability. That's where the freedom is going to come from. Here's another example. you're focused on investing before paying off your debt and before saving an emergency fund. So your 401k serves as your emergency fund because something's happened and you need some money. So what do you do? You go grab from the 401k and you just, Oh, I'm just borrowing from myself. I'm going to pay myself back interest. You're unplugging all of the growth. You're handcuffing yourself to your work and you're never giving yourself stability. You're robbing from yourself. So, what I would do in this situation is I would pay off your debt and then save up an emergency fund and then focus on investing. I promise you'll actually put more into the accounts at that point. So, let's get practical. The best way to combat instant gratification is to make decisions ahead of time that lead you to your ultimate goal. But 1st, that means you have to clearly define what that goal is. I talk about it all the time. High definition. Figure out what that goal is paint for yourself a picture high definition. So that you can see it and you can strive for it. 2nd, you have to set up a values based spending plan. That means make a budget. It's based on what you value, not just what you read in a book somewhere, but what is best for you and your family. 3rd is you have to establish an emergency fund and define what an emergency is. Now, let me tell you friends. We are making all of these decisions ahead of time because decision fatigue is real. We're constantly bombarded with this, that, and the other. What decision are you going to make in this moment? And if we can do this in a moment that is then you are really setting yourself up for success. I think it's really smart that when we're doing this, you need to bring your family along. Your spouse needs to help you make some decisions. Your spouse should also be helping you define what your goal is and setting your budget. Your kids need to hear the word no more often. And then they can grow a little bit with their delayed gratification, right? We are helping them grow as we are learning to grow, but your kids should also be a part of understanding what the ultimate goal is. My kids know that we're trying to get a house with a backyard and they talk about all the time. Are we getting the house today? No, you know, it's going to take a little bit longer and especially with interest rates being what they are right now in the housing market. It might be a little longer. Then a little while, but they know what we are after. So when mommy has to go to work, they understand what I'm working for. If you are having trouble with any of these things, defining the goal, setting a value space, spending plan, establishing an emergency fund and defining an emergency, which I think is really important, or you're having trouble getting your spouse to see the same vision that you're seeing. It's time to hire a financial coach. This is 1 of my areas of expertise, getting you guys on the same page where you can really hone in on what the goal is, create a plan together and then walk the plan out together, which is the most important part. And if it's not me, I can get you in touch with the person that is right for you. You have to remember mastering delayed gratification is your best path to financial freedom. It is not always easy, but with dedication and the right strategies, you can achieve your financial goals. Make your plans, define your emergencies, make your budget, do all of that when you're in a positive headspace so that when the trials of life come, when you're hungry driving down the road, you've already made a budget. You've already made a plan. You're not going to be tempted to do something you shouldn't do. All right, guys, that is it for this week. I hope you have a great Thanksgiving next week. I will have a short episode all about gratitude, and then we will start back up, on the 30th of November. I have a great interview with an investment professional that you do not want to miss. Thank you so much for being here. Accelerators go out and make a difference. Thank you for investing your time with us today on the Accelerate Your Legacy podcast. Remember, your legacy isn't just measured in dollars and cents, but in the tools, habits, mindset, and reputation you leave behind. Don't just listen to the show, but take action on what you've learned. Share this wisdom with a friend who can benefit and help us spread the word by rating and reviewing the podcast. For questions or encouragement, reach out to me on Instagram at Accelerate Your Legacy or explore the resources listed in the show notes. I will be back with you next week. Until then, build your legacy with intention.