Contrary to what our culture tells us, the most wealthy people have lived a life (or at least several early years) of frugality before becoming wealth and rising to the top.  Unfortunately, we get caught up thinking that we need the new iPhone, new shoes, new car, the vacation to Fiji – all right now.  Social media makes it worse because we see what everyone else has and wonder why we don’t have that yet.  We think we need this immediate gratification to make us happy.  The reality is, successful people did not start out driving the fancy car, wearing the nice clothes, or dining at the exclusive clubs. Believe it or not, most of the wealthy people you come across specialized in delayed gratification.  They mastered the ability to resist the temptation of an immediate reward (buying (financing/leasing) a new car, splurging at Nordstrom, or eating out all the time) knowing that in time, they would receive a much greater reward.

By exercising self-control, successful people put themselves in a position to build wealth to live and give like no one else. How do they do this?  They pay themselves first.  Every month, with no exceptions they put a little aside into savings.  Dave Ramsey recommends 15% into retirement (after completing the preceding baby steps of course!) The Richest Man in Babylon recommends at least 10%.  The wealthy make delayed gratification a fine art and consistent practice by living on less than they earn, paying themselves first (by putting money aside every paycheck) and watching their nest egg grow.

Our commercial culture tells us the “successful” wealthy people drive brand new Lamborghinis, wear nothing but the finest designer clothing, and eat lobster for breakfast.  Not so.  Wealthy people generally do not dress like they are wealthy.  That’s why they are wealthy.  They don’t waste their money on stuff.  They don’t shop for clothes every week and they are not buying brand new cars.  Wealthy people become wealthy by mastering delayed gratification.  They live on less than they earn, they live below their means, they resist immediate temptation knowing that the extra money is going back into their bank accounts and growing and compounding on itself before it even has an opportunity to be spent on “necessities” or frivolities.

This does not mean you can’t have nice things or have fun.  It just means you need to pay yourself first, before you do fun things, because that is the priority and that is how wealthy people become wealthy.  If paying yourself first means you can’t buy that new suit, then you need to delay that gratification until you can afford the suit while still paying yourself the regular monthly percentage.

Don’t give into what the media and advertisers say you should be doing.  Delay your gratification.  Live on less than you earn.  Pay yourself first every paycheck. Dothis and watch your bank account grow.