Very often, we discover ourselves making tradeoffs between instant gratification and delayed gratification. What’s Instant Gratification? You procure a good dress, you will be able to wear it immediately and experience whatever benefits it’s presupposed to arouse you.
On the other hand, there are times after we do certain things, the benefits of which don’t seem to be immediately apparent. Parenthetically this point, in an exceedingly recent interaction with a bunch of MBA students from a reputed institute, I asked what number of them had an iPhone.
About 30% said that they’d one. I then put forth this proposition to them: If you were visiting buy an iPhone at a price of say, Rs 75,000, consider this alternative. Instead of an iPhone, you get a more cost-effective phone for Rs 25,000.
The Rs 50,000 that you just save within the method is invested in an equity fund. Since it’s reasonable to expect that individuals would change their phones every three years, at the highest of three years, you again have the identical choice: replace your phone with an iPhone or a less costly phone.
One reasonable gratification that we hear plenty about is instant. This is often a gratification or reward that happens quickly after a specific action is performed.
Instant gratification may be extremely motivating, especially for those who have trouble waiting and wish to determine immediately that their behavior encompasses a result.
At the identical time, instant gratification will be deceptive, since it would belie the fact that long-term change has not occurred. Imagine a baby who refuses to wash her room.
Her parents promise her that if she cleans it, they’ll give her a bit of chewing gum instantly. The kid is probably going to be motivated. The short-term goal has thus been accomplished, and this is often no small feat! She might not learn the behavioral patterns and relational rewards that will come from having to attend.
You choose a less expensive phone again. The price of the iPhone may have increased to Rs 89,326 on account of inflation then the price of the cheaper phone might need to increase to Rs 29,775 considering inflation at 6% p.a. The difference of Rs 59,551 is again invested in an equity nondepository financial institution.
There are times when instant gratification is more important for a private. It is ultimately a choice and will vary from person to person.
And throughout a lifetime, the potential gain from exercising that essential bit of self-control is certainly enough to form you’re thinking that, “Do I need that?”
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