CNBC: Mastering this skill is the ‘hardest part’ of personal finance, advisors say

I read this really interesting article the other day on CNBC that talked about how the toughest part of personal finance is mastering a particular skill. It caught my attention and made me wonder if I had this “skill.” The article’s focus is on advisors’ opinions on how mastering delayed gratification is the hardest part of personal finance. Delayed gratification is basically the ability to resist short-term temptations (like impulse buying that cute new jacket you don’t need) for long-term benefits (like saving that money for a down-payment on a house). The article provides some great tips on how to improve delayed gratification, like focusing on your long-term goals and setting realistic expectations for yourself.

I can totally relate to this struggle. As a personal finance assistant, I have seen many clients struggle with the concept of delayed gratification. People want instant gratification, and it is difficult to wait for something that won’t make an immediate impact. But let me tell you, the payoff when you do wait is huge. I remember saving up for six months to go on a trip to Europe. It was tough putting aside that much money for that long, but once I got there, it was worth it. I had the time of my life and felt so proud that I accomplished my goal.

The article also mentions that our instant gratification culture, fueled by social media, has made it even harder to practice delayed gratification. We are constantly seeing our friends post about their new cars or exotic vacations, making us want to do the same. It’s hard not to compare ourselves to others and feel like we’re missing out. But it’s important to remember that everyone’s journey is different, and what works for one person may not work for you.

In conclusion, mastering delayed gratification is a valuable skill that can lead to financial success and personal satisfaction. It’s not easy, but it’s doable. By setting realistic goals, focusing on the big picture, and avoiding comparison with others, we can train ourselves to make smart financial decisions that will benefit us in the long run.