The One Strategy Most Self-Made Millionaires Use To Accumulate Wealth

Written By Sam Kwok
The One Strategy Most Self-Made Millionaires Use To Accumulate Wealth

Most self-made millionaires have one strategy in common when it comes to accumulating wealth.

The Strategy is called Delayed Gratification. 

In this session, you’ll learn:

  • Delayed Gratification

  • Example 1 - Investment 

  • Example 2 - Weight Loss

  • Wealth Application

 

What is Delayed Gratification?

The general definition of Delayed Gratification is resisting the urge and impulsivity of taking immediate available rewards and pleasure for a much more desired outcome in the future. 

It’s a pretty similar concept to saving up money to buy something when you were a kid, but for our application, instead of saving up the money to buy the next shiny object that you saw in the ad, you spend the money on something more valuable to you right now. Something such as knowledge, and tools or investments that can double, triple, or even quadruple your investment in the future.

Example 1

Instead of buying a thousand-dollar iPhone today, you spend $500 on a course to learn how to start a business online and another $500 or less on tools you need for the business.

Let’s say instead of going on a weekend getaway for $1,000 you can learn how to make $300 per day for $500 right now. 

If you have that knowledge to make $300 per day, you can scale it to $600 per day, would you do it? 

With the knowledge to scale your business to $600, I think you can you can forget about the weekend getaway and go on a 7-day vacation and have enough money to splurge. (Of course, this isn’t financial advice, whatever you do with the money you earn is yours to deal with.)

In other words, it’s an investment in yourself. The act of investing into the very foundation of your career.

The fact is, you CAN learn how to earn money on or offline and scale it, and it’s much more rewarding than a 2-3 day getaway in this example.

The problem today is that there are so many instant gratification “solutions” That the practice of ‘wait and see’ is very slim in today’s society. It takes willpower to control or manipulate your desires. This is true for many fields.

Example 2

Another example is in the weight loss industry. The audience that knows me well, knows I’ve practiced the Keto Diet. I teach about the Keto Diet in my affiliate marketing lessons because I can describe myself as an expert practitioner of the Keto Diet with my success in losing weight doing Keto. 

For those who don’t know what the Keto Diet is, simply put, it’s avoiding carbohydrates so that your body burns fat instead of carbs.

It’s like when a hybrid vehicle runs out of gasoline, the vehicle starts running on battery.

So when I explain the Keto Diet, I let people know that “I don’t like carbs anyway” so it’s easier for me to do Keto. The fact is, I actually love carbs. I twist my psychology to trick my brain into thinking that I don’t like carbs. 

I live in New York City and people here breathe and live in bagels every morning. When I travel, croissants, sugary desserts, and drinks are everywhere. I am one of those people who love carbs, but I learned that I don’t need them to survive.

The world is obsessed with sugar and carbs. Take bubble tea for an example, you’re drinking and eating literal sugar and balls of starch in a cup which can be consumed in a matter of minutes! How crazy is that? 

Having the willpower to avoid your favorite foods and drinks can be done. Sugary drinks and carbs are great, but being healthy and having more energy and time every day to do things I love is so much more of a benefit for me that I can sacrifice a few bagels and sugar in my coffee every morning.

Delayed Gratification Application

In the long run, if you can practice Delayed Gratification, you can use that skill for anything. Whether it’s for a job, a career change, or health benefits, turn this skill into wealth by sharing your experiences with other people and relating with them. It’s one of the amazing steps to take when building your audience and leads. 

If you believe you can do it, what is stopping you from achieving it?

Write down the things that are holding you back. Take a good look at them and construct a plan to solve every issue you’ve written down. What I love about doing these types of exercises is sometimes you’ll find yourself able to knock down 2 birds with 1 stone. 

To be successful in anything, you need to be willing to give up some things you enjoy and invest time and effort in things that can help your growth.

I talk about getting yourself into the right mindset in one of my blogs. You can check it out here. I touch the surface on financial literacy and practices most successful people do to stay financially free.

I hope this mindset training helps you bring yourself closer to your goal.

I’ll see you on the other side,
Sam

 
 
 
Sam Kwok https://boringmoneyinc.com
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