What You Want

This realization struck me when my child replied to my request for her to study: "But I don't want to!" It’s tough to contest such a straightforward statement. Is studying more enjoyable than relaxing and playing? Who prefers dieting when indulging in delicious junk food is an option? Who desires to exercise when sitting in front of the TV is so much easier?

Often, our immediate desires don't align with our long-term well-being. We gravitate toward unhealthy foods, unproductive activities, and instant gratification, which ultimately compromises our future benefits. For instance, while junk food might satisfy your taste buds now, it doesn’t contribute to your health. Watching TV can be entertaining, but it doesn’t foster fitness or knowledge. Spending money might feel rewarding in the moment, but it doesn't build wealth.

To attain genuine results, we must look beyond immediate impulses and concentrate on long-term goals by prioritizing what we need.

What You Need

Most people claim they want to be healthy, fit, and wealthy, yet their actions often contradict these desires. To align actions with aspirations, we must focus on what we truly need.

You need to eat healthily, even if you don’t want to. You need to exercise to maintain fitness. You need to study to excel academically. You need to save and invest for wealth accumulation. These necessary actions may not always be enjoyable, but consistent discipline in choosing needs over wants lays the foundation for success.

Research and personal experience lead me to believe that individuals who prioritize long-term needs over short-term wants tend to thrive. This concept was exemplified in a famous 1972 experiment by a Stanford psychologist. Children were offered a choice between one marshmallow now or two if they waited. This study, known as The Marshmallow Test, tracked these children over the years, revealing that those who could delay gratification generally achieved better outcomes in academics, health, and overall success.

How This Applies to Wealth Building

This fundamental principle extends to various life aspects, especially wealth building. The actions necessary for financial success are often less than enjoyable.

You need to study the market. You need to manage your spending. You need to invest wisely. You need to forgo immediate pleasures for a potentially brighter future. These require time and self-discipline. Without a focus on long-term objectives, it’s easy to drift through life without accumulating meaningful wealth.

If you spend everything you earn or fail to understand basic investing principles, financial struggle is likely. The encouraging news is that delaying gratification—choosing needs over wants—becomes easier with practice.

Over time, you can shift your mindset from "I need to spend for immediate gratification" to "I should invest for my future." After years of practice, concerns about appearances or societal expectations can fade. Prioritize functionality over impressiveness, and soon, it will feel natural.

Conclusion

Warren Buffett, despite his immense wealth, continues to live in the same home he purchased over 50 years ago and drives a modest Cadillac. He understands that material possessions won’t enhance his character, which is why he refrains from indulging in extravagant purchases.

Success and wealth stem from mastering your emotions and focusing on the necessary actions to achieve your long-term goals. Those who fail to grasp this principle often find themselves struggling, neglecting education, healthy eating, exercise, and financial planning.

While you don’t have to live an ascetic life to achieve wealth, it’s crucial to consider how your choices impact your journey. We are all on a life path shaped by both inherited and self-directed elements.

By prioritizing your needs over your wants, you’re more likely to experience success compared to those who chase fleeting pleasures. Good luck on your journey, and feel free to reach out if you need assistance!

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Building Arks

After facing challenges in building wealth early in my career while adhering to conventional financial advice, I embarked on a quest to learn about investing. Over a decade later, I have achieved financial security and am on the road to complete financial independence through real estate and stock market investments.

I founded Building Arks to assist busy professionals like you in bypassing mainstream advice and constructing genuine wealth.

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Please note that I have no affiliations with the listed sites, nor do I profit from any partners or recommendations in my articles (other than Medium). I am not a lawyer, accountant, or certified financial planner. All material is presented in good faith for informational purposes based on my knowledge and experience and is not intended to replace professional advice. Always consult an expert before making legal, tax, or financial decisions.