Delayed gratification allows for an individual to appropriately reward him/herself for achieving a goal within his/her tactical plan (the roadmap which comprises one's life's vision).
The idea of delayed gratification is that the reward should not prevent an individual from achieving future goals within his/her life's vision. Now, as we have witnessed in our current financial crisis, many people have not practiced delayed gratification. In fact, many of us practiced the exact opposite, instant gratification, by buying whatever our hearts desired, funded by cheap credit from an overzealous and sometimes unscrupulous banking industry.
Many of us were all too happy to use this cheap credit to purchase high priced items from jewelry, to clothes, to cars, to homes that are now coming back to bite us in the you know what. The consequences for American's lack of financial discipline over the past decade has led the world into a global financial crisis, which will likely get worse before it gets better. But, there is a silver lining in all of this. What could it be you ask? Well, this crisis gives us all the opportunity to take some timeout and examine our spending habits and how these habits helped get us where we are today. I believe that now is as good a time as any to begin developing our financial leadership.
Now, let's be real, we can blame the banks for giving out cheap credit.
We can blame the federal government for encouraging the banks to give out more home loans to subprime borrowers.
We can blame one anther for buying things we knew were a bit out of our range.
However even if all of this were true, we must still look inward to begin to explore and understand our contribution to the current financial crisis America finds itself in.
Ask yourself:
How have I contributed to my own financial crisis?
What questionable financial decisions have I made? And what can I learn from these decisions?
Be clear, if we don't explore this issue from an inside-out vantage point, we are domed to fall back into this destructive pattern as soon as the economy rights itself.
The biggest and most penetrating question that you have to ask yourself is: Can I truly afford my lifestyle?
Dr. Barrett has an earned PhD in applied management and decision sciences, with a specialization in leadership and organizational change. He also holds a MS in organizational leadership and a BS in organizational management. In addition to these degrees, Dr. Barrett has completed several executive certificates focusing on various areas of management and leadership development.
Dr. Barrett is proud of his academic accomplishments, as they are the product of his long and sometimes difficult journey out of poverty. Along his journey, Dr. Barrett served honorably in the U.S. Air Force, participating in several vital overseas operations in the Middle East and Europe. He has also taught organizational leadership courses at the graduate degree level at Mercy College. This desire to develop leadership whether it be in myself or others is what drives Dr. Barrett. Dr. Barrett currently lives in NYC, where he runs The Barrett Center for Leadership Development, LLC (http://www.TheBarrettCenter.com) and produces The Barrett Leadership Blog (http://www.TheBarrettCenter.blogspot.com).
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