Split Test
Compare two situations.
Two identical people.
Same jobs, same incomes, live in the same type of neighborhood.
Only one difference.
One guy uses credit cards like there is no tomorrow.
The other guy ONLY uses his debit cards.
Or to make this metaphor even sillier, imagine the no credit card guy carries all his cash around with him.
Which means we’ll have to assume the no-credit-card guy lives in a crime free neighborhood.
Get a picture in mind of these two guys.
One guy spends all kinds of money on his credit card, and he’s got a long way to go before he reaches his limit.
The other guy ONLY spends the cash he gets from working.
If he’s got any money left in his money bag at the end of the month, he saves it in a much bigger money bag he’s got at home.
Lifestyle Challenge
Imagine how each lives their lives.
Just consider these questions:
Which guy gets up earlier on the weekends?
Which guy would be more likely to exercise?
Which guy would be more likely to eat out?
Which guy would be more likely to hang out at strip clubs?
Which guy would be more likely to pursue a “hit it and quit it” lifestyle?
Carrying a ton of debt and not worrying about it, vs. living a frugal and “boring” lifestyle is associated with something called “time preference.”
This is an idea from economics.
Which would you rather than, 1.0 million today, or 2.0 million in a year?
1.0 today or 1.5 in a year?
1.0 today or 1.25 in a year?
The point where some today vs. a little bit more in a year SEEM THE SAME in your mind, the difference is your time preference.
Like if it didn’t really matter if you got 1.0 million today or 1.1 million in a year, the difference, or ten percent, is your time preference.
The lower your time preference the better you can “feel” the consequences for today’s actions.
The Most Money Skill
The easier it is to delay gratification.
The easier it is to slowly build an empire.
To be the builder of your own life, rather than living ONLY for today.
Sure, everybody loves the YOLO mindset.
You Only Live Once
But that “once” is your ENTIRE LIFE.
It could mean maximizing the thrills of each day.
Or it could mean building a massive life that will be remembered for centuries.
Which one do you want?
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