Abraham Lincoln once said "Discipline is choosing between what you want now and what you want most."
Honest Abe's wisdom applies to almost every aspect of our lives: Exercise, nutrition, education, career, and relationships. Take your health for example - It's hard to exercise and eat right but that's what keeps you healthy and active later in life.
Having the discipline to delay gratification is one of the most powerful concepts in personal finance too. It's sacrificing pleasure today for comfort tomorrow. Saving instead of spending can lead to:
- Early retirement / financial independence
- Greater comfort during retirement
- Sense of security and peace of mind amidst uncertainty
- Potential to pursue bigger goals through years of compound interest
When it comes to money, figure out what matters most to you. We all need to go out and enjoy our lives while we can. But planning for retirement becomes easier when you have the discipline to delay gratification now to save for the future. Just being honest.