It's Your Future - Digital Education Edition v1 | Page 57

RULE #16
Learn the difference
between needs and wants

“D

iscipline yields high dividends.” In other words, there is
a big payday for practicing discipline.

Discipline is defined as the art of learning to delay or put off your own
gratification. The curse of this generation is instant gratification. People
have given this generation the nicknames of “Fast Food Generation” or
“Microwave Generation.” The names connote a “I have to have it now”
mentality.
If you learn to put off your desires and wants and focus on the things you
need, you will be able to accomplish many phenomenal feats and success.
There is nothing wrong with wanting nice things but is it in your best
interest to waste money chasing the latest trends and fashion for the approval of people who really don’t matter at the end of the day?
Do you know the difference between an asset and a liability? An asset is
whatever puts money into your pocket (i.e. rental properties, certain investments, and profitable businesses). A liability is whatever takes money
away from you (cars, shoes, Xboxes, games, movies, iPods, cell phones, etc).
If you can learn the skill of gaining assets, you will be able to use those
assets to buy the fun things that don't bring you money but enjoyment.
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