American business magnate, investor, and philanthropist
The single most effective rule of money or personal finance is paying yourself first before spending on living expenses.
By segregating a portion of your earnings, first for yourself, in savings and investments – you ensure a happier and more confident present and future with greater freedom ahead. Although this long-term happiness and freedom comes at the cost of a short-term manageable sacrifice of a disciplined lifestyle, it more than compensates with a sustained, well-provided, and rewarding future.
"The ability to discipline yourself to delay gratification in the short term in order to enjoy greater rewards in the long term is the indispensable prerequisite for success.”
Canadian-American author and motivational public speaker
Delayed gratification means resisting immediate smaller, transient rewards, and pleasures for larger and enduring rewards later, such as academic excellence, career and financial success, and health and fitness.
Delayed gratification is one of the most effective personal traits of successful and wealthy people. It’s the sacrifices they make earlier in life choosing a path of discipline and hard work, and controlling impulses for immediate pleasures and leisure for the achievement of a longer-term, greater purpose or goal.
Financial intelligence starts with early financial education. Typically not taught in schools, financial education is best started in our teens, and we should be encouraged to keep it as a subject of life-long self-education. The early life of super-successful investors like Warren Buffet and Ray Dalio attests to this early start.
The imperative for an early financial education is aptly reflected in the quote - Those that are word-literate will work for the financially literate.