I have heard these words take such abuse by financial advisors and I really think it's uncalled for. You won't hear that from me. I'm a big fan of instant gratification. A huge fan. When I see something that I want, I want to buy it. I don't want to wait. What's the fun in that? Aren't we working to get money in order to buy things? What good would money be if we didn't use it to buy stuff? Sure you can use it to make more money but then what? At some point, isn't it supposed to be used for its purchasing power?
The only thing to remember about instant gratification on this plan is that you can only use cash to use fulfill it. It's a simple rule. Maybe you have heard it this way, if you can't afford it then you can't afford it. You can't charge purchases for instant gratification because the end cost is way too much plus you reduce your ability to purchase things next month and for the next 20 to 25 years.
The longer that you work this plan, the more cash you will have on hand. I told you what will happen over 3 to 6 months on the plan. You start to increase the amount of cash that you get to spend on anything you want. Discretionary cash, experts call it. MY cash, is what I call it. It doesn't belong to the mortgage company or the credit car company or the bank holding the title to my car. It's mine, all mine. Insert demonic laughter here if you like.
And the longer that you work the plan, the more of it you will have. After a year or so, you'll probably be able to pay cash for that new TV if you want. You'll have more cash and more buying power than you can remember.
There is one thing that might get in your way of buying that TV though.
Tomorrow: the addiction