Definition: The ability to forgo an immediate pleasure or reward in order to gain a more substantial one later.
Example:, I have saved $10,000 for buying a car which cost me 40000. Instead of paying the $10,000 for the car deposit and paying loan. I have decide to “delay gratification” by investing the $10,000. After several years, I may have multiple my $10,000 to $30,000.
In another words, instead of enjoying the transport convenience now, I have enjoy the convenience in a later stage by paying less and saving more.
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