The Need to Eliminate Delayed Gratification
In the mist of Covid-19 (Corona Virus), we at JDS WebDesign are hoping everyone is safe, washing your hands frequently, sneezing and coughing in your elbow, and practicing social distancing. Over the next several weeks, we are planning on blogging about how to make your website more business friendly. We will have some tutorials on our favorite plugins and features, which will make your site more efficient.
What is delay gratification (or deferred gratification)? According to Wikipedia, Delayed Gratification or Deferred Gratification describes the process that the subject undergoes when the subject resists the temptation of an immediate reward in preference for a later reward.
What does that have to do with a freelancer financial status? Many reason why freelancer have money issues, is the fact that many of us are looking for immediate gratification. You are award that $10,000 website project, and almost instantly began thinking about a new computer, subscriptions, vacation, or some sort of huge purchase (down payment on house or car).
Before you make a purchase, make sure you ask the following questions. Do you have enough in your account to pay your bills for the next 90 – 120 days? Can you live without the following purchase? Are you purchasing that subscriptions to make your business more efficient? Are you just trying to impress a potential client or fellow designer?
When I was young, a friend’s father once told me, “that if you do not wear an item (pants, shirt, or shoes) within 6 months, then you probably need to donate it to Goodwill.” That sounds reasonable to me, because what is the likelihood that you are going to wear something in your closet after 6 months. Probably not going to happen. So why do we invest in services or products, to only see them rest on our shelves…
Image all the ways that you could use the extra money to benefit your agency or business. You could place the funds in your saving account to assist with those down months. Most of my bad decisions are money based, not client or product based. If I do not need to pay a bill, then taking on low paying projects never enter my mind. Rude or outrageous clients do not make it past my consultation call, I just move pass them.
It really is a great feeling, when you have a few more nickels in your saving account. Previously I outlined my financial accounts, these accounts are easy to maintain …when you are discipline. What a wonderfully feeling to plan and purchase an item? Make a few sacrifices and save, then once you have the money…make the purchase.
Image courtesy of Eiliv Sonas Aceron.
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