Delayed Gratification

Charlie Munger on achieving success:

• Spend less than you earn. Invest shrewdly.
• Avoid toxic people and toxic activities.
• Try to keep learning all your life.
• Do a lot of deferred gratification.

Deferred Gratification

Delayed gratification, or deferred gratification, is the resistance to the temptation of an immediate pleasure in the hope of obtaining a valuable and long-lasting reward in the long-term.

A growing body of literature has linked the ability to delay gratification to a host of other positive outcomes, including academic success, physical health, psychological health, and social competence. Source