20 Things the Rich Do Every Day

[CaptLouAlbano]

Let's go even deeper: why does one do one, while the other does the other?

I believe the poor who stay poor, along with criminals and children, have a very, very high time preference. They really want satisfaction, and they want it now. Those who become rich have a lower time preference. It causes them far less agony to put off enjoyment than it causes their fellows. Thus we can see, patience truly is a virtue, one with very definite and tangible rewards.

This time preference level seems inate, though like most of our innate characteristics in life we can choose to change it by force of will. There was an experiment with children and marshmallows... are you familiar with it, Capt?

I wasn't familiar with the experiment, but I went and looked it up. Pretty interesting.

I will agree, it is a matter of time preference. Some want that immediate gratification, and as soon as they earn more money with their labor, they will buy a new car, move into a larger home, etc. Now, that is not to say that in order to be wealthy you always have to deny yourself possessions - quite the contrary, once you become wealthy and you are essentially "printing money" through your assets, you can buy whatever you wish because money no longer becomes a concern or a deterrent.