Should I spend money on that? This is a question that goes through the minds of business students, business executives, entrepreneurs, and international business executives alike. Whether it is the extra money you earned as a freelancer and plan to save for retirement or the emergency fund you have established for your startup company, many times people consider spending it on things that give short-term satisfaction such as a luxurious car or an extravagant vacation.
The previous examples are contemporary representations of similar decisions humans have faced throughout history, which required them to choose between options offering short-term and long-term rewards. It is difficult for many people to be patient and resist the urge to satisfy their desires as soon as possible. However, we must follow the example of great leaders around the world who valued virtues such as patience and ensured the progress of humanity.
When choosing between short-term and long-term rewards, many leaders in today’s business world agree that a careful evaluation, preferably free from impatience, to weigh the prospective benefits and costs of both choices is the best way to choose between such rewards. However, people are not entirely objective and have a tendency to disproportionately discount the future value of rewards.
In order to keep people from sacrificing greater long-term rewards for lesser short-term rewards, the belief that people must use self-control to restrain their emotional impulses has been widely yet wrongly recommended as the solution. In other words, supposedly you should only use your willpower to crush your spending desires. It is a fact that many people have incorrectly assumed all emotions are problematic for financial and health decision-making. However, when you carefully explore different emotions you realize that not all of them are related to our short-term desires. In fact, gratitude is a powerful emotion that inherently improves behaviors with the potential of building long-term cooperation in the future. For example, gratitude leads you to accept the present costs that come with supporting other people in return for the long-term benefits that come with those lasting relationships.
If you want to learn why gratitude is the key to business success check out our eBook here: Gratitude: The Key to Business Success. In this eBook, you will also learn how gratitude can benefit business students, business executives, entrepreneurs, and international business executives.