A College Degree Is No Longer a Risk-Free Investment
Lately I have been wondering if my hypothesis applies to areas outside of finance — specifically, to education. For years, a college degree was seen as a risk-free asset. It took money and time, but it was near certain it would pay off in the form of increased lifetime earnings. No wonder that we are in now in an education bubble: Lots of people went to college, studied things that aren't useful, and found themselves overwhelmed with debt. Many more can pay their debt, but work in jobs that don't require a degree anyhow.
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Forbes
25 minutes ago
- Forbes
How Instant Gratification Hinders Success (And What To Do Instead)
Cody Bjugan is a top American land development educator, visionary entrepreneur and founder of Allied Development & VestRight. This might be difficult to hear, but if you're addicted to quick wins in business, you could sabotage your future. Instant gratification culture has created an illusion that success happens overnight, fueled by dopamine-driven apps and rare, outrageous success stories. Not only do these set unrealistic expectations of the road to success, but they also go against everything the principles of the wealthiest, wisest people I know have taught me. You probably won't be surprised to learn that a study published in Frontiers in Psychology found that a person's ability to delay instant gratification was among the top predictors of higher income. A mindset fixed on long-term success is a recurring theme among the most successful people in my circle: they prioritize discipline, consistency and patience. I believe that's because business success, wealth and legacy aren't birthed from impulsivity. The Science Behind Instant Gratification Instant gratification is the desire for immediate reward, even at the expense of long-term gain. Our brains are wired for it. Dopamine is released in anticipation of rewards, which helps explain why we crave the next scroll, snack or splurge. While these impulses offer immediate pleasure, they can also distract us from more meaningful long-term wins. Psychologists refer to this as 'present bias.' It's when we overvalue the now and undervalue the future when making decisions. The Stanford Marshmallow Experiment famously demonstrated this. Children who delayed gratification were more likely to have positive life outcomes, although the study has faced criticism. Similarly, a 2012 report demonstrated the effects of damage to various areas of the brain on one's tendency toward planning versus impulsivity. Learning to delay gratification in business isn't easy, but the rewards are often greater and far more fulfilling. Playing The Long Game Do you know what the most successful entrepreneurs I've worked with have in common? They're not in it for a quick hit of success. They're playing the long game—three, five, even 10 years out. After decades of working with some of the most successful people in real estate and business, I've seen it repeatedly: Their sights are set way beyond the short term. These people are not chasing dopamine. They're chasing outcomes that take time, patience and discipline. Their decisions aren't reactive but are principle-based, aligned with a bigger vision rather than instant reward. Many young entrepreneurs miss that when starting out. The most successful people I know will sacrifice a small win today for a bigger one later. In my experience, there's no such thing as 'quick cash' in real wealth. Successful people also understand the cost of distraction. Instant gratification is expensive. It costs us in time, energy and missed opportunities. The time you spend chasing short-term wins is time you're not investing in your long-term growth. I like to think that the people who win in the end are the ones who can delay the win. The Compounding Power Of Consistency Here's the key, and it's one of my personal mantras: 'Consistency compounds.' There's no other time-proven method I've found that's more essential to finding success in your business than consistency. The best part about consistency is that it compounds, growing more substantial every time you invest into it. Think about the saying that compound interest is the eighth wonder of the world, but apply it to compounding consistency instead. No matter what I'm working on, action will outperform hype every time, no matter how big or small. If you invested $500 per month with an 8% return, it would grow to about $750,000 in 30 years. But if you waited 10 years to start investing, the total at the end of 30 years would be cut by more than half. Instead of dollars, we're talking about time, skill, credibility and relationships, all essential ingredients to a hyper-successful business. Success doesn't explode. Success stacks. How To Train Yourself To Delay Gratification The point's been proven, but it is easier said than done. Learning to delay gratification can be trained. A 2011 article (registration required) in the Journal of Consumer Research stated that "the less consumers are closely connected psychologically to their future selves, the less willing they will be to forgo immediate benefits in order to ensure larger deferred benefits to be received by that future self." This likely means that people who focus on long-term identity (e.g., 'I'm a future millionaire') would be more likely to make disciplined financial decisions than those who focus on short-term identity. 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Instant gratification may feel good, but it's likely stunting your progress by keeping you in one place. Income, impact and freedom come from valuing the time it takes to grow such high achievements. Good things come to those who wait and work hard, focusing on the long term, consistency and embracing patience. Legacy doesn't live in your next dopamine hit—it lives in what you build over time. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Forbes
26 minutes ago
- Forbes
All Eyes On The House; Weak U.S. Dollar; Tesla Shares Sink
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Associated Press
30 minutes ago
- Associated Press
Tesla sales fell 13% in the last three months as anti-Musk sentiment still has an effect
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