The Curious Case of Finally Being Able to Afford the Thing You No Longer Want

It occurs to me that we are all, thankfully, rather different in how we approach the world. Otherwise life would be tediously uniform. That said, there are certain character traits that prove useful when it comes to building wealth over the long haul, and chief among them is the ability to delay gratification.

Delayed gratification is basically the art of not buying the thing you want right now because Future You will probably need that money more than Present You needs that thing. It’s the tug-of-war between wants, needs, and a tomorrow that may or may not require some financial cushioning.

I’ve been practicing this discipline for nearly my entire working life, which is to say I’ve spent decades not buying things, and the results have been rather good. My wife Suzie and I managed to retire at 58 with adequate savings and the sort of financial peace that lets you sleep soundly.

We’re all human, and we all want different things. Take cars, for instance. My relationship with automobiles was always utilitarian. I saw them as devices for getting from one place to another, and any money spent beyond that could be tucked away into retirement accounts. This philosophy served me well, though it didn’t stop me from occasionally thinking, “Yes, I’d quite like a fancy car.”

Which brings us to the curious bit.

Now that I’m retired and could, without too much fuss, purchase virtually any car I fancy, a luxury BMW, say, I find I don’t particularly want to. I could go out tomorrow and buy one with cash, but decades of living the way I have has rendered the whole idea rather foreign. It’s simply not me anymore. The equivalent of spontaneously deciding to take up yodeling…it’s not going to happen.

I think this says something interesting about the hedonic treadmill we hear about. It shows that it’s possible to step off, stand aside, and observe the parade of consumption without feeling compelled to jump back in. You might, after reflecting, decide to buy that luxury item after all, and that’s fine. But at least you’ve thought about it properly.

The ability to pause, observe, and then consciously choose to do or not do something, that elevates the whole business from mere “consumption” to what might properly be called a “decision.” And that, I think, is the real hallmark of financial independence: not only having the money, but knowing what to do with it.