The Era of Delayed Gratification

Interesting discussion on WBUR’s On Point. Did easy credit play off of one of our foibles as human beings (the difficulty we have in avoiding pain in the future when pleasure is here right now).

While I’m hardly an ascetic, I do think that one silver lining of the Big Recession is that we will all learn to plan a little more for our futures and do more investing before we reap the rewards of our hard work.

Associates at large firms will have to stick around for a while if they want to see large salary growth. Most of us will probably eat out less and prepare more of our own meals (probably a healthy thing). We’ll buy fewer consumer goods (that we don’t need anyway). Not good for the economy as a whole? Perhaps, though savings do provide companies with capital that can be used for investment.

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