← Travis Makes Money
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Travis
I was recently on whatnot the other
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Sponsor Voice
day, just shopping around, looking frankly, because
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Travis
I was just blown away that this is something that people are doing with their time. And so I was like, I got to go see if this thing is real before I talk about it on the show. And so I'm browsing whatnot, looking around, finding things, and it's crazy to see
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Sponsor Voice
the volume of people that are just
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Travis
having fun in the chat. They're watching people do live shopping. It's like, it's like, you know, QVC directly on your phone. It's something you need to try, I'm telling you. Not just buying, but the selling piece too. Where these people are just starting up pop up shops and businesses, selling whatever product, finding their people, building community, getting repeat customers that come back to see your face as the seller. Not just a logo or a brand, anyone can sell. Whether your business is big, small, or yet to exist, people selling on whatnot sell 10 times more than on any other major marketplaces. And that's because you're not just listing products, you're building real connections with buyers across whatnot. The number of sellers making over $1 million a year has now doubled. The consistency pays off for those sellers. It's not just side hustle, it's a real path to building something that lasts. Because whatnot buyers spend more than an hour a day in the app, they're not just browsing around, they're engaged, they're buying, they're coming back. You go live, show off your products in real time and turn what you love into real income. So search whatnot whnot in the app store, download it today and get started selling right away. You're listening to the Travis Makes Money podcast presented by GoHighLevel.com for a free 30 day trial of the best all in one digital marketing software tool on the planet, just go to gohighlevel.com travis. What's happening everybody? Welcome back to the show. Today on the podcast it is me, you and the mic. It's a solo show. If you would rather listen to an interview or maybe a co host show, don't worry because we release three episodes every single day. Solo co host and an interview so you can listen to whatever format you'd like to listen to. But this one is just me and you and the mic. And today we're talking about delayed gratification. So on a previous episode we talked about radical responsibility. A couple of these things are things that I find myself consistently writing down on any list of values that I put whether it's for a company, whether it's for personal values, family values, there's a few of them that make it onto all of those lists. And delaying gratification is one of those things. The world famous example of this is something called the marshmallow test. If you have not read the book, it's a good book, but there's. The book is basically drawn from this study that was done quite some time ago where they took children and put marshmallow in front of them. And with these instructions, they said, we're going to leave the room. And if when we come back, you left this marshmallow here, you didn't eat this marshmallow, we will give you another marshmallow. So you get two marshmallows if you can just delay eating the first one until we come back. And then they completed the study, took note of which kids said no to the marshmallow so that they could get two later on, and which kids couldn't delay the gratification of eating this first marshmallow for to get a better benefit later on. And they followed them throughout the rest of their lives. And they found that without fail, the people, the kids who were able to delay the gratification of the first marshmallow to get a better reward later on ended up being far more successful in life. So this isn't just like a trope that I'm throwing out there or something. That sounds good to say. It is been studied for decades now that one of the keys to success is delayed gratification. And when people ask me the question of all the people that I've interviewed on my show now it's gotta be close to a thousand. I wanna say we've done 15, 1600 episodes and a bunch of them are interviews. Probably close to a thousand people. I've interviewed a lot of really successful people. And people are. So what do those people have in common? And this is one of the things that I've found those people have in common is the ability to delay gratification, to not get caught up in the Jones effect, to not get caught up in keeping up with the Joneses, which is such a powerful psychological tool that it was one of the first ever psychology lessons that I learned doing sales. And anybody who's a door to door especially will use this all the time. And it's almost become a parody of itself. Because when you see people who make videos making fun of door to door people, they always use this as one of the things that they say, but it's like, oh, we just took care of your neighbors, you know, John and Mary, you know, we took care of them, you know, and we're just here doing this thing. We're trying to clean some windows or we're taking care of the, the, the, you see this stuff up here? The pes. Well, you know, your neighbor's three doors down. You know, Susan and Barry, they, they, they had the same thing. We're gonna help. It's the idea that once somebody in a social circle has done this thing that other people want to go do that thing. So if it's getting nicer cars, if it's buying nicer houses, if it's getting the nick, the newest tv, the newest gadget, the latest item or icon or, or taking the latest vacation, whatever it is, people don't want to be the last one to get that thing. And so they fall into the, the, the trap of the Jones effect instead of allowing themselves to delay the gratification and then getting a better reward later on. And the I, I, I, I learned this pretty early on with Grant Cardone, of all people. He is somebody who I, who I looked at for this because what his entire path was for wealth building was basically to live on as little of your income as you possibly can justifiably live on. And I know from his advice, and actually I saw KE say something similar to this speaking at a Grant Cardone conference, coincidentally, and Grant was like, elated in the background because Kevin Hart was saying the exact wealth formula that Grant's been preaching for the past 10, 15 years, where he was saying is like, I take half of my income and that goes over here, and then I take half of that half, and that goes over here, and then I live on 25%. Now, again, it's going to be really, really difficult for some people to take that completely holistically to heart, just because everything's more expensive these days. And some people literally don't have enough money to be able to live on 25% of their income. So if it's possible, basically, if it's not 25%, it's 30%, it's 40%, it's 60%, whatever, whatever that number is. The idea is keep your lifestyle under this small percentage of your income so that you can take the delta between what you make and what you spend and put it into vehicles that will allow you to then be able to do whatever you want later. And I always remembered this, and I don't know if these, how true these exact numbers are, because it's Grant. But he, he was the type of, he was the person who was driving a used Camry but had a million dollars cash in the bank. He basically was doing sales. He saved up over a million dollars in cash, at least this is what he said. And then he took two or three years shopping multi family real estate deals before he bought his first deal. And then he bought his first deal. So basically he couldn't, he couldn't drive the vehicles that he wanted to drive at that point. But he did it so much that he was able to put away a good amount of money to then go acquire this, his first multifamily deal, which he made several seven figures on. And then now he flies around in a private jet, has multiple Rolls Royces and drives basically whatever he wants to drive. And so the idea is you can have everything that you want, just not now. You have to learn how to delay the gratification. Any, anytime that you don't delay gratification now you're paying interest on the short term pleasure, meaning that there's something that you're saying no to later on by saying yes to this thing. Now, easy example is eating. And I'm talking to myself when I'm, when I'm talking about this because I know it's that, you know, moment on the lips, forever on the hips thing. But that is, that is the truth is like that, that's one thing that's helped me stay away from junk food. Because I start thinking about that, I'm just like, look, this is literally, this is the most exaggerated form of short term pleasure that I can possibly think of. There are zero benefits to eating all of these cookies that I want to eat or eating this brownie that I want to eat. Zero benefits to this beyond the next three minutes of the time that I'm consuming this thing. That's the only enjoyable part of consuming this thing. Right after I consume this thing, it probably makes me feel bad either psychologically or physically. Makes, makes me feel bad I ate too much of it or something like that. And then you fast forward with enough time, it's bad for your health long term and makes, you know, made me overweight. I was 50, 60 pounds overweight for some time because I didn't learn this early on enough when it came to my health. And so that's why I say like you have to, there's interest that's going to be paid on that over time when you say no or when you say yes to things that are short term instead of saying yes to the thing that's better for you long term. So delaying gratification is potentially the number one, maybe number two, most common trait of the most successful people that I've talked to, because it is a purposeful choice to choose, to choose a positive state for your future self, even though it might mean something negative for you now. And if you don't learn how to do this, then this is how you end up in debt up to your eyeballs trying to keep up with the Joneses. This is how you end up 100 pounds overweight before you're 30. This is, this is the killer of dreams because you are sacrificing what you want long term to have some teeny tiny version of that thing short term. Now, that being said, I have sort of changed my tune to this recently because I finally allowed myself the pleasure, if you will, of getting a new car and a nice car. I got my wife Lexus TX for Christmas this past year. And it was something that sort of changed my opinion on this to some extent anyway, because when the first year I made six figures, I was 23 and I really, really wanted to go drive a nice car. I really wanted to go buy a nice car. And I didn't buy this vehicle for my wife until I was 33. So 10 years of delaying gratification, delaying, delaying, delaying, delaying, delaying. Not being in a car sales office for, you know, an entire decade of my life, essentially, I bought a used camry for, for 20 grand. But we paid that off and driving it was free and clear. And then I finally allowed myself to, to have this one purchase after a decade of saying no to this thing. And then it was really funny because in my mind, like, going into the dealership in the mindset of, like, I can't afford this, this is a stretch for me. And then when I actually, like, looked at the finances and looked at exactly what it was going to be, I was like, oh, this isn't even a problem now. But that would not have been the case had I tried to do it earlier. I would have put myself in a bad financial position to drive something I really wanted to drive so that I could impress other people around me and get something that I didn't really need. And so I, I have sort of changed my tune into the idea that, like, some things are worth it, not everything is worth it. And if you're going to err on one side, it's probably better to err on the side of caution and postpone the gratification to a later date. This episode of the show is brought
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Sponsor Voice
to you by AG1. I don't know about you, but I
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Travis
feel like I've been traveling quite a bit this summer and I'm leaving again next week. But you know one thing that has
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Sponsor Voice
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Travis
this episode of the
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Sponsor Voice
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Travis
People, come on.
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Travis
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Travis
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Sponsor Voice
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Travis
also do that too much where then you're delaying all gratification toward some later future date in life. That's the potential of coming true, but maybe not coming true. And then you end up being the person who is, you know, 68 years old, 72 years old, and you're sort of stove up and can't walk as well as you used to. And, but now you're going to go travel. You know, like you, you've delayed for 30 years this trip to Europe because you technically couldn't afford it back when you were 40 or when you were 36 or whatever. And then now you're trying to go live these experiences and make up for all the things that you didn't do when you were younger, when you could really enjoy them, frankly, just more, you would have enjoyed it more thoroughly when you're in better, you know, physical health and things like that. So I've sort of changed my tune a little bit to say that constant and exclusive delaying of gratification continues to punt enjoyment toward a later future date that may or may not ever come. But then the opposite side of the coin is probably the worst of those two things. If you're constantly just living in the present, meaning that you're, you're optim, you're optimizing for pleasure. And yeah, I guess pleasure would be the best word. I was gonna say joy or happiness. But those, all those things are not synonyms. You're, you're optimizing for pleasure because you're doing the thing that feels best in the moment, objectively a bad way to go throughout life. So you have to delay gratification because those, those, the, the decisions that you make that are optimized for now are by definition, not optimized for later. So this is one of the things, one of the reasons that we started this show was to highlight the idea that we can do both of these things. You do not have to choose between having zero of the things that you want now and only having them later or having everything that you want now and then being broke in retirement and having to work as a Walmart greeter just to be able to buy food and put it on your table because your Social Security checks aren't enough to be able to do that. So there's a version of life that, that is with both of them. And it comes from the idea that we gotta learn how to make more money now so that we don't have to sacrifice the future for the present and we don't have to sacrifice the present for the future. We can sort of have a combination of both of those things. Because if you're only ever optimizing for the future and not for the present, then I think that you can live in a constant state of anx. A constant state of not, not necessarily depression, but not joy either, just this sort of state of existing and being. Because the only thing that we have is the present. The future is non existent. The only thing that we have is this present moment. So you have to allow yourself some form of pleasure while also delaying enough for the gratification. So the, the, the idea to me is that you almost have to have this gratification budget where you allow yourself some, some things that you enjoy in the meantime, but you also are thinking about the future version of yourself. So what I mean by that is like you can have one scoop of ice cream, but you can't have, you can't sit on the couch with the whole half gallon of ice cream and just eat it until you feel full. Right? Those are two different versions of what we're talking about here. But you also don't have to go, I'm never touching ice cream again because my life would be a dismal gray cloud of sadness without ice cream in it. I don't feel bad at all when I have ice cream. There's the difference is I'm not eating like I used to do when I had ice cream. So you, you can, you can do both of these, but the chances are you're, you might be somebody who needs to, to delay gratification more. And maybe you need to go through a period of time where you can actually see the direct benefits of doing that. That's why I always start with health, because I think health is like the most siloed version of this activity because all of us experience this. Like there's not a person that's listening to this that wouldn't enjoy, you know, a good brownie or, you know, insert Your, your desired cheat meal here. So it, but then it's also, you see the results happen like pretty quickly, you know, within three to five weeks of a lagging effect of like if I the perfect example, it was the holiday season recently. I was pretty good health wise throughout the majority of the holiday season. Much better than I used to be back when I was, you know, 40, 50 pounds overweight obviously. But then the last week of the holiday season this year, like, like right before New Year's and after New Year's I just kind of let it go and it was probably four or five, like three weeks, four weeks now into January, four weeks into January now. And I've basically had to take almost all of January to be hyper disciplined to make up for the fact that I took one week where I said, doesn't matter, I'm going to eat whatever I want. So you health is a great example of this because you can see the immediate, the immediate effect whether it's positive or, or negative. If you're anything like me, I actually just in my actual physical feeling, I feel so much better the next morning when I wake up and go, oh, I didn't go in for seconds on that dessert or I didn't drink that second beer or third beer or whatever. And I actually feel physically better this morning because I made that decision last night. And I know that in a week from now I'll actually look better and feel better about myself as a person because I said no to this thing earlier on. The finances piece is sometimes a little bit more difficult because you might not see the lagging effect of this until you're, you know, 20 years down the road and you were disciplined enough to put all your extra money into the S&P 500. And it's compounded, you know, it's, it's, it's doubled two or three times by that point. And now you can live your life however you want to. That's like a 20 year time frame. So it can be a little bit more difficult on the finance on the financial side. So what you want to do is create these sort of quick wins of gratification in the meantime. That's why I think health is a really great place to test this out and try it out out because you can see those effects much sooner than you typically can when we're talking about like big financial decisions and things like that. So choose the. The idea is, the idea is struggle is unavoidable. You're either going to struggle now or
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Sponsor Voice
you're going to struggle Later.
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Travis
So delaying gratification promotes struggle now, but it also makes life way easier later on. Only one of those things will give you control over how your life ends up. Meaning that choosing struggle now will allow you to control, have more control anyway over the outcome of your life later versus choosing comfort now will bring inevitable struggle later on. And again, health being a great example. If you're, you know, getting getting older and you've been overweight your whole life and now you have heart problems and you can't eat this type of food, or you have to shoot yourself up with some insulin and then you, you are in the hospital or you're bedridden, but your grandkids are in town and now you can't go play with them on the floor like you would have been able to had you taken care of your health the whole time. It's like the, the logic doesn't make sense to continue to choose pleasure now rather than choosing struggle now because you're not going to avoid the struggle. The, the struggle will come. It's just one of them. I'm choosing the struggle. But it can be difficult to choose struggle because we are biologically hardwired to choose comfort. We've been. That's what survival is. It's the comfort. Which is why our whole society moves toward the seeking of comfort. Which is why if you don't purposefully engineer struggling type of event in your life now, then you're not building the muscle to be able to overcome that struggle later on when something actually does happen. So choose struggle now so that you can avoid struggle later rather than choosing comfort now and then leaving that struggle to whatever life is going to throw at you at that time. Whether it's a health problem, whether it's a financial problem, it's a marital problem, it's a relationship problem. You know, you, you choose the pleasure now of not having the difficult conversation with your spouse because it doesn't feel good to have that difficult conversation. But then that spite builds up over the next 15 years and then you divorce and you lose half your net worth and you're, and you are not able to see your, your kids or your grandkids as much as you want to because you chose not to have this really difficult conversation 15 years ago. So choose the struggle now so that you can enjoy the pleasures of life later on rather than choosing short term immediate pleasure and then sacrificing the future. So delay gratification. It is a good practice to have. But if you're somebody who was like me, maybe you do it a little tiny bit too much sometimes, you know, allow yourself to enjoy life, man, because we only get one. And if you're constantly sacrificing the present for the future and never allowing yourself any glimpse of. Of the hard work that you've been putting in, then you can, can, you know, you can end up living in this. This gray area between joy and depression because you're. You're not filling the present with positivity and things that you actually enjoy. So delay gratification. Delay gratification. Like gratification. This is something that is unequivocally a common denominator of the most successful people that I've ever talked to. So that's it for today's episode. Thanks for tuning in. Catch you guys next time. Peace.