The ability to delay an impulse for an immediate reward in order to obtain a more favorable reward at a future date defines what it means to delay gratification. And studies show individuals who are best at delaying gratification tend to be more successful.

Financial planning tends to give delayed gratification as it often takes years for the fruits of your investments to pay off. Tax preparation is more closely aligned with instant gratification. At most, you wait a year to receive your reward. But which is more important? We’ll get into that on today’s episode.