Delayed gratification and a barbell portfolio

DELAYED gratification is one of the first lessons that parents teach children. Kids are taught to eat vegetables first before eating candy. As the child grows, they are cajoled to complete homework before playing.

The idea is to get the chores done prior to doing fun stuff.

The concept of delayed gratification can be applied to one's physical health, where the adages are to exercise more and eat in moderation, and to one's financial health.

For individuals, this means spending within one's means and setting aside monies to invest. Avoid upgrading lifestyle excessively as income rises, especially in a world where income may be subject to sharp shocks, as the Covid-19 pandemic reminded us.

All this...

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