Your Money
Delaying gratification can sometimes backfire—so much so that the reward never comes. Research led by Jennifer Rifkin describes a phenomenon called “specialness spirals,” where people keep postponing enjoyment—like opening a cherished bottle of wine—waiting for the “perfect” occasion. Over time, the item becomes so special that no moment ever seems worthy. Ironically, this tendency intensifies during stressful periods, when treating oneself might be most needed, yet people often hold off, convinced a better moment is just ahead.
I remember The Wall Street Journal used to run a recurring “Open That Bottle” feature, urging readers to stop waiting and simply enjoy something special—because wanting to is reason enough.
In financial planning, this mindset can show up in clients who over-prioritize future security. Some delay meaningful spending during their working years and sacrifice present joy. Others, especially new retirees, struggle to shift from saving to spending, unsure how to enjoy the wealth they’ve built.
At PWM, we help clients pre-experience their financial future—using what-if scenarios, dream planning, and even worst-case simulations—to make spending feel more comfortable. After years of saving, this shift takes guidance. We help clients recognize these patterns and make confident, sustainable choices to enjoy life today—not just someday.
The Downside of Delayed Gratification
by Jacqueline R. Rifkin
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