On Poverty and Self-Discipline | Martin Meadow

Day 7 of the 365 days of self-discipline book covers the relationship between poverty and self-discipline. The author argues that when we are under financial stress, we become powerless, thus leading us to easily give in to temptation.

As the author rightly argues, we are best served if we ensure some financial safety by, for example, repaying our debt and build some financial cushion (e.g., emergency fund). This, he argues, will reduce the stress and, as a result, strengthen our ability to delay gratification — which leads to better decisions.

A second line of research has shown that economic stress robs us of cognitive bandwidth. Worrying about bills, food or other problems, leaves less capacity to think ahead or to exert self-discipline. So, poverty imposes a mental tax.—Nicholas Kristo