You just finished dinner and are offered this choice:
1 cookie now or 2 cookies after tomorrow's dinner.
Which do you choose? Some will wait until tomorrow, most will take the cookie now. They just finished dinner and want their dessert.
Here is another proposal, would you rather one cookie 30 days from now or 2 cookies in 31 days.
How about one in 720 days or 2 in 721 days?
Notice that the wait time between 1 and 2 cookies is the same 24 hours. However the further out we push the delayed gratification, the easier it makes the wait.
This aspect of human nature was observed by University of Chicago Economist Richard Thaler (@R_Thaler).
Delayed gratification is a necessary element of compounding returns. You cannot play the long game if you are ruled by your immediate desires. You cannot grow a forest if you continually cut down the trees for consumption.
Understanding that there is a time frame in the future when delayed gratification becomes easier to accept is a powerful tool. How long will vary by person. But as always in this game, knowing yourself will pay dividends.