Jul 6 2012
Are you the type of person who likes to spend your money as soon as you earn it? Or do you prefer to wait so you can buy something bigger and better in the future?
The Marshmallow Experiment
A famous experiment called the Marshmallow experiment found that children who delay gratification tend to be more successful than those who don’t. In this experiment, scientists gave children one marshmallow and told them they could eat the treat now, or wait until they returned and get two marshmallows instead. The study found that children who were able to wait for two candies were more likely to graduate high school and become successful.
What if I Can’t Wait – Am I Doomed?
No. What’s important to know is that delaying gratification can be learned! Your brain is a muscle and exercising it can change negative behavior if you follow a few simple steps.
Focus on Goals
First, write a plan for what you desire. Seeing your plan will make it easier to achieve. Next, post a picture of your goal and refer to it when temptation strikes. After your picture is posted, visualize using your new item. These steps will help you focus on the future and avoid impulse buys that can set back your goal.
Learn to spend less than you make and save money for a rainy day to be on the path to financial success. The power is all in your mind. Learn to practice self-control and you’ll be happier and more successful when you’re my age.
Have you ever delayed gratification for something you’ve wanted? How did you feel when you finally achieved your goal? Share your experience in the comments.