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Mastering Delayed Gratification to Build Wealth Over Time
With the help of simple commitment devices
Most of us are probably familiar with the Stanford Marshmallow Experiment, conducted by psychologist Walter Mischel as part of a study on delayed gratification at Stanford University. It’s the one where children were offered a choice between a one marshmallow now, or two marshmallows if they waited for a while.
The now-famous study found that children who could delay gratification and wait longer for a bigger reward tended to have better life outcomes in various areas throughout their lifetime, including future SAT scores, overall educational attainment, debt and income levels, and body mass index.
The Stanford experiment has never been more relevant than it is today, at a time when technological advancements have led to a society where instant gratification has become the norm.
Whether we want to read a book, listen to a song, or play a game, we can do it instantly, via a device we keep in our pocket. We can shop for food, clothes, and pretty much anything else from that same device, often having it delivered almost instantly. So delaying gratification has become — in many cases — a somewhat pointless inconvenience.