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Valuable Money Lesson from a University Experiment
Written by Steve | Published: |
In 1972, Walter Mischel, a professor at Stanford University, carried out an experiment on delayed gratification.
This is how the study went:
They put some kids in a room and placed a marshmallow before them.
They had the choice of eating that marshmallow instantly or waiting for 15 minutes to get an extra one as a reward for their patience.
As you might expect, many of the kids chose to eat their marshmallow “right now” rather than wait to enjoy two marshmallows.
It’s now 2022, many years after that experiment, and the world might still be viewed as a place that thrives on instant gratification.
Today, many people want their foods ready in less than 5 minutes rather than wait for half an hour or even more (so they may not mind eating unhealthy options).
Also, many people choose to use “quick pills” to try to lose weight rather than do it the long, hard way; workouts and healthy eating.
Even when it comes to the financial game, many people love the quick gains.
They pursue short term returns on NFTs, crypto mania and get rich quick strategies rather than play the long term game.
Now I am not against all crypto, but I am against the lottery mentality and mind-frame of lack thinking that you have to make 1,000% returns to be successful.
Typically, the outcome of such a choice is not always a favorable one because pursuing short term gains often come with a lot of risks.
You’d likely be leaving yourself vulnerable to a lot of unfortunate events that may end up robbing you of your savings.
The long-term game, on the other hand, has the potential to see your wealth grow steadily. It may happen at a slower rate, but your money will be safer and you will have peace of mind.
By the way, if you want to know ways you can play the long-term game with your money and watch it grow steadily, reply to this email to set up a consultation.