Delay of Gratification

The best ways to accomplish the delay of gratification. Personal growth and development systems can help with self-control and achieving your financial dreams.

The Significance of Delayed Gratification

Unless you have your millions handed to you, you will have to practice some form of delayed gratification to become a millionaire. Even if you do have your millions handed to you, you will have to practice delayed gratification to remain a millionaire.

It may seem like you have to wait forever when delaying gratification. Ah, but isn't it a sweet thing when you are finally able to purchase that item that you have saved for for so long.

It means so much more when it is something that took some sacrifice to achieve. This is the main reason I think it is important that my children play a critical role in paying for their own education.

Delay of Gratification in a Young Child

My three-year-old daughter absolutely loves listening to music on her mother's mp3 player. I sat down with her recently and explained that she could have her own mp3 player if she saved up her money for about three months.

When we were at the store, she insisted upon bringing her money and rather than delaying gratification by continuing to save until she had enough for the mp3 player, she spent her money on candy. As a parent that was a very hard thing to allow. I am hoping it will teach a valuable lesson, however.

The Marshmallow Experiment

Walter Mischel, an American psychologist, conducted a marshmallow experiment on four-year-olds in the 1960's. The kids were given a marshmallow to eat. They were told that if they could wait 20 minutes without eating the marshmallow, they could get a second marshmallow. Some children waited and others did not.

Researchers then followed the children into adolescence and early adulthood. The ability to wait for that second marshmallow proved to be a strong indicator of their success and happiness through school and into early adulthood.

Dr. David Walsh is a big fan of the original marshmallow test and reproduced the marshmallow experiment recently. Check out the video about Dr. Walsh's experiment here.

Have You Got What it Takes?

Will you be able to delay gratification in order to accomplish your financial goals? I really believe that if this is something that you want, you can accomplish it.

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