Passing the Marshmallow Test

Marshmallow Man

It’s know as the marshmallow test. In the 1960s, Stanford University researchers ran a psychological test that went something like this…A researcher would say to a test group of four-year-olds: “I am leaving for a few minutes to run an errand, and you can have this marshmallow while I am gone, but if you wait until I return, you can have two marshmallows.”

A dozen or so years later, the researchers restudied those same children and found that those who took the single marshmallow tended to be more troubled as adolescents, and they scored an average of 210 points less on SAT tests.

Yes! Self control and delayed gratification are still problems for consumers. That’s why total outstanding consumer debt is reported at $2,577,400,000 according to the Federal Reserve.

If you want to live the Debt-Free Millionaire life, get a handle on self control. Learn to wait. As Aristotle said some 2,400 years ago: “What it lies in our power to do, it lies in our power not to do.”

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