You might have heard about the Marshmallow Experiment originally done at Stanford University in 1972. It’s said to be one of the most famous social science researches. The idea of the test was to give a child a marshmallow and tell them that they can have a second one if they can go without eating the first one while the adult leaves the room. The research suggests that if the child is patient enough to wait for the other marshmallow, it indicates they are prioritising delayed gratification over instant gratification. Therefore, passing the test is said to be a promising signal of future success.

Whether this specific test is a true indication of one’s success or not, it certainly teaches us a great lesson on long-term success and wealth; these don’t tend to happen overnight and therefore, we need to learn to control our impulses and delay gratification to achieve more-valued rewards in the future. For example, by resisting the impulse of buying new shoes or a watch, you can save the money for your long-term goals, such as a dream house, an investment property or a sabbatical year travelling. Money Marshmallow is here to help you with your long-term goals while enjoying life in the process! If you want to know more about the marshmallow test and its connection to personal finances, read my article ‘The Marshmallow Test: 3 Science-Based Tips to Money Success‘.