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🍪 The Value of Delayed Gratification

This visual is based off of the Stanford marshmallow experiment of 1972.

I first came across this idea in Walter Mischel’s book The Marshmallow Test: Mastering Self-control.

It was an experiment in which children were given the choice of 1 marshmallow immediately, or 2 marshmallows if they waited a while.

It reflects on the value of delayed gratification. If you are able to delay your enjoyment of something, you’ll often find that you have more to enjoy later on.

Investing is typically a great example of this. If you choose to put money into investments instead of spending it, you’ll find that it often compounds and compounds over years, resulting in much more money than you had initially invested.

Because you delayed the urge to spend that money, you now have more money to enjoy.

🕯️ But What About Living in the Moment?

This conflicts with Gillian Dunn’s TED Talk titled Change Your Closet, Change Your Life which has been viewed by over 3 million people.

In this video, Gillie summarises her talk with the saying “Don’t let your candle melt in the closet.”

She’s essentially saying that saving things for special events may not be wise, and that you should consider:

• Wearing those clothes that you were saving for special occasions

• Using the fancy crockery for an everyday dinner

• Lighting that candle that you’ve been waiting for the perfect moment

Many of us do this, right? This is especially common in video games.

If you’ve ever played something like Zelda, you’ll collect lots of useful items over the course of your adventure, only to complete the game with an inventory full of useful stuff.

I find that I’m always saving that special potion for a really tough battle, but that perfect moment to use it never comes, despite having numerous opportunities to use it earlier in my adventure to make things easier.

We ought to enjoy things when we have the chance.

🤷‍♂️ Can These Principles Co-Exist?

Yes! I am trying to embrace both of these concepts in different areas of my life.

I have recently experienced the benefits of delayed gratification in my finances as my wife and I have just bought our first house.

But we’re getting in the habit of using the “special” things for the average day. We’ll eat those cherished chocolates or spritz that fancy fragrance to enjoy them whilst we can.

For me, it’s all about applying both of these principles in the right areas.

👍 Recommendations

Here’s a couple of things that we think will compliment this week’s newsletter and will help you to get wiser:

1️⃣ The first recommendation has to be The Marshmallow Test book.

It is a fascinating read outlining the experiment, its finding and how we can apply these principles in our lives.

I’m particularly excited to apply this learning should I ever be fortunate enough to be a parent.

To read the book yourself, buy it here:

2️⃣ Whilst I’m mentioning TED Talks, it feels appropriate to reference one of my favourites: Sam Berns’ philosophy for a happy life.

Before his passing, Sam took to the stage to share his experience with the condition Progeria and how he didn’t let it stop him reaching his potential.

It’s well worth a watch:

* Please note that these may be affiliation links. Purchasing through these links could support Wisdom Made Easy encourage more people to get wiser.

✍️ What We’re Working On

In case you missed it on LinkedIn, Zac and I recently took a trip down memory lane as we wrote a blog post for the college we first met at: Nexus Institute of Creative Arts.

You can read a bit about how we met how the role that Nexus played here:

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😊 Thank You!

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Catch you in the next issue!

Thanks,
Michael and Zac!

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