“Poor people always place enjoyment ahead of investment or achievement.’’ – KOFI BOAKYE ANTWI
Today I share with you one of the basic reasons why many people remain poor in life. It is culled from my book “10 Reasons Why You Are Broke.’’ Every chapter of the book has a practical well- researched story that justifies the reason why some are broke. Enjoy this illustrative story.
The story of Illustration: (THE MARSHMALLOW EXPERIMENT)
40 years of Stanford researchers found that people with the quality of delayed gratification are more likely to succeed. In the 1960s, a Stanford University Professor named Walter Mischel conducted an experiment on delayed gratification using children who were 4 or 5 years old. It became popularly known as ‘The Marshmallow Experiment’. The experiment began by bringing each child into a private room, sitting them down in a chair, and placing a marshmallow on the table in front of them. The researcher then offered a deal to the child.
The researcher told the child that he was going to leave the room and that if the child did not eat the marshmallow while he was away, then they would be rewarded with a second marshmallow. However, if the child decided to eat the first one before the researcher came back, then they would not get a second marshmallow. So the choice was simple: one treat now or two treats later.
The researcher left the room for 15 minutes. As you can imagine, the footage of the children waiting alone in the room was rather entertaining. Some kids jumped up and ate the first marshmallow as soon as the researcher closed the door. Others wiggled, bounced and scooted in their chairs as they tried to restrain themselves, but eventually gave in to the temptation a few minutes later. And finally, a few of the children did manage to wait the entire time.
As the years rolled on and the children grew up, the researcher conducted follow up studies and tracked each child’s progress in a number of areas. What he found was surprising. The children who were willing to delay gratification and waited for the second marshmallow ended up having higher SAT scores, lower levels of substance abuse, better responses to stress and better social skills as reported by their parents.
The researcher followed each child for more than 40 years and over and over again, the group who waited patiently for the second marshmallow succeeded in whatever capacity they were measuring. This experiment proved that the ability to delay gratification was critical for success in life.
If you can delay spending all you earn today, you can have all you desire tomorrow. Don’t follow the dictates of money. Money is not meant to be spent. Carefully use your financial resources and delay your gratification.
Get your copy from Amazon.com/Kofi Boakye Antwi and read more from the book ‘’10 REASONS WHY YOU ARE BROKE’’.