The Hidden Power of Purchase Delay

November 06, 2019 00:15:29
The Hidden Power of Purchase Delay
Abrahams Wallet
The Hidden Power of Purchase Delay

Nov 06 2019 | 00:15:29

/

Hosted By

Steven Manuel Mark Parrett

Show Notes

Your ability to delay gratification might be one of the most powerful determinants of your success in finance… heck, in all of life. 

Don’t believe me? Well, have you ever heard of the marshmallow experiment? Sure you have: some gentlemen at Stanford, back in the late 60s, offered over 600 children a choice. They were sat down at a table and a marshmallow (or similar treat) was placed in front of them. They were told they could eat the marshmallow as soon as the researcher left the room – no problem – OR they could wait 15 minutes and receive a second marshmallow to enjoy.  Some kids chomped the treat immediately, others waited and saw a 100% return on their investment.

Why do I care about this experiment? Well, the two gents who were running this experiment followed up on each group over the next several decades and found some fascinating correlations. Those who delayed gratification ended up winning at almost every stage of life in significant ways. They were described by their parents as significantly more competent as adolescents.  They had higher SAT scores, faster reaction times in an emergency situation, and were better as adults at controlling their response to alluring temptations. 

Other Episodes

Episode

January 17, 2024 01:03:31
Episode Cover

Setting Right Ambitions

Who do you want to become? Setting ambitions isn't just for 8th graders; we all have to decide which way we're headed, then plot...

Listen

Episode 0

March 02, 2022 00:57:18
Episode Cover

HOME: Vacations, Done Better

Once they get past talk of the markets and fantasy basketball (5:45) and all things LoDo (9:45), Steven Manuel and Mark Parrett finally get...

Listen

Episode 0

September 18, 2024 00:52:51
Episode Cover

Why Greed & Sex will Ruin your Life

In this episode, we're diving deep into some heavy but crucial topics. We're talking about the connection of greed and sexual immorality.  We share...

Listen