Stanford psychologist Walter Mischel offered a choice of a marshmallow or pretzel stick to a child (their preference) and then left the room for 15 minutes.

In follow-up studies (SAT scores, educational attainment, body mass and other things), children who could wait longer and delay gratification were shown to have better life outcomes.

Today we’re bombarded with FOMO (fear of missing out), attention addictions and relationship challenges caused by digital devices.

The takeaway is the more we can learn to delay gratification, the happier we are.

If you measure happiness like billionaire Ray Dalio of Bridgewater hedge fund, then his words may resonate with you:

“Once you realize that deferred gratification will improve you, you begin to count and say how many days, months, weeks, or years can I live if I don’t spend the money I have coming in”.

The ability to defer gratification is directly associated with happiness and financial success.