When to Take the Marshmallow

Summary

• There was a study where kids had to choose between one marshmallow now or two marshmallows later. The kids who waited for two marshmallows were usually more successful.
• The idea of waiting extends to other decisions: you'd often prefer a dollar today over a dollar in a year.
• Timing matters in choosing when to take a reward: waiting 30 minutes for two marshmallows is different from waiting three months.
• They studied giving versus taking and found that the best outcome was to give 80% of the time and take 20% of the time.
• This balance of giving and taking can lead to better results in life.

Video

How To Take Action

I would suggest implementing the marshmallow study lessons in your business or personal growth journey by focusing on delayed gratification. Instead of opting for immediate rewards, plan for long-term gains. For example, if you're an entrepreneur, reinvest profits back into your business rather than taking them out right away. This approach might seem tough at first, but it can lead to more substantial growth over time.

A good way of doing this is by setting specific goals for when you will allow yourself to take rewards. If you aim to double your revenue, make this your benchmark before you start taking a larger share of the profits.

Next, let's talk about the 80/20 rule for giving versus taking. In business, this means you should be offering value—whether through free content, excellent customer service, or helpful advice—80% of the time. The other 20% is when you can ask for something in return. For example, if you're a small business owner, spend most of your time building strong relationships with your customers and only occasionally push for a sale. This balance builds trust and long-term loyalty.

On a personal level, apply the same concept by offering help and value to your network most of the time. When you do need assistance or a favor, people will be more willing to help you out. This approach not only enhances your personal relationships but also builds a supportive community around you.

By focusing on delayed gratification and practicing the 80/20 rule for giving, you can create a sustainable and successful path in both business and personal growth.

Full Transcript

there was this thing called the marshmallow study where a group of kids was offered one marshmallow now or two marshmallows later the kids who were able to wait for two marshmallows became significantly more successful in life hooray but there's Nuance to this 30 minutes later they get two marshmallows but what if it's 3 months later the value of now just like I'd rather have a dollar today than a dollar in a year out what point is the right point to ask after you've been giving and so they did a different study on this about givers versus takers and so what they actually figured out is that the best outcome overall was an 8 out of 10 you give 80% of the time but you take 20