Goal setting for kids comes after you stretch their delayed gratification muscles
You’ve probably heard about the Marshmallow Delayed Gratification experiments.
Pssst: Marshmallow smarshmallow experiments? Here’s a quick rundown for you. In the late 1960s and early 1970s psychologist Walter Mischel ran a series of tests on kids aged 4-6 from the Bing Nursery at Stanford University. Each child was offered either one small reward now (their choice of an Oreo, a marshmallow, or a pretzel stick) or a bigger reward (two marshmallows) if they held out for approximately 15 minutes. An eternity in kid time! In other words, the child could eat the yum-o food immediately, or, if they didn’t give into temptation for around 15 minutes, their reward was doubled.
What was really interesting is the finding that years later, the kids who delayed gratification were scoring higher on their SATs plus had lower body mass indices than the kids who did not delay gratification.
Note: these results are debated, and sometimes they don’t show up when others try to replicate the experiments.
But that doesn’t matter for purposes of this money lesson.
You see the thing is, I think these experiments are very related to a child’s ability to actually see their goals through. Because let’s face it, you need to delay gratification if you’re going to reach a goal. You need to not eat that marshmallow − not only today, but for many days to come − in order to reap rewards that are far greater than what you can get immediately.
I mean, learning how to delay gratification + the stick-to-it-ness to actually do so should basically be a precursor for goal setting, as it’ll naturally lead them to much more goal success than if they never understood how or why to delay gratification at all.
Worried your kid is going to be one of the ones to scarf down the marshmallow in one minute flat? Don’t worry. Keep reading.
Why Marshmallows are Super Relevant to Money Goal Setting for Kids (Not to Mention Goal Achieving)
Well…the marshmallows themselves aren’t relevant to reaching money goals, but rather the waiting for the marshmallows is.
In your own life, think about how much better finances get when you delay gratification.
:: Keeping 40% of the purchase price of a craft supply from Michael’s by delaying the purchase until Sunday when you get a new coupon in your newspaper
:: Money growth by not spending it and instead keeping it in an interest-rich savings account
:: Money growth that leads to a happy retirement by not spending today but investing instead
You might be wondering, “yeah, but, my kid is probably going to eat the marshmallow. Does that mean they’re cooked for life?”
I’ve got good news for you (and for every other parent of a kid who is impulsive…because aren’t they all to an extent?).
Why the Marshmallow Experiment Should Be More than a One-Time Thing in Your Household
You could conduct the Marshmallow Experiment right now on your child as a one-time event. And it’d probably be something fun + interesting to do.
But it turns out that delayed gratification can be a learned behavior.
*Claps hands in delight*
Why is that? In a recent interview with The Atlantic, original experimenter Walter Mischel, explains that for both adults and kids, the ability to delay gratification is actually like a muscle that people can choose whether or not to flex.
So if your goal is to get actual behavior modification − hey, if chimpanzees and some capuchin monkeys can learn it, there’s hope for any kiddo − then you want to set up something that isn’t one-and-done, but instead offers continual learning + reinforcement opportunities.
Something that will grow that delayed gratification muscle (you know the one, right next to the left bicep?) good and strong when laying the foundations for successful goal setting for kids.
And how do you make any muscle stronger?
With a little repetition + sweat.
Strengthening Your Child’s Delayed Gratification Muscle
I’ve got a plan for you to both strengthen whatever delayed gratification muscle your child already has + grow it in Money Prodigy fashion.
It’s something anyone should do before moving onto money goal setting for kids.
Once that time is up, either deliver on the goods, or start over if they already ate the chocolate coins. Remember, repetition counts here. Since delayed gratification is like a muscle, you might need to try this out a few times before some self-control is built up. And if it doesn’t work for your child this year, revisit it again next year when their brain’s natural impulses have had a chance to mature a little.