the marshmallow study...

...is something you probably read about. It came up on public radio this morning, with someone telling how children are tested by tempting them with marshmallows. (Which would be a no-brainer for me, as marshmallows are on my list of things I hope to never put in my mouth again.) Someone did a test/research project where small children are given the option of eating the marshmallow right now, or postponing the eating. If they can resist the temptation to grab and gobble, they will get two marshmallows after fifteen minutes. Some did, some didn't. Some ate it immediately, while some were able to restrain themselves long enough to double the pleasure.

You would, of course, have to know about marshmallows - and I am sure there are lots of places in the world where little people do not have the marshmallow experience. And then you would have to have the self control to be able to wait, which is generally not a strong suit for youngsters. Plus and abundance of patience. Able to sit and fidget for what would seem like forever when you were looking at the temptation, right there before your eyes and feeling like the clock was running backwards, interminable seconds slowly ticking by.

The study was mentioned in reference to how people can make financial decisions. The kids who were able to wait out the timer, and double their pleasure by receiving the second, after the allotted time were more likely to be 'savers'. Better able to discipline themselves as they mature to set funds aside for some large goal that would not be instantly available. Postponing fun today, in the effort to gain some greater desired object in the future.

This made me think about the people I raised, who are financially independent, fully functioning adults. I've had conversations recently about 'rainy day funds' and the importance of setting aside a portion of income to invest/grow/accumulate interest over time. Hopefully to start now,  with the idea of interest making interest, compounding over time to create a decent nest egg for retirement years. Much of the investment advice for those of middle age or later is directed at looking out for oneself, rather than being pressured into supporting the next generation. So the 'interest' you take in savings or investing should be focused on assuring the next generation you will not be dependent on them.

Years and generations ago, it was not uncommon for homes to be multi-generational within one dwelling, with grandparents, aunts/uncles/extended family to live under the same roof as a younger couple with children. Not always the perfect situation, but often a necessity.  I've let my family know of a long term health care plan that will cover aging issues should I not be able to live independently. We all hope that never happens, but like a Good Scout: better to Be Prepared.