If you believe that good things come to those that wait, then would you mind borrowing me a couple of grand?

Regardless if you are on the receiving or giving end, you will appreciate this crash course in monetizing the gullible human.

During the 1960’s a seemingly bored psychologist, Walter Mischel, decided to entertain himself with a so called Marshmallow test. The test measured a child’s ability to delay gratification by offering them a choice to eat a marshmallow immediately or wait and receive two later.

The exciting question was what could possibly convince an impatient toddler to wait – and could a sales book be written about the conclusions?

The circumstances played a role. Did Professor Mischel appear trustworthy and was the test conducted in his van next to the playground?

What about the perceived value of the prize? The spoiled brat might have had s’mores waiting for him at home.

The test has produced a lot of spin-offs, some smarter than the others. A variant tested by McGuire et al experimented with the waiting time. Come to find out, if you knew how long you had to wait, you were more likely to wait. Did a distant light just go off in one corner of your cranium, or was this conclusion kind of obvious?

A variant tested by Kidd et al, was to perform the test twice and see what happens if you don’t give the second marshmallow as promised in the first round. Big surprise again. The toddler is likely to snatch the marshmallow in the second round, kick you in the shin, smash the van door on your fingers and run off with the whole marshmallow bag.

So How Do I Make Money With This Marshmallow Information?

The takeaway is that if you fail to provide your product or service in time, then be specific about the delay. Embrace instant gratification. Also, if you decide to donate money to a university, check first how estranged their professors are from reality.