Great things come to those who wait. Ever heard that before? The trouble is humans are basically hard hired to want it – NOW. It’s been proven that people who wait (they call it delayed gratification) are more successful in their relationships, health, and business.

The power of delayed gratification is a key element in being able to reach our ultimate goals. It’s more fun to spend than to save now, or not realise your boring job today is merely a stepping stone to tomorrow. Delayed gratification builds willpower and character that bring tremendous returns down the road.

I was talking to a very successful real estate principal last week about delayed gratification – and more particularly the Stanford Marshmallow Experiment.This experiment involved a group of children aged 4-6 years who were given one marshmallow and then left in a room alone for 15 minutes. They could either eat the marshmallow now, or wait 15 minutes and receive a second marshmallow. As you would expect, some children ate the marshmallow while others waited and received another one.

Researchers followed these same children through to high school and found those that were able to delay gratification were more motivated, dependable, and achieved significantly higher grades. Just four years ago these same people (now adults) showed that the delayed gratification characteristics have remained unchanged with these individuals. Delayed Gratification is a choice for the individual. Take it now, or have something bigger and better later on.

Here’s 5 delayed gratification strategies that will help you achieve your long term goals faster.

1. Stick to your Values

You’ll make the right choices that lead to happiness and success when you know what’s important to you.

2. Have a Plan

The plan reminds you of your choices and reinforces the processes of delaying gratification.

3. Prioritise

Know what’s important to you and what you want to achieve to help you make choices.

4. Know what you Want

Set clearly defined goals. Understand what you want to achieve in the long term.

5. Reward Yourself

No one says this is easy, it’s not. Depending on the size of your goals it may take weeks, months, even years to achieve them. Reward yourself along the way in the knowledge that delayed gratification is getting you where you want to go. 

I mentioned earlier the principal that I spoke to about delayed gratification and the Marshmallow Experiment – he practices these principles in his real estate business – everyday. Does it work? 15 years ago, the principal set a goal that he would one day sell a particular house in his area. It was the most prestigious house in the area, so he got to know the owner and has being building a relationship with them, and providing valuable information and feedback – for the last fifteen years! Two Saturdays ago, he sold the property at auction and earnt a $110,000 fee – he told me this sale was his marshmallow. The children waited 15 minutes, he waited 15 years.