#135 Wellth Talks - Delay the Marshmallow

In this episode of "Wellth Talks," hosts Garry Kelly and Niall Leyden explore the importance of delayed gratification in achieving long-term success and fulfilment. They discuss society’s shift toward instant gratification, share scientific studies and real-life examples from sports and business, and highlight how patience, discipline, and doing hard things now can lead to greater rewards in health, wealth, and personal growth. The conversation encourages listeners to embrace discomfort, plan for the future, and make mindful choices for lasting well-being.

Disclaimer: Niall Leyden is the Founder of Atlantic Wealth Management Limited, a firm that is regulated by the Central Bank of Ireland to advise on and arrange a range of financial products. Please note that Niall’s comments in this podcast are made in a personal capacity and are not recommendations or financial advice and do not form part of Atlantic Wealth Management Limited’s regulated activity.

Introduction and Podcast Overview (00:00:00)

Brief intro to the podcast, hosts, and invitation for listener engagement.

Instant Gratification in Modern Culture (00:01:13)

Discussion on society’s shift towards instant gratification, especially among younger generations and technology’s role.

Generational Differences and Progress (00:02:00)

Reflection on generational changes, evolving lifestyles, and the impact of progress on expectations.

Delayed Gratification: The Marshmallow Test (00:03:16)

Explanation of the Stanford marshmallow test and its implications for success in life.

Benefits of Delayed Gratification (00:04:11)

Scientific findings on how delaying gratification leads to better outcomes academically, socially, and financially.

Sport Examples: Max Crosby and NFL (00:05:09)

Story of NFL player Max Crosby’s resilience, long-term goals, and the importance of hard work during setbacks.

Persistence in Success: J.K. Rowling & Rory McIlroy (00:07:03)

Examples of J.K. Rowling’s rejections and Rory McIlroy’s dedication, highlighting persistence and resilience.

Financial Planning and Need vs. Want (00:07:58)

Discussion on resisting spending, saving for the future, and distinguishing between needs and wants.

Childhood Lessons and Instant Spending (00:08:35)

Comparison of past and present attitudes towards money, credit, and the consequences of instant gratification.

Team Meetings: Need vs. Want in Business (00:09:24)

Applying the need vs. want principle in business decisions and team discussions.

Eat the Frog: Tackling Hard Tasks First (00:10:11)

Introduction to the “eat the frog” concept—doing difficult tasks first to improve productivity and reduce procrastination.

Uncomfortable Conversations and Business Reality (00:11:58)

Importance of having tough conversations in business and personal finance to achieve long-term goals.

Tradeoffs for Desired Lifestyle (00:13:16)

Exploring the tradeoffs required for achieving a good lifestyle, especially regarding spending and saving.

Teaching Children Delayed Gratification (00:13:36)

Personal story about teaching a child to save and work for a desired toy, reinforcing delayed gratification.

Health as Ultimate Delayed Gratification (00:15:01)

Emphasizing health as the ultimate form of delayed gratification and the importance of long-term thinking.

Winter Training and Long-Term Benefits (00:15:42)

Reflection on gym training during winter and how short-term discomfort leads to long-term rewards.

Do Hard Things Now for an Easier Life (00:17:03)

Concluding thoughts: doing hard things now leads to an easier life later; encouragement for listeners.

Outro and Call to Action (00:17:21)

Closing remarks, encouragement to share the podcast, and invitation to join next week.