#retirement #SocialSecurity #employment
It’s been said many times, in many ways: many of us don’t see how we can retire.
Perhaps we haven’t been able to save enough. Perhaps we won’t be getting the pension we were promised. Perhaps we believe Social Security will be tapped out before we can tap in. Or, perhaps we’ve been put to the curb by our employers at middle age, can’t find a comparable job and have to “retire” before we want to.
Robert Powell, editor of Retirement Weekly, discussed some of these issues in a USA Today column, published June 1, 2015.
Powell talks about postponing retirement until age 70. That’s fine, if you like your job and are able to do it. Bob Schieffer, the longtime newsman with CBS, had recently retired at age 78. But, most employers won’t exercise that much patience. Once an employee hits middle age, he or she usually begins to get messages about “early retirement.” For many employers, a middle-age worker, particularly one who has been with the company a good number of years, is taking a lot out of the company in salary and benefits. If that position is vital to the company, then it can be more economically filled with a younger, less senior person, who may bring some new energy to the company.
Now, if you are able to extend your employment, there are great benefits to waiting until age 70 to collect Social Security. Powell says your benefits could go up by 76 percent by waiting. Basically, delaying Social Security should be a no-brainer for anyone who doesn’t need the money in retirement. It’s a whole different matter if you NEED the Social Security money to survive.
Powell also talks about the longevity risk. Will you outlive your money? One way to avoid the longevity risk, assuming you’ve been able to save some money, is to only tap the dividends, interest and other earnings your money generates, without dipping into your principal. Certainly, people are living longer and the longevity risk is real. If you are already middle age, your parents and grandparents would envy the longer average lifespan you now have. If you are young, presume your average lifespan will increase further. Start saving whatever you can TODAY, and don’t touch it until you retire.
Again, this is easier said than done when you don’t earn enough at your job, your employer doesn’t offer retirement benefits of any sort etc. Take this hint: live within or below your means. If you aren’t making much, look at what you spend your money on. Buy what you can afford, when you can afford it.
If you are married, postpone having children until you are financially ready to care for them. If you are single, look to share a household with friends to lighten individual expenses.
Powell also talks about home equity. There are some famous people out there touting reverse mortgages, which are a fine solution for the property-rich, cash-poor retiree. Perhaps it’s best to consider this option a last resort. Some of the ads say you retain “complete ownership” of your home as you draw cash from the equity. Your name is on the deed still, you are responsible for all the maintenance of the home, but the lender owns whatever chunk of equity it has turned into cash for you. If that doesn’t matter to you, then check out the reverse mortgage option as a last resort.
One thing Powell doesn’t mention is the idea of re-inventing oneself. If necessity is the mother of invention, then retirement, for some, is the mother of re-invention. There are multiple ways out there to make an income, perhaps even a great income, without having a job, pension or other source of funds. For one of the best, visit www.bign.com/pbilodeau. You have to be willing, perhaps, to re-invent yourself. Or, you have to be looking for a way to cut spending and earn more money. But a retirement solution could be waiting for you, if you are willing to look at it.
The retirement picture doesn’t have to be gloomy, particularly if you are young. But it does take some thought, perhaps some habit changes or courage to re-invent. It’s OK to be afraid, but sometimes we have take action while afraid. That action, gradually or quickly, can ally our fear.
Peter
Tag Archives: Team National
STOP, LOOK, FIND THE ANSWER
#stop #look #findtheanswer
If you know what you have is good, it doesn’t matter what others think.
Don’t be quick to judge others, though they may think differently from you.
Work hard, work smartly, don’t give up!
If others don’t see what you see, don’t tell them they are blind. Find those who do see.
If what you are doing isn’t working for you, look for something that will work. Don’t necessarily give up what you have.
When circumstances turn ugly, turn the energy you would use to complain about it into vision to solve the problem.
Sometimes you have to step out of your comfort zone to step into something good.
It’s not what you have, in relation to what others have, that matters. To borrow from the late Zig Ziglar, it’s whether, and how much, you can help others get what they want.
When you step forward, don’t carry your troubles with you.
However, helping others carry their troubles is noble.
The more you give, the more you will get.
The more you take, the more you will lose.
If any of these words speaks to you, you are probably someone who has seen difficult times, even overcome them. Yet, another challenge has come.
You might be someone who knows he or she wants something different, but may not know yet what that is.
You might be someone who has spent his or her life working hard, but don’t have what you believe you deserve to show for it.
You might be someone who needs something, but is never needy.
You might be someone who craves independence, but feels boxed in.
You might be someone who feels the world has much to give, but you would love to give even more.
Perhaps you are someone who would never take advantage, but would instead empower others.
Don’t let others tell you what’s best for you. Only you know that.
At the same time, don’t tell others what’s best for them. Try to show them what might be good.
If any of these words has meaning to you, visit www.bign.com/pbilodeau. Perhaps you will find what you are looking for. Perhaps you will solve a current problem. Perhaps you will find something to give.
Looking back has seldom paid dividends. Looking forward always does.
So love, give, look until you find and drive until you thrive. Then, you will have all the best.
Peter
THE DISAPPEARING AMERICAN DREAM, PART 2: RETIREMENT PREPARATION ISN’T WHAT IT USED TO BE
#AmericanDream, #disappearingAmericanDream, #economicgrowthrates #retirementplanning
Retirement planning is complicated for Americans of all ages.
So says Jeff Reeves, editor of InvestorPlace.com, who wrote a column for USA Today. It was published in the May 10,2015, edition of The Tennessean newspaper of Nashville.
The Employee Benefit Research Institute, in a 2014 survey, found that only 64 percent of Americans have saved any money for retirement to supplement Social Security benefits. It says that roughly six of 10 Americans have less than $25,000 saved for retirement, according to Reeves’ article.
Certainly, if you are young – say, in your 20s and 30s – retirement is a long way off. Or, so you think. Time travels with break-neck speed, and 30 years can go by very quickly. It’s never too early to save, even if it’s only, say, $5 a week. That may be one visit to Starbucks that you would be sacrificing.
Your parents and grandparents probably were diligent savers. Perhaps they were disciplined and never touched their retirement money.
In their day, perhaps, jobs didn’t disappear more quickly than cake at a child’s birthday party.
If you are young, you face a daunting task of keeping a good job for as long as you want it. If you are older, say, in your 40s and 50s, perhaps you had a good job for a long time, and it’s now gone.
All this complicates saving for retirement, so that task requires extra discipline, perhaps more than your parents or grandparents had.
Despite all the gloom-and-doom reports, Social Security is likely to survive. Benefits could be reduced a bit, but it should survive. The question to ask yourself is, what kind of lifestyle will I have on Social Security alone? Even if you add in a pension, should you be fortunate enough to have one, it’s still not going to be that much. If you are a careful, disciplined person, you would have spent your whole life watching every dollar. Your retirement years should be enjoyable, not ones of deprivation.
Well, one does not have to rely on a job, pensions etc., to have a good retirement. One does not have to engage in risky, unsafe investments to get a decent return.
But, to achieve that, one has to be motivated to want to change his situation, rather than accept it and complain about it.
If you are that type of person, visit www.bign.com/pbilodeau. Check out how many people from all different backgrounds, education levels and skills are not only securing their retirement, but helping others do the same.
Many of us do not want to take handouts, but want to get what was promised to us. Promises can, and often are, broken. That’s why motivated people look outside what they are used to and find a new way to prosperity.
Now, if you are indeed young, you can save your way to prosperity. Reeves quotes John Sweeney of Fidelity Investments as saying, “we are seeing many examples of people who have $1 million in a 401(k) because they started early, they diligently contributed and kept to it.”
That’s more difficult to do as jobs come and go, and jobs, if they are replaced, are often replaced with ones paying and providing less.
But the discipline you will acquire if you diligently save and not touch those savings until later years, and put those savings in the hands of a trusted financial adviser that won’t gobble up too much in fees, you can secure potentially great retirement.
The new Voya ads talk about “orange money,” that one must put away for retirement and not spend. Designate your own “orange money,” or whatever color you deem it, so you won’t have to scrape together an old age of deprivation.
Peter
THE DISAPPEARING AMERICAN DREAM, PART 1: NUMBERS TELL PART OF THE STORY
#AmericanDream #disappearingAmericanDream #economicgrowthrates
The American Dream is disappearing, by many accounts.
America needs the 3.5% solution.
No, it’s not a chemical that will magically remove all our country’s woes.
It an economic growth rate we once saw as a nation, but for which there is no projection to ever achieve again, under current circumstances.
That’s the premise of an article by U.S. Sen. Bill Cassidy (R-La.) and Louis Woodhill, an economics writer and venture investor. The article was published May 1, 2015, in The Wall Street Journal.
Then, on May 3, 2015, Michael W. Kraus, assistant professor of psychology at the University of Illinois, Shai Davidai, a Ph.D. candidate in psychology at Cornell University and A. David Nussbaum, adjunct assistant professor of behavioral science at the University of Chicago published an article in the New York Times that says we vastly overestimate the amount of upward mobility in our society.
Finally, Peter Morici, professor of economics at the University of Maryland, says the slow job growth and low interest rates are decreasing the number of “safe” investments for savings, while allowing big companies cheap money for mergers and acquisitions. Morici’s column appeared in the May 12, 2014, edition of The Atlanta Journal-Constitution.
What does all this mean for the average working person – or, perhaps, the average person who is no longer working? If you get a new job, it will likely pay less than the one you lost. You’ll struggle to get any kind of return on what little you are able to save, if anything at all. And, the big companies will combine into entities that will put more people out of work.
Cassidy and Woodhill say the Congressional Budget Office projects a meager growth rate of 2.3% for the gross domestic product over the next decade. Meanwhile, from 1790 to 2014, the average growth rate was 3.73%, they say. However, the two men have a way they believe will help generate the kind of growth the U.S. needs to prosper: allow oil exports, and not taxing repatriated overseas profits of U.S. companies.
Cassidy and Woodhill point out another fact: had the GDP grown from 2001 to 1014 at the 3.87 annual rate it had grown between 1993 and 2000, the federal government would have had a $500 billion surplus in 2014, instead of that big a deficit. Certainly, a 1 percent difference in the economic growth rate makes a big difference in the outcome for all of us. The writers also point out that current GDP growth per person is $2,433, lower than Papua New Guinea’s.
If we are truly in for growth rates in the 2s rather than the 3s, we will certainly see a decrease in upward mobility, as the trio who wrote in The New York Times suggest.
To extrapolate more on Morici’s column, low interest rates cannot be sustained forever. Average people usually can’t go looking for riskier investments at higher returns, lest they get burned. Yet, Morici says that is what some are doing.
Let’s look at Cassidy’s and Woodhill’s recommendations. Oil-company TV ads are telling us that the U.S. is currently the No. 1 producer of natural gas, and soon to be No. 1 in oil. The tendency, after decades of buying energy ingredients from countries who hate us, is to keep all that oil and gas we are now producing to ourselves.
But Cassidy and Woodhill say we should sell some of it. Perhaps we should analyze what it would cost us to ship the oil and gas elsewhere, vs. distributing it domestically. It’s cheaper, for example to ship Alaskan oil to Japan and other Pacific nations, rather than getting it to the U.S. mainland.
Then, there are the profits U.S. companies make overseas. There are trillions of U.S. assets awaiting repatriation. But, much of that would go to taxes in the current milieu. One has to analyze whether it’s better to bring the money home, tax-free, and put it to work here, vs. allowing it to sit in foreign institutions while we still collect no taxes on it. That’s certainly worth a full vetting.
As for our own prosperity, you may be among those who have given up looking for work, or who has been forced to take a job that pays less than the one you lost. The good news: there are many ways out there to make incomes without having to have a traditional job. Sure, there is work involved, but no boss and no threat of layoffs. For one of the best, visit www.bign.com/pbilodeau.
Sometimes, when all looks bleak, there’s a huge ray of hope that will guide those who would go for it. It may require new thinking and motivation, but sitting around complaining of bleakness and wishing ill on those who have it better than you accomplishes nothing.
Peter
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WORKERS, CONSUMERS, VOTERS AND POWER
#workers #consumers #voters #power #RobertReich
As a worker, consumer and voter, do you feel powerless?
Do you feel that the world favors those with more than you, and tramples you because you might be in their way?
Robert Reich, the former U.S. secretary of labor and current professor of public policy at the University of California at Berkeley – and a frequent commentator on TV news programs — discussed this in a May 3, 2015, column in the San Francisco Chronicle.
“A large part of the reason” that people feel their voices don’t count, “is we have fewer choices than we used to have,” Reich writes. “In almost every area of our lives, it’s now take it, or leave it,” he continues.
Companies are treating workers as disposable cogs, and most working people have no choice, he says. The once-powerful private-sector unions have lost much of their clout, he adds.
As consumers, we find that as companies merge and deliberately create fewer choices, we pay the price. “U.S. airlines, for example, have consolidated into a handful of giant carriers that divide up route and collude on fares,” Reich writes. In 2005, there were nine major airlines. Now, there are four, he adds.
Even in the political arena, there is less competition because so many districts have been gerrymandered to be safe for the incumbent – or at least the incumbent’s political party. “(More than) 85 percent of congressional districts are considered ‘safe’ for their incumbents in the 2016 election,” Reich says.
What’s the average person to do? Certainly circumstances have occurred that are beyond the average person’s control. But there is also good news: the average person can take advantage, if he so chooses, of ways to combat the apparent lack of choice.
As consumers, we can, as individuals, adjust our behavior to fight the put-up or shut-up attitudes of the companies that serve us. Using the example of airlines, there isn’t much an individual can do about delays, whether they be caused by a mechanical problem, weather or some other issue. No one would want to fly unsafely just to get to a destination sooner.
But, as an example, to combat the big airlines’ recent policy of charging a fee to check a bag, we can learn to pack more carefully, so that everything fits into smaller luggage that can be carried on the plane. On full flights, if people come prepared to carry on their luggage, airlines will ask that some of the suitcases and other items be checked. Then, they cannot charge you.
As voters, we can vote defensively, if we don’t like the ideology of the candidates most likely to win. How? If your state laws allow, vote in the primary of the political party whose ideology is generally opposite yours. Find the candidate(s) with records of statesmanship, i.e. working with the other party to get things done. Vote for those candidates, even if they would not be your choice in a general election. Negotiation and compromise are the essence of governing. The problem in politics, regardless of one’s political beliefs, is too much ideology and not enough statesmanship.
Finally, as workers, we need not to think of a job as the only way to make an income. There are many other ways out there with which people, regardless of education, background or skills, can earn substantial income without having to put up with an employer’s whim. For one of the best, visit www.bign.com/pbilodeau
As for unions, they did wonders for workers and the middle class many decades ago. However, today’s global business world requires companies to have extreme flexibility and efficiency. Unions decrease both of those things, but years ago, productivity gains and other business progress occurred much more slowly. It’s best to presume that no matter what your job, and no matter how good you are at it, it will probably go away before you want it to.
In conclusion, Reich is largely correct about the state of the world, and our place in it. But, just as circumstances we can’t control can hurt us, the world has provided more options for those who choose not to tolerate those circumstances, and want to make their lives much better.
Peter
REPENT, FORGIVE AND REVERSE
#repent #forgive #180degreeturn
When we think of repentance, with think of the religious context of sinning and repenting.
Certainly, when we sin, it should give us pause.
But repentance has two parts, according to Rory Vaden, a self-discipline strategist and cofounder of Southwestern Consulting. He discussed repentance in an April 19, 2015, column in The Tennessean newspaper in Nashville.
The first part of repentance is apology. You’ve done something wrong and you beg forgiveness. But it’s the second part that we often forget about, Vaden says. That involves a 180-degree turn away from the actions from which you are repenting.
In other words, don’t just say you’re sorry and go back to doing the wrong you did. Addicts can apologize all day long, but unless they beat their addiction, they have truly not repented.
What could this mean for you? Perhaps you’ve done nothing “wrong,” yet your life does not seem right.
Perhaps no one but you notices. Perhaps YOU don’t even notice. Perhaps you’ve done everything you were told was right, yet something is missing.
That might make you ask yourself: if I’ve done everything the way I was told, why am I feeling this way? Why SHOULD I feel this way? What could possibly make me feel this way?
The feeling gnaws. One cannot control feelings. You believe there is something better out there for you, but you may not have a clue how to find it.
Yet, you rationalize, and tell yourself that mom, dad, your family and friends are still proud of you. In fact, you may have accomplished a great deal, yet you are still unfulfilled.
You may feel you have nothing to apologize to others for, for you have not sinned against them. They may even tell you how great you are, and that you are doing the right thing.
Still, you dream of better. Your family and friends may laugh at those dreams. They may encourage you to stop dreaming and get real.
Yet, your dreams are real. They come from deep inside. You know what you want, but not quite how to get it.
It may be the time to apologize to YOURSELF, then make that 180-degree turn in your life.
Your life may be like a big ship. It may not turn quickly. But it certainly can turn gradually.
The great news, if you have dreams you would like to fulfill, is there are many ways of doing so.
If you have big dreams, you may need to look for ways to fulfill them. For one of the best, visit www.bign.com/pbilodeau.
There, you will find others like you who had good lives, yet wanted more. Then, they found the way to get what they wanted, and helped others like them do the same.
The movie “Love Story” has a famous line that says “love means never having to say you’re sorry.” But telling yourself you are sorry, and fully repenting by making that 180-degree turn, can fulfill the need you have inside.
Your dreams are real. They can be fulfilled. Never, ever be sorry for dreaming.
Peter
WHEN YOU FALL, GET BACK UP
#downisnotout #getbackup #anenemycalledaverage
“The most natural thing to do when you get knocked down is get back up.”
So says John Mason, executive coach and author, who wrote the book, “An Enemy Called Average: The Keys to Unlocking Your Dreams.”
There’s always something out there either trying to take you down, or that will take you down by accident.
Perhaps you are in a job, and all you can think about is trying to survive a bad manager, or that next reorganization.
Perhaps you have a friend or relative with a horrible disease, and all you can think about are the horrible things that would happen to you if YOU got the disease.
Whatever the situation, there is probably something good to come of it. You just may not be seeing it.
In fact, there may be something even better down the road that you are not seeing, or may not even be looking for.
But you have to start with getting back up if you are knocked down, or standing tall in the face of what appears to you to be a dismal future.
Something in each of us will tell us to give up when the chips are down. Some of us are naturally optimistic. Others have to work at it.
We all have to realize, too, that we need to always be looking. Not looking, as in window shopping. Not looking, as in browsing the Internet for a magic solution. Instead, we should realize the myriad opportunities out there that we may not know about. When someone brings one of those to you, check it out.
It’s OK to say, no, that’s not for me. But to say, no, without looking is to say, “woe is me,” and giving up.
As Mason says, “average” is your enemy. Greatness is your friend. And, great is something EVERYONE can be, even if your current circumstances will not get you there.
Certainly, your current circumstances may be putting food on your table, a roof over your head and giving you other necessities in life. Don’t hastily throw that away. But, when you are not helping someone else line his pocket, take a little time to find something that will line yours.
That doesn’t necessarily mean taking a second job, though many do. A second job usually means lining yet another person’s pocket. Make sure that whatever you do in life has something wonderful at the end for you and, as a bonus, allows you to help others find their own dreams.
OK, how does one find what one is looking for? First, one has to be actually looking. And, one has to have a dream big enough to want to not just look, but act when he finds what may give him that dream. For a great place to start looking, visit www.bign.com/pbilodeau. You may not see all your answers there, but you will see ingredients that could give you what you are looking for.
So, when you fall down, do you just lie there, cry, whine and say “woe is me.” Or, do you get up, dust off and carry on? Do what Mason says is the natural thing. Don’t let what may take you down, keep you there. Get up, look around, know that the future is bright, if you make it so.
Peter
PERSISTENCE PAYS OFF
#persistence #don’tquit #don’tgiveup
If you know what you have is good, stick with it.
Don’t give up, even after setbacks.
Of course, if you find that what you have has something to be desired, try something else.
Tom Black discussed persistence in an April 5, 2015, column in The Tennessean newspaper in Nashville.
Black writes that he tells every salesperson he meets: “Persistence and determination are omnipotent.”
He tells the story of Ron Wayne, the third founder of Apple Computer with Steve Jobs and Steve Wozniak. Wayne sold his Apple shares after the first year for $300. Had he held on, he’d be one of the richest men in the world today – worth more than $40 billion.
Wayne obviously knew he had something good. But, as he admitted, “my whole life has been a day late and a dollar short,” Black quotes him.
There are many other stories out there of successful people either starting with nothing and becoming successful, or becoming successful, going broke and becoming successful again.
Most people either don’t become successful, or settle for mediocrity in their lives. Perhaps they were encouraged to crave security, do what you need to do to make a living, so that no one thinks you are a failure.
Certainly, most of these folks work hard. Some of them might even work too hard. But something is missing from the equation. Usually, it has to do with goals and dreams.
Each day, ask yourself why you do what you do. Is doing what you do going to give you want you want from life? If so, keep doing it. If not, look for something good. When you find it, stick with it and pursue it with persistence, no matter what happens to deter you, and no matter what people say about what you are doing.
Mind you, most people would advise you not to quit your day job to pursue your dream. The good news is, you won’t have to, if you find the right vehicle. If you find it, eventually you may be able to quit that day job, escape mediocrity and do something more than just make a living.
The ingredients for such a life starts with realizing you could do better than what you are settling for. Once that hits you, find what you REALLY want to do. Start pursuing it part time. If success doesn’t come quickly, don’t give up. Be persistent.
Hone your persistence by doing something related to your goal every day. That doesn’t mean using every waking hour off your day job to pursue your goal, though, for some, it’s that important. But, look for activities in your life that you can cut, or eliminate, to give you the time for your goal.
If you are not finding the vehicle to help you reach your goal, there are many out there, if you are willing to look, and know where to look. For one of the best, visit www.bign.com/pbilodeau.
In short, find your goal, find your vehicle, devote time out of your daily life to it and eventually reap the rewards. Those rewards may not be instant, and they may not come without setbacks. But if you know that what you have is good, and are persistent, you’ll eventually see results.
Staying power is lacking in most people. If you don’t believe that, ask Ron Wayne.
Peter
THE MARSHMALLOW TEST, PART 2: PUTTING YOUR MIND ON SELF-CONTROL
Though the marshmallow test was taken by 4-year-olds, other research into willpower focused on adults.
The research was highlighted in the book, “The Marshmallow Test: Mastering Self-Control,” by Walter Mischel, and discussed in a Feb. 15, 2015, column in The Tennessean newspaper of Nashville by Gregg Steinberg, professor of human performance at Austin Peay State University in Tennessee and author of “Full Throttle.”
Steinberg suggested several ways to improve one’s willpower. In the first, he advises to focus on the future. Many of us only think about today, and how we can be instantly gratified. The world moves quickly, and the advancement of the Internet and social media gives us instant results.
That can be good and bad. It’s good that we can get information instantly, but not so good if your employer reorganizes frequently and costs you a job.
This instantaneous world requires us to think about the future, because it has become so unpredictable. So, if you want to work until you want to retire, it may not happen. Expect your “retirement” to come sooner than you want, and expect that you probably won’t know when it’s coming.
That means that while you have a paycheck, put some of it away where you can’t touch it, and where you can watch it grow. It will help cushion that unexpected retirement.
Steinberg also advises to give yourself rewards. When you accomplish a goal, treat yourself. He quotes an example of hungry students. One group was given cookies and candy, the other radishes. They were asked to solve unsolvable anagrams. The ones who ate the sweets were better able to stay on task, since chocolate is more fun to eat than radishes.
Of course, part of having willpower is frequently avoiding sweet treats. But if you do something good, it’s OK to celebrate, briefly.
Finally, Steinberg says self-control is a mind-set. He quotes a study of students at final exam time. He says the students who believed their willpower was limitless did better than those who believed the opposite.
In sum, those of us with futuristic thoughts, who give ourselves periodic rewards for doing good and who put our minds to it will have good willpower.
If you are having trouble coming up with a Plan B, in case your Plan A fails you in the future, visit www.bign.com/pbilodeau. Perhaps if you see the good in there, your thoughts of the future will turn to dreams.
So celebrate appropriately. Learn to believe that waiting for something good is not only possible, but desirable.
Know where you want to be, and perhaps what you want to be doing 10, 15 or 20 years hence. Then, work toward that end. You may hit some bumps along the way, but your strong mind can guide you toward your own solutions.
Have the will. Find the way. Don’t be easily tempted to stray. The journey often is more fun than the destination. Press on with care and patience.
Peter
THE MARSHMALLOW TEST, PART 1: THE POWER OF WILLPOWER
#marshmallowtest #willpower #achievegoals
Would you pass “The Marshmallow Test?”
In his book, “The Marshmallow Test: Mastering Self-Control,” Walter Mischel describes decades of research related to willpower.
Gregg Steinberg, professor of human performance at Austin Peay State University in Tennessee and author of “Full Throttle,” discussed Mischel’s research in a column in The Tennessean Newspaper in Nashville Feb. 15, 2015.
The Marshmallow Test involves 4-year-olds. They sit at a table, each with a marshmallow in front of them. The adults leave the room for upwards of 20 minutes. The children are told, as the adults are leaving, that they will get another marshmallow if they stay in their seats, and refrain from eating the marshmallow in front of them. The children also had the option of ringing a bell on the table, after which the experimenters would return and the children could eat their marshmallows.
How would you do?
You can go to youtube.com and check out a few videos of this process, Steinberg wrote.
Steinberg writes that the researchers discovered that the more seconds the child waited before ringing the bell, the higher they rated on social and cognitive functioning when they were retested decades later, Steinberg writes.
The study found that those children who waited longest to eat their treat had higher SAT scores, lower body mass index a better sense of self-worth, pursued their goals more effectively and dealt better with stress, Steinberg writes.
As adults, some of us hate marshmallows and could sit there for hours without touching it, or ringing the bell. In the meantime, we could amuse ourselves checking e-mail on our phones, texting our friends etc.
So, we could pass the literal marshmallow test with flying colors.
We might even be able to pass the test if the marshmallow were substituted for something we love, be it chocolate, steak, etc.
We might even tell ourselves that as adults, we have far more patience than a child.
But let’s take it a step further. What goal do you have sitting in front of you that you’d love to achieve, but may find difficult to achieve?
Is it making lots of money, or having a secure retirement? Is it moving up the ladder in your company, or even just surviving in your company for as long as you want to?
Do you want your goal badly enough to do what you know you need to do to achieve it? Do you have what it takes to deal with the inevitable pitfalls that will come your way, yet not stray from your mission to achieve that goal?
If so, consider yourself passing The Marshmallow Test. Should you find yourself short of tactics to help you achieve your goal, visit www.bign.com/pbilodeau. You’ll see one of the many ways to achieve goals that your current circumstances may not help you achieve.
Life, like marshmallows, can be a bit squishy. But goals, and the willpower to achieve them, keep you firm. Stay firm. Step over life’s squishiness. Stay patient. Achieve your goals. They are there for those who wait, and work smartly.
Peter