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BUSINESS Tuesday 18 december 2018
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Liz Weston: You don't have to live by these money myths

By LIZ WESTON Personal finance types love
Associated Press this research, because it
We're told experiences are highlights the importance
supposed to make us hap- of delayed gratification.
pier than stuff — turns out Putting off spending today
that may apply mostly to in favor of investing for to-
the affluent. The famous morrow is a key to building
marshmallow test that pre- wealth.
dicts future success, based A study published earlier
on which kids can resist this year, however, found
an immediate treat? That a much smaller correlation
research has similar prob- between delayed marsh-
lems. Meanwhile, the jury's mallow consumption and
still out on whether willpow- future success — and most
er is something you can of that was explained by a
"use up." child's background.
Studies about these issues "Socioeconomic status was
shaped a fair amount of heavily tied to one's ability
personal finance advice to delay gratification," says
in recent years. The fact Tyler W. Watts , assistant
that researchers may have professor of research at
drawn incorrect or at least New York University's Stein-
incomplete conclusions hardt School of Culture,
reminds us that blanket Education, and Human
advice on money is risky. Development. "It's easier to
What works for one person delay gratification if your
may not work for the next, basic needs are met and
particularly if their financial if you have financial secu-
lives are vastly different. This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal fi- rity."
MYTH 1: EXPERIENCES nance website NerdWallet.com. MYTH 3: WILLPOWER IS A
BRING MORE HAPPINESS Associated Press LIMITED RESOURCE
Many studies have found Since 1998, researchers
people get more happiness bias: After all, the people goods or were equally hap- chase has to be really have been finding that
from spending on experi- doing the research and the py about how they spent worthwhile," says Wood. our self-control is a limited
ences than buying material journalists writing about it their money, whether on MYTH 2: MARSHMALLOWS resource that can be ex-
things. The 2003 study that tended to be middle-class things or experiences. PREDICT FUTURE SUCCESS hausted, a process known
kicked off all this research, or higher. Wood is now researching The famous "marshmallow as "ego depletion."q
however, revealed some So she and two of her why this is true, but points test" put a treat in front of
socioeconomic differenc- graduate students, Jacob to theories that people of preschoolers and promised
es: People's preference for C. Lee and Deborah L. higher socioeconomic sta- that if they didn't eat it,
experiences wasn't univer- Hall, examined 23 studies tus tend to be more focused they could have two treats
sal and rose with income. and conducted three of on self-development, while after 15 minutes. Research-
Until recently, those differ- their own focusing on so- those with fewer resources ers found that preschoolers'
ences hadn't been further cioeconomic background. focus more on getting their ability to put off eating the
explored by researchers. Their findings echoed the money's worth. marshmallow correlated
Wendy Wood, professor of original study, showing that "If you have a restricted with academic perfor-
psychology and business people with less education budget and you can only mance and better stress
at the University of South- and income were happier spend a small amount of management when they
ern California, suspected after purchasing material money, then each pur- were older.