Can marshmallows determine our fate? More specifically, can our response to them determine our academic, social and financial success? Back in the 1960s and 1970s, Walter Mischel and his colleagues at the psychology department of Stanford University designed an experiment to test the ability to delay gratification in small children aged 3 to 5.
He put a marshmallow in front of the child and told them if they were able to wait 15 minutes to eat it, they would get a second marshmallow. They left the room and discreetly observed the results of how long the children would wait. Some waited longer than others.
What was interesting was that when they tracked these children over time, the ones who were able to wait and delay gratification had better academic scores and got into better colleges. It seemed like they had discovered a key link in our inherent ability to put off immediate pleasure for larger rewards later and long-term outcomes.
Through the years, this test has been refined and more nuances have been teased out, with a developing understanding of how poverty, culture and other environmental factors play a role, but as someone with 16 years’ experience in the classroom, none of these results shock me.
Students who can delay playing and distraction are those who are most often successful. They can focus on work better and get more done. They tend to be kids who read for pleasure instead of being locked to the bright lights of a screen. Of course, they get better grades, go on to better colleges and build careers in difficult fields that require years of dedicated study.
As adults, we are often faced with a larger marshmallow test. Can we ignore the flashing advertisements of our consumerist world, ignore the instant dopamine rush of retail therapy, and instead save money and invest it regularly? Can we put off the immediate benefit of spending our paycheque on fun things and instead build real wealth that can get us freedom from the daily drudgery of jobs we hate?
For most people, the answer is complicated and lies somewhere on a spectrum. They spend more during some months and save more during others. Sadly, far too many feel like investing is too complicated and give their money to “financial advisers” who sell them overly complex products that rarely benefit the person saving, but instead greatly enrich the adviser.
This is why the Financial Independence Retire Early (FIRE) movement is still on the fringes of society and not mainstream, no matter what percentage of people say they want to quit their job or be free of financial worries.
First you have to overcome an adult marshmallow test to save money, then you have to invest wisely, which requires a bit of education, and then you have to have a fairly lucky streak of no emergencies for several years to build up the nest egg that is necessary to get off the hamster wheel and achieve independence. The deck seems stacked against us from the beginning, for a lot of reasons.
A key element in building your ability to defer gratification and meet your financial goals is the support of a strong community
When the choice is between brunch with friends and saving money for some abstract future, the easy choice is to do the fun thing. I’ve known people who lived in the UAE for years, making good salaries and who had nothing to show for it, financially speaking, when they left. They had failed the marshmallow test.
Even worse, some lived beyond their means and went into debt, creating difficult legal situations and giant financial holes they had to struggle to escape for years.
A key element in building your ability to defer gratification and meet your financial goals is the support of a strong community. Finding a tribe of people who celebrate your accomplishments and give you resources that guide you on the path to financial independence is critical because you won’t feel like a weirdo when you make different and sometimes difficult choices.
In the UAE, SimplyFi on Facebook is a fantastic and free community that provides such support. There are others around the world as well, like ChooseFi, Bogleheads and the Mr. Money Mustache community. These groups are filled with people at every stage of the journey, from getting out of debt, learning to save, learning to invest, and even those who have already achieved financial independence and quit their day jobs to pursue less lucrative but more rewarding lives.
The world may be set up to make you scarf down the marshmallow of immediate gratification, but you can fight back. You don’t even have to do it alone.
Schoolteacher Zach Holz (@HappiestTeach) documents his journey towards financial independence on his personal finance blog The Happiest Teacher
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
RIDE%20ON
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UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE Tour 2020
Stage 1: The Pointe Palm Jumeirah - Dubai Silicon Oasis, 148km
Stage 2: Hatta - Hatta Dam, 168km
Stage 3: Al Qudra Cycle Track - Jebel Hafeet, 184km
Stage 4: Zabeel Park - Dubai City Walk, 173km
Stage 5: Al Ain - Jebel Hafeet, 162km
Stage 6: Al Ruwais - Al Mirfa, 158km
Stage 7: Al Maryah Island - Abu Dhabi Breakwater, 127km
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French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Indian construction workers stranded in Ajman with unpaid dues
The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
RESULT
Aston Villa 1
Samatta (41')
Manchester City 2
Aguero (20')
Rodri (30')
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
COMPANY%20PROFILE
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Brief scores:
Toss: Australia, chose to bat
Australia: 272-9 (50 ov)
Khawaja 100, Handscomb 52; Bhuvneshwar 3-48
India: 237 (50 ov)
Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)
TALE OF THE TAPE
Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm
Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm
The%20Genius%20of%20Their%20Age
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CRICKET%20WORLD%20CUP%20LEAGUE%202
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Company%20Profile
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More on Quran memorisation:
More on Quran memorisation:
