Don't eat the marshmallow yet...

A book by Joachim de Posada which has already sold over 2 million copies caught my eye this week. It is likely to go on selling as it teaches the "sweet" secret of success.

The book begins with a Stanford study in which a young child was put inside a room with a marshmallow. The teacher told the student if she didn't eat the marshmallow for 15 minutes, she'd get another one.

Then the teacher left the room.

Upon returning the teacher discovered that MOST of the kids ate the marshmallow. BUT those who didn't - when tracked over many years, turned out more successful than everyone else.

Wonder why?

Well, it wasn't because they were smarter, prettier, had better genes or were more skilled. It was due to one thing: The ability to delay gratification a bit longer than anyone else.

Each morning, when you get up, do you 'eat the marshmallow' - metaphorically speaking? Do you do the easy thing first?

Or do you do that which will bring greater prosperity your way?

Each month, when you receive payment for work performed, do you pay yourself first and put at least 10% of all you earn away?

Or do you eat the marshmallow and pay everyone but yourself, first, so there's never anything left for yourself?

In the evening, do you eat the marshmallow by watching hour after hour of television - or talking on the phone with friends to gossip about the day?

Or do you save the marshmallow by reading, writing or working a plan to get ahead and stay ahead?

When it comes to learning something new, do you invest in products that will help you increase your economic situation, or do you eat the marshmallow by blowing your money on food and entertainment.

The UK population, government and banks have in recent years been wolfing down the marshmallow at uncontrollable speed; it may just now be time to wait. The economy will sort itself out, and quantitative easing may help. My real concern is that upping the production of marshmallows (or printing money as QE is often likened to) may have the effect of devaluing marshmallows – or in real term the pound sterling.