More than a fair share of the problem lies with Generation Y. They’ve been bred to expect and demand immediate gratification. And this mindset is very evident in the workplace.

Can your kids survive a 10 minute ride to school or the grocery store without switching on the backseat DVD player, iPod, or PSP? I believe we’re actually fostering ADHD and related diseases by feeding into childrens’ natural inclination for immediate gratification.

Technology may not be solely to blame, but the one-click immediacy of the digital world is an undeniably fertile breeding ground for the “gotta have it now!” mentality that’s pervading society. We’re going to have to work hard to help build a better, more patient attitude with the Generation Z kids.

Delayed gratification is about self control and so is financial success . . .

Our unique period of perpetual prosperity has nearly eliminated the need to delay gratification, and in fact has trumpeted and largely rewarded instant gratification as the smart choice of the cool, hip and connected.

Maybe the bad economy, the current wave of frugality and websites like this will bring us back to where we need to be.

We truly value what we earn much more than what we are just given. (The children in the video earned by waiting.) With earning comes ‘ownership’ and with ownership comes pride.

Pride in whatever we do equals success.

As a culture, we learned that we could be instantly gratified with delayed consequences. A dangerous formula.

We were kids with unhindered access to a mountain of marshmallows and we made ourselves sick.

“Wealth is in restraint, not indulgence.”

Pretty much sums this up!

If Parents and the education system would have just taught this one principle to our children 40 years ago, we would not have this medicare and SS bomb that we are having right now. We could have less people dependent on the Government for their retirement.

Even if you are like most of us and partied away your 20’s and 30’s. If at 40 you started investing 1,000 dollars a month into your company 401k at 8% interest you would have over a million in your account at age 67.

Before you have a coronary about where are you going to get 1,000 a month, well, read all of the tips on this blog. Many of you reading this probably spend over 1,000 a month on debt payments. Plus your company probably offers a match up to 6% of your income and you will be investing with pretax dollars.

So if your company matches 300 bucks, that means you only have to earn $700 pretax dollars to invest $1,000 a month. $700 pretax dollars is likely around $490 after tax dollars. So instead of spending $490 on credit card payments, you can invest $1,000 into your 401k and not know the difference in your budget.

The bottom line is if you can delay a certain amount of gratification now, anyone with a job can quite literally become a millionaire with a few minor adjustments on how they spend their money.

I could wait 15 minutes for a regular marshmallow, but not for a toasted one – mm

What if (in the kid’s minds) that good grades weren’t worth the effort?

Btw, Chuck’s video is awesome