$1m now. Or $3m in 10 years. Which would you pick?

This is a fun little hypothetical question to ask yourself.

I got the idea for this post while completing an online survey. It was more of a scientific experiment than a regular survey. It appeared to be collecting data on where peoples threshold is for instant gratification compared to being prepared to wait.

This is the scenario I'm putting you in now. Try and visualise it.

Imagine we're stood together in a street in front of two doors and I have a magic gold key to give you.

If you choose to enter the blue door on the left you'll immediately get $1million or your local currency equivalent.

If you choose to enter the red door on the right you'll activate a bank transfer that will send $3million to your bank account, but, it won't go into your bank until 10 years from today.

Which do you pick? Think about it properly, there's no time limiter.

Pick a definite decision before reading on and be clear why you chose that door.

How did you decide which door to open?

So you've made your choice, which one did you go for?

The balance between instant gratification and long-term gain is a tricky one. I find that you tend to not really know what you'll do until faced with the dilemma and you mull it over.

I expect some people would take the instant million thinking that they can invest it and increase the balance significantly anyway, in that case why wait!

I expect others who have a solid job and don't need the money may be more willing to play it safe and wait.

But 10 years is a hell of a long-time to be waiting for such a thing! No matter what age you are life can be cruelly taken away at any moment. Imagine never getting to see your 3milli!

However the difference is huge so maybe it is worth waiting for. $3million will allow a lavish lifestyle for the rest of your life, even if you're only 20 now, and 30 when the cash is received. 

Of course there's no right or wrong here. But keep thinking about it and see whether you think your decision was the right one or you begin to regret it as you mull it over. Is it greedy, impatient and undisciplined to want it now, or is it actually greedy to wait and get 3x as much? So many emotions can play a part in it, including fear and desire for quick gratification.

Thanks for playing along. Its a silly little hypothetical question, but interesting to consider where your seesaw tips from wanting instant cash compared to waiting long-term.

For me I'd take the million bucks and head straight down to the dealership to drop 50k on a nice new car! That'd be a treat, then the entire rest of it would get invested.