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Rainy day savings are incredibly important, because from time to time, bad things happen. And if you're not prepared for that, it's going to be really terrible.
Dan Ariely
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Dan Ariely
Age: 57
Born: 1967
Born: April 29
Economist
Pedagogue
Professor
Psychologist
University Teacher
Writer
New York City
New York
Going
Savings
Really
Incredibly
Things
Saving
Time
Prepared
Terrible
Happen
Happens
Important
Rainy
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Giving up on our long-term goals for immediate gratification, my friends, is procrastination.
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that when given the opportunity, many honest people will cheat.
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The major thing that holds you back when you're trying to change a bad habit like eating, smoking, or drinking too much is your belief you are out of control.
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With everything you do, in fact, you should train yourself to question your repeated behaviors.
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If I gave you now, $10 as a gift, how happy would you be? Would you be happy, is the marginal $10, the best use of $10 you can use? Of course not. If I have you a CD, you know exactly what you are getting and you will have a value for it. So, money has lots of problems with it.
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We need to believe that we're good people, and we'll do just about anything to maintain that perception.
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The most difficult thing is to recognize that sometimes we too are blinded by our own incentives. Because we don’t see how our conflicts of interest work on us.
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We are all far less rational in our decision-making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless: they are systematic and predictable. We all make the same types of mistakes over and over, because of the basic wiring of our brains.
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The companies that provide debt, what do you think their goal is? Is their goal for you to fully understand the cost of your debt? No. So they're basically creating these approaches to make you feel like it is incredibly cheap or just to think about the cost per day rather the cost per year or cost for a lifetime. So debt is very simple mistake.
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But suppose we are nothing more than the sum of our first, naive, random behaviors. What then?
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It is very difficult to make really big, important, life-changing decisions because we are all susceptible to a formidable array of decision biases. There are more of them than we realize, and they come to visit us more often than we like to admit.
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The problem with opportunity cost is that opportunity cost is divided among many, many things.
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The real issue is, how much goodwill do you invest in the work? And goodwill is not something that we can buy with money. It's very hard to buy goodwill with money.
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Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.
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What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.
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I don't think we should go around life and being miserable all the time and feel the pain of paying. It's a question of what categories we want to spend more on and what categories we want feel that we are spending too much on and we want to cut down.
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I don't know what exactly the translation is but when we do consume something now, something else has to give at some point.
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You can think about life as a battle between you and a doughnut shop. The doughnut shop wants you to eat another doughnut and pay the money, and you want to do it in the short term, but in the long term it's not good for you either financially or from a health perspective.
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