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When we save, everybody in the household is just suffering. By having the coin in a visible way, when you scratch, you can say the person that is in charge of the making money for the family is doing the right thing.

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
Thing
Everybody
Coin
Way
Suffering
Scratch
Family
Scratches
Making
Coins
Money
Household
Persons
Charge
Person
Visible
Right
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Money are very difficult to think about. So, we think about money as the opportunity cost of money. So, we at some point went to a Toyota dealership and we asked people, what will you not be able to do in the future if you bought this Toyota?
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People are willing to work free, and they are willing to work for a reasonable wage but offer them just a small payment and they will walk away.
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When you get a checking account, you should have a savings account, and the number for the savings account should be one off of your checking account.
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A very simple bad decision is to get into debt. And that is very expensive.
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When parents have college savings accounts for their kids, their kids show higher social and cognitive performance.
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The things that motivate us are to help other people, to feel that we're useful, to feel that we're getting better, to feel that we are kind of living to our potential, to get a sense of meaning. All of those things are positive.
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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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Once you break the social norm and create a new social norm, all of a sudden it can stay with us for a long time.
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When it comes to the mental world, when we design things like health care and retirement and stock markets, we somehow forget the idea that we are limited. I think that if we understood our cognitive limitations in the same way that we understand our physical limitations … we could design a better world.
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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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