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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.
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
People
Courses
Ineffective
Course
Loans
Small
Loan
Enjoy
Smaller
Making
Debt
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Number
First
Pay
Way
Numbers
More quotes by Dan Ariely
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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Linking financial element to energy consumption I think has a huge role if you think about a display instrument that could teach us about what we are using, how much it costs us, how much it is saving, and therefore change our decisions.
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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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The people that lend you money basically give you an answer based on the risk that they are willing to take. But just because a bank is willing to take a particular risk doesn't mean that that is the right amount for me to spend.
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...[D]ivision of labor, in my mind, is one of the dangers of work-based technology. Modern IT infrastructure allows us to break projects into very small, discrete parts and assign each person to do only one of the many parts. In so doing, companies run the risk of taking away employees' sense of the big picture, purpose, and sense of completion.
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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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Money is a wonderful invention. It lets us save, it lets us specialize, right? I couldn't be a professor if there wasn't any money. Every day I would have to raise chicken and bread and broccoli and go ahead and spend all my time trading. So, money is a wonderful mechanism.
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We usually think of ourselves as sitting the driver's seat, with ultimate control over the decisions we made and the direction our life takes but, alas, this perception has more to do with our desires-with how we want to view ourselves, than with reality.
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A very simple bad decision is to get into debt. And that is very expensive.
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It was shocking to realize how many low-income Americans don't have savings accounts.
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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.
Dan Ariely
Not all debt is bad. From time to time we should get into debt when there's a good reason for that.
Dan Ariely
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.
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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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People are irrational - and predictably so.
Dan Ariely
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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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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We have very strong intuitions about all kinds of things — our own ability, how the economy works, how we should pay school teachers. But unless we start testing those intuitions, we’re not going to do better.
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The problem with opportunity cost is that opportunity cost is divided among many, many things.
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Motivation, basically getting people to be happy at work, everybody - everybody benefits.
Dan Ariely
