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It was shocking to realize how many low-income Americans don't have savings accounts.
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
Lows
Americans
Realize
Realizing
Savings
Many
Shocking
Saving
Accounts
Income
More quotes by Dan Ariely
We should teach the students, as well as executives, how to conduct experiments, how to examine data, and how to use these tools to make better decisions.
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A very simple bad decision is to get into debt. And that is very expensive.
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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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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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In life we encounter many people who, in some way or another, try to tattoo our faces.
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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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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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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 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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We need to believe that we're good people, and we'll do just about anything to maintain that perception.
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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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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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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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For all of us, it's very hard to think about money, and because of that, we need help. In the same way that for all of us, it is hard to eat well, and we need some help. The poor have a particular challenge, which is that their life is actually much more complex - and they're much more complex cognitively.
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With everything you do, in fact, you should train yourself to question your repeated behaviors.
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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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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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When you're in pain, tomorrow doesn't exist - just the pain - and the only thing that you want in the world is for it to go away.
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People are irrational - and predictably so.
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One of the big lessons from behavioral economics is that we make decisions as a function of the environment that we're in.
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