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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.

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
Checking
Savings
Account
Saving
Accounts
Number
Numbers

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The problem with opportunity cost is that opportunity cost is divided among many, many things.
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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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A very simple bad decision is to get into debt. And that is very expensive.
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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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Not all debt is bad. From time to time we should get into debt when there's a good reason for that.
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Thinking is difficult and sometimes unpleasant.
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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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In life we encounter many people who, in some way or another, try to tattoo our faces.
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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 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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Honesty is a complex and tricky thing, and we don't want to be honest all the time.
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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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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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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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It was shocking to realize how many low-income Americans don't have savings accounts.
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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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People are irrational - and predictably so.
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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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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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