People Are Irrational - And Predictably So.

Not All Debt Is Bad. From Time To Time We Should Get Into Debt When There's A Good Reason For That.

I Think We Could Get People To Both Be More Productive And Happier. We're Less Productive As Individuals. We're Less Productive As Companies, And We're More Miserable.

If You Want To Spend More Money In Restaurants, Use Credit Cards More Than Cash. If You Want To Spend Less, Use Cash More Than Credit Cards. But In General, We Can Think About How To Use The Pain Of Paying And How Much Of It Do We Want. And I Think We Have Like A Range. Credit Cards Have Very Little Pain Of Paying, Debit Cards Have A Little Bit More Because You Feel Like Today, At Least It Is Coming Out Of Your Checking Account, And Cash Has Much More.

But Suppose We Are Nothing More Than The Sum Of Our First, Naive, Random Behaviors. What Then?

Money Actually Becomes Even More Difficult Than Other Things Because It's Very Hard To Imagine What The Benefits Are To Saving. So, Imagine That You See A New Bicycle, A New Pair Of Shoes, Or Something Today. You Know Exactly What You Are Giving Up If You Are Not Buying It, What Are You Gaining In The Future If You Are Not Getting It. So, You Are Giving Up The Bicycle Today, What Is It In The Future? What Will Happen If You Send Another $1,000 To Your Retirement Fund? What Difference Will It Make? It Is Very, Very Hard To Figure Out.