We Should Teach The Students, As Well

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.

In Total, By Giving People $30 Bonus, Intel Lost Almost 5 Percent Of Productivity. That's A Lot. Now, Think About It. You Give Money Because You Think This Would Increase Motivation. It Actually Decreases Motivation.

When We Think About Labor, We Usually Think About Motivation And Payment As The Same Thing, But The Reality Is That We Should Probably Add All Kinds Of Things To It - Meaning, Creation, Challenges, Ownership, Identity, Pride, Etc.

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.

What Reminds You In Your Environment About Saving? Nothing.