Article Repost: Smart remedies for foolish spenders
Updated: Dec 19, 2017
Making bad money decisions is a hallmark of humanity, but lessons from behavioral economics can help improve our personal finances.
By Dan Ariely and Jeff Kreisler
Published: November 17, 2017 Retrieved from: The Wall Street Journal
Most of us think about money a lot: how much we have, how much we need, how to get more, how to keep what we have and how much our neighbors, friends and colleagues make, spend and save. Luxuries, bills, opportunities, freedom, stress—money touches every part of modern life, from family budgets to national politics, from shopping lists to savings accounts.
Thinking a lot about money would be fine if, by thinking more about it, we were able to make better decisions. But that’s not the case. As innumerable studies in behavioral economics have demonstrated across a range of situations, making bad money decisions is a hallmark of humanity. We’re fantastic at messing up our financial lives. Click here to access WSJ.com for the full article.