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suzukabunny's review against another edition
5.0
Love this one. Tons of tips about saving and investing and averse spending.
ekarcha's review
5.0
Behavioral economics explained in easy to understand analogies and financial concepts made very accessible. Highly recommend Dan Ariely’s works to anyone and everyone.
kimball_hansen's review against another edition
5.0
A must read, especially for audio. The narrator was great for this book. He's British and did nice satirical tones. Some of the material was a little repetitive towards the end but most people need to hear this stuff twice and even three times. Some silly things we do: go on a $10,000 vacation and spend 20 minutes looking for free parking. Or spend a fortune at a nice hotel and buy an expensive drink even though you can get a cheaper drink next door.
You know, the Buddhist and his followers should be very happy because so many people are living in the now and not even thinking about the future, financially. About 16% of NFL players file for bankruptcy. About 68% of NBA players are in financial trouble within five years.
Notes:
Whenever money is added to any decision it becomes a lot more complex.
The opportunity cost of money is when we spend money on one thing. Its money that we cannot spend on anything else now or in the future.
Rationally, money = opportunity costs = value.
Bargains make us feel special and smart. They make us believe we're finding value where others haven't.
Relativity and pricing is often the easy choice but not often the wisest choice. When something is on sale it's easier to buy that product than the same product at the same price not on sale; we need to find the products absolute value first. I've been doing that since I got married and now grocery shop on a regular basis. I have a general idea of how much I should pay for certain items. It's fun when that happens. I feel like I'm working the system and not being an idiot.
Relativity leaks into every aspect of our lives. Happiness is less of a reflection of our actual happiness and more of a reflection in which the ways we compare ourselves to others. In some ways regret is just another version of comparison We compare ourselves to how something should have been in our lives had we made different choices.
Pain of spending money stimulates the same area of our brain as does physical pain.
It's easier to spend a gift card then it is real money because it feels like payment has already been made. The separation of payment and when you actually use what you've paid is what makes you spend more money because it feels painless like it's already paid for or that it's free. You feel better consuming things that you've already paid for in advance. This pain of simultaneously paying or using the product isn't necessarily bad but it just makes you acutely aware of your payment. That's why I love flying because I spent money months in advance for the ticket.
Research shows just a suggestion of credit cards like its logo induces people to spend.
The highest priced item generate revenue by getting people to buy the second highest priced item. I need to be aware of this.
When there is a market price for something we pay that price (the anchor price). An anchor price can be any number no matter how random so long as we associate it with a decision. That decision gains power and influences our further decisions moving forward. There is no market price for smelling shoes so if you ask a 100 different people what they'd spend to smell shoes you will get prices all over the place.
Steve Jobs had to make an anchor when he introduced the iPad because it was the first of its kind (even though there were tablets long before the iPad, shame on you Dan, do your research) and Steve did an anchor of $1,000 because people said that that's what they would pay for it and then cut that in half as the real payment so he could still get more money out of us because he established that anchor. What a hero you are Steve. Not.
The endowment effect is the idea that we value something higher simply because we own it. The endowment effect is similar to loss aversion that Daniel Kaneman came up with - you value gains and losses differently. You feel the pain of a loss stronger than you do the magnitude of pleasure. The pain of losing $10 is stronger than winning $10. Yes it is. People don't like contributing to their retirement accounts because it feels like they're giving up something that they can have now. Your loss if this is you.
The cell phone approach is known as aggregating losses and segregating gains and it plays on loss aversion giving us one painful loss and several pleasurable gains. Infomercials do this too by their multiple uses device and one small payment.
The harder it is to create something the more ownership and love we have towards it. This is called the Ikea effect. Similarly, people want items more when they have them in the hands. Companies do this by giving out a trial offer that gives you a sense of ownership. We consider something more valuable for having used it.
The principle of fairness changes our perception of value. We discount things that are unfair. Things that are fair or unfair is largely about effort. Like upselling an umbrella during a rainstorm. It doesn't require any more effort to produce or sell so it shouldn't cost more. It's unfair. But the principle of supply and demand agree with this principle.
Fairness is a function of effort and effort is shown through transparency.
Language changes how we value good services and experiences of all kinds. It doesn't change the actual product itself but our perception of it is changed. This richer language shows that more effort has been put into the product. And we will pay top dollar for it (think of those dumb fancy wines that are so eloquently described, they're no better than what you can get at the gas station). This reminds me when Andy from the Office is trying to help Michael listen in on David Wallace's conversation with Jim and Andy describes the "rare" cheeses so eloquently. I'm sorry but there was no YouTube clip for which to indulge.
Expectations help fill in our vision of the future. They also alter the events before it happens and while it's happening. So the real question is: do expectations help enhance or disappoint life's experiences?
Before the theft of the Mona Lisa in 1911 it wasn't very popular but after it was stolen all of a sudden people wanted to see it because surely something that was stolen had to be valuable. Dumb Mona Lisa.
I want to read [b:Predictably Irrational: The Hidden Forces That Shape Our Decisions|1713426|Predictably Irrational The Hidden Forces That Shape Our Decisions|Dan Ariely|https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/books/1255573980l/1713426._SY75_.jpg|3074803] now but the dang lie bury doesn't have it on audio.
46% of financial planners don't have retirement accounts. I read this part right before going to meet with our financial adviser. Fortunately Rich (that's his name. Neat huh?) is a great guy and has retirement accounts.
You know, the Buddhist and his followers should be very happy because so many people are living in the now and not even thinking about the future, financially. About 16% of NFL players file for bankruptcy. About 68% of NBA players are in financial trouble within five years.
Notes:
Whenever money is added to any decision it becomes a lot more complex.
The opportunity cost of money is when we spend money on one thing. Its money that we cannot spend on anything else now or in the future.
Rationally, money = opportunity costs = value.
Bargains make us feel special and smart. They make us believe we're finding value where others haven't.
Relativity and pricing is often the easy choice but not often the wisest choice. When something is on sale it's easier to buy that product than the same product at the same price not on sale; we need to find the products absolute value first. I've been doing that since I got married and now grocery shop on a regular basis. I have a general idea of how much I should pay for certain items. It's fun when that happens. I feel like I'm working the system and not being an idiot.
Relativity leaks into every aspect of our lives. Happiness is less of a reflection of our actual happiness and more of a reflection in which the ways we compare ourselves to others. In some ways regret is just another version of comparison We compare ourselves to how something should have been in our lives had we made different choices.
Pain of spending money stimulates the same area of our brain as does physical pain.
It's easier to spend a gift card then it is real money because it feels like payment has already been made. The separation of payment and when you actually use what you've paid is what makes you spend more money because it feels painless like it's already paid for or that it's free. You feel better consuming things that you've already paid for in advance. This pain of simultaneously paying or using the product isn't necessarily bad but it just makes you acutely aware of your payment. That's why I love flying because I spent money months in advance for the ticket.
Research shows just a suggestion of credit cards like its logo induces people to spend.
The highest priced item generate revenue by getting people to buy the second highest priced item. I need to be aware of this.
When there is a market price for something we pay that price (the anchor price). An anchor price can be any number no matter how random so long as we associate it with a decision. That decision gains power and influences our further decisions moving forward. There is no market price for smelling shoes so if you ask a 100 different people what they'd spend to smell shoes you will get prices all over the place.
Steve Jobs had to make an anchor when he introduced the iPad because it was the first of its kind (even though there were tablets long before the iPad, shame on you Dan, do your research) and Steve did an anchor of $1,000 because people said that that's what they would pay for it and then cut that in half as the real payment so he could still get more money out of us because he established that anchor. What a hero you are Steve. Not.
The endowment effect is the idea that we value something higher simply because we own it. The endowment effect is similar to loss aversion that Daniel Kaneman came up with - you value gains and losses differently. You feel the pain of a loss stronger than you do the magnitude of pleasure. The pain of losing $10 is stronger than winning $10. Yes it is. People don't like contributing to their retirement accounts because it feels like they're giving up something that they can have now. Your loss if this is you.
The cell phone approach is known as aggregating losses and segregating gains and it plays on loss aversion giving us one painful loss and several pleasurable gains. Infomercials do this too by their multiple uses device and one small payment.
The harder it is to create something the more ownership and love we have towards it. This is called the Ikea effect. Similarly, people want items more when they have them in the hands. Companies do this by giving out a trial offer that gives you a sense of ownership. We consider something more valuable for having used it.
The principle of fairness changes our perception of value. We discount things that are unfair. Things that are fair or unfair is largely about effort. Like upselling an umbrella during a rainstorm. It doesn't require any more effort to produce or sell so it shouldn't cost more. It's unfair. But the principle of supply and demand agree with this principle.
Fairness is a function of effort and effort is shown through transparency.
Language changes how we value good services and experiences of all kinds. It doesn't change the actual product itself but our perception of it is changed. This richer language shows that more effort has been put into the product. And we will pay top dollar for it (think of those dumb fancy wines that are so eloquently described, they're no better than what you can get at the gas station). This reminds me when Andy from the Office is trying to help Michael listen in on David Wallace's conversation with Jim and Andy describes the "rare" cheeses so eloquently. I'm sorry but there was no YouTube clip for which to indulge.
Expectations help fill in our vision of the future. They also alter the events before it happens and while it's happening. So the real question is: do expectations help enhance or disappoint life's experiences?
Before the theft of the Mona Lisa in 1911 it wasn't very popular but after it was stolen all of a sudden people wanted to see it because surely something that was stolen had to be valuable. Dumb Mona Lisa.
I want to read [b:Predictably Irrational: The Hidden Forces That Shape Our Decisions|1713426|Predictably Irrational The Hidden Forces That Shape Our Decisions|Dan Ariely|https://i.gr-assets.com/images/S/compressed.photo.goodreads.com/books/1255573980l/1713426._SY75_.jpg|3074803] now but the dang lie bury doesn't have it on audio.
46% of financial planners don't have retirement accounts. I read this part right before going to meet with our financial adviser. Fortunately Rich (that's his name. Neat huh?) is a great guy and has retirement accounts.
sunsun886's review against another edition
3.0
""We've all undoubtedly heard a lot about ' value'. Value reflects the worth of something, what we might be willing to pay for a product or service. In essence, value should mirror opportunity cost. It should accurately reflect what we're willing to give up in order to acquire an item or experience. And we should spend our money according to the actual value of different options."
"We have always assessed valued in ways that are not necessarily connected to value at all."
"Happiness too often seems to be less a reflection of our actual happiness and more a reflection of the ways in which we compare ourselves to others."
"In some ways, the concept of regret is itself just another version of comparison. With regret, we compare ourselves- our lives, our careers, our wealth, our status- not to other people, but to alternative versions of ourselves. We compare ourselves to the selves we might have been, had we made different choices. This too, is often neither healthy nor useful."
"Emotional Accounting. Emotional money laundering can take many forms. We might cleanse badly tainted money by first spending it on serious things like paying down debt, or on virtuous ones, like buying ice cream- for an orphanage. We we do something we think is good, it eliminates the bad feelings associated with the money, making us free to spend.This type of emotional money laundering is certainly not rational, but it makes us feel good."
"Malleable mental accounting. When we allow ourselves to classify expenses ambiguously and when we creatively assign expenses to different mental accounts. In a way, that helps us trick the account owner (ourselves). We manipulate our mental accounts to justify our spending, allowing us the luxury of overspending and feeling good about it."
"The end of an experience is very important. Think of closing prayers at religious services, dessert at the end of a meal, or goodbye songs at the end of summer camp. Ending on a high note is important because the end of an experience informs and shapes how we reflect back on, remember, and value the entire experience. "
"The pain of paying is the result of two distinct factors. The first is the gap between the time when our money leaves our wallet and the time we consume the good for which we've paid. The second factor is the attention we give to the payment itself. The formula is: pain of paying = time + attention. "
"These 'advances' certainly make paying easier. Frictionless. Painless. Thoughtless. If we don't even know something's happening, how can we feel it? How can we understand the consequences? "
"Herding and Self-Herding. Herding is the idea that we will go with the crowd, that we assume something is good or bad based upon other people's behavior. If other people like it, or review it well, or beg to see it, do it, or pay for it, we'll be convinced it's good. We assume something is of high value because others appear to value it highly. (ie: yelp).
Self-herding is the second, more dangerous part of anchoring. Self- herding is the same fundamental idea as herding, except that we base our decisions not on those of other people, but on similar decisions we ourselves have made in the past. We assume something has high value because we valued it highly before. We value something at what it 'normally' or has 'always' cost, because we trust ourselves with our own behaviors. We remember that we've made a specific value decision over and over, so without spending the time and energy to evaluate that decision over and over, we assume it was a good one."
" People like Gregg Rapp, a restaurant consultant, say the highest- priced items actually generate revenue by getting people to buy the second - highest priced items. This is decoy pricing using anchoring and relativity."
"The less we know about something, the more we depend on anchors."
"An anchor price can be any figure, no matter how random, so long as we associate it with a decision. That decision gains power and influences our future decisions moving forward. Anchoring shows the importance of early decisions about pricing, that they establish a value in our heads and affect our own value calculations going forward."
" Anchors gain their long-term impact with a process called ARBITRARY COHERENCE. The basic idea is that, while the amount that participants were willing to pay for any item was largely influenced by the random anchor, once they came up with a price for a product category, that price students in the above experiment were asked to bid on two products within a category 2 wines an 2 computer accessories. Did the decision about the first (wine or keyboard) affect the second in the same category? The answer is yes. "
"Endowment effect is deeply connected to Loss aversion. The principle of loss aversion, first proposed by Daniel Kahneman and Amos Tversky, holds that we value gains and losses differently. We feel the pain of losses more strongly than we do the same magnitude of pleasure. And it's not just a small difference- it's about 2x."
"Imagine that right now you were not married to this person, and you knew about her everything you now know, but you've just been friends for the last 10 years. Would you now propose to her?"
"How much of his conflict came from thinking about the past, from overvaluing the time and energy he'd already sunk into his marriage, rather than looking forward, to the time and energy he'd use in the future, regardless of the previous investment?"
"Ownership changes our perspective. We adjust to our level of ownership and it becomes the baseline by which we judge gains and losses.
One way to overcome the traps of ownership is to try to separate ourselves psychologically from the things that we own, in order to more accurately assess their value. We should think abut where we are now and what will happen going forward, not where we came from.This is of course, much easier said than done, especially when we tend to put so much emotion, time, and money into our lives and into our possessions- our homes, our investments, and our relationships."
"Language can shape how we frame our experiences. Language can make us pay extra attention to what we consume and direct our attention to specific parts of the experience. It can help us appreciate our experiences more than we might otherwise. "
" The physical thing itself hasn't changed, but our experience of it has and so has our willingness to pay for it. Language is not just describing the world around us, it influences what we pay attention to, what we end up enjoying and what we don't."
"This use of language creates what author John Lanchester calls 'priesthoods' - using elaborate ritual and language that is designed to bamboozle, mystify, and intimidate, leaving us with a feeling that we are not sure what's being talked about but that as long as we use the service of these qualified people we will be in expert hands."
"Rituals connect a single experience to many other past and future experiences just like it. That connection gives the experience extra meaning by causing it to become part of a tradition that extends back to the past and forward into the future."
"Rituals make food seem tastier, events seem special-er, and life seem life-ier. They make experiences feel more valuable. Like consumption vocabulary, rituals make us stop and focus on what we're doing. They enhance our enjoyment of consumption because they give us greater involvement in that consumption. But rituals go a step beyond consumption vocabulary because they also involve some activity on our part, and they also involve meaning. In the process they can enhance almost any experience."
"The difference between our choice about now and our choice about the future is simply that decisions made in the present involve emotion, whereas decisions made about the future do not. "
"Money is a curse and a blessing. It's a wonderful thing to have money as a medium for exchange, but as we've learned, it often misdirects us and influences us to focus on the wrong things. For an antidote, a bit of moneyless reframing helps from time to time. Consider the underlying trade-offs between things and other things instead of between things and money. If you're happy with the trade-off go for it. If you're not, think again, and again. And again.
No matter our station in life, we believe it is important that instead of thinking about life decisions in terms of money, we think about them in terms of life."
"When it comes to making financial decisions, what should matter are opportunity costs, the true benefit a purchase provides, and the real pleasure we receive from it compared to other ways we could spend our money.
What should NOT matter in a perfectly rational world?
-Sale prices or 'savings' or how much we're spending at the same time on something else (relativity)
-Classification of our money, where it came from, and how we feel about it (mental accounting)
-Ease of Payment (pain of paying)
-First price we see or previous prices we've paid for a purchase (anchoring)
-Sense of ownership (endowment effect and loss aversion)
-Whether we give in to the temptations of the present (self-control)
-Ease of comparing the price of a product, experience or widget.
Remember: those things do not affect the value of a purchase (even if we think they do) there are other factors that would not change value if we were perfectly rational, but since we are full of quirks, they end up changing the value of our experiences. These include:
-words describing something and what we do at the time of consumption (language and rituals)
-How we anticipate the consumption experience, rather than what its true nature is (expectations) "
"Remember, our lack of self-control is due to discounting the future - because we are not emotionally attached to it- and to our willpower's failure to overcome the temptations of the present. So how can we increase self- control? By connecting to our future and resisting temptation."
"Use simple tools to help us imagine our future self more vividly, specifically, and relata"bly. It can be as simple as having an imaginary conversation with an older 'us'. Or we can write a letter to an elderly version of ourselves. We can also simply think about what our specific needs, desires, greatest joys, and toughest regrets will be when we're 65, 70, 95, 100. "
"The struggle to improve our financial decision-making isn't just a struggle against our personal flaws; it's also against systems designed to exacerbate those flows and take advantage of our shortcomings. Consequently, we must fight harder. We must individually adapt our thought processes to think more wisely about how we spend our money. And, as a society (assuming we want the people around us to make better money decisions), we must also design systems to be compatible with how we think about money so that our choices benefit us, and society, not those who might exploit and abuse our flawed thinking."
"We have always assessed valued in ways that are not necessarily connected to value at all."
"Happiness too often seems to be less a reflection of our actual happiness and more a reflection of the ways in which we compare ourselves to others."
"In some ways, the concept of regret is itself just another version of comparison. With regret, we compare ourselves- our lives, our careers, our wealth, our status- not to other people, but to alternative versions of ourselves. We compare ourselves to the selves we might have been, had we made different choices. This too, is often neither healthy nor useful."
"Emotional Accounting. Emotional money laundering can take many forms. We might cleanse badly tainted money by first spending it on serious things like paying down debt, or on virtuous ones, like buying ice cream- for an orphanage. We we do something we think is good, it eliminates the bad feelings associated with the money, making us free to spend.This type of emotional money laundering is certainly not rational, but it makes us feel good."
"Malleable mental accounting. When we allow ourselves to classify expenses ambiguously and when we creatively assign expenses to different mental accounts. In a way, that helps us trick the account owner (ourselves). We manipulate our mental accounts to justify our spending, allowing us the luxury of overspending and feeling good about it."
"The end of an experience is very important. Think of closing prayers at religious services, dessert at the end of a meal, or goodbye songs at the end of summer camp. Ending on a high note is important because the end of an experience informs and shapes how we reflect back on, remember, and value the entire experience. "
"The pain of paying is the result of two distinct factors. The first is the gap between the time when our money leaves our wallet and the time we consume the good for which we've paid. The second factor is the attention we give to the payment itself. The formula is: pain of paying = time + attention. "
"These 'advances' certainly make paying easier. Frictionless. Painless. Thoughtless. If we don't even know something's happening, how can we feel it? How can we understand the consequences? "
"Herding and Self-Herding. Herding is the idea that we will go with the crowd, that we assume something is good or bad based upon other people's behavior. If other people like it, or review it well, or beg to see it, do it, or pay for it, we'll be convinced it's good. We assume something is of high value because others appear to value it highly. (ie: yelp).
Self-herding is the second, more dangerous part of anchoring. Self- herding is the same fundamental idea as herding, except that we base our decisions not on those of other people, but on similar decisions we ourselves have made in the past. We assume something has high value because we valued it highly before. We value something at what it 'normally' or has 'always' cost, because we trust ourselves with our own behaviors. We remember that we've made a specific value decision over and over, so without spending the time and energy to evaluate that decision over and over, we assume it was a good one."
" People like Gregg Rapp, a restaurant consultant, say the highest- priced items actually generate revenue by getting people to buy the second - highest priced items. This is decoy pricing using anchoring and relativity."
"The less we know about something, the more we depend on anchors."
"An anchor price can be any figure, no matter how random, so long as we associate it with a decision. That decision gains power and influences our future decisions moving forward. Anchoring shows the importance of early decisions about pricing, that they establish a value in our heads and affect our own value calculations going forward."
" Anchors gain their long-term impact with a process called ARBITRARY COHERENCE. The basic idea is that, while the amount that participants were willing to pay for any item was largely influenced by the random anchor, once they came up with a price for a product category, that price students in the above experiment were asked to bid on two products within a category 2 wines an 2 computer accessories. Did the decision about the first (wine or keyboard) affect the second in the same category? The answer is yes. "
"Endowment effect is deeply connected to Loss aversion. The principle of loss aversion, first proposed by Daniel Kahneman and Amos Tversky, holds that we value gains and losses differently. We feel the pain of losses more strongly than we do the same magnitude of pleasure. And it's not just a small difference- it's about 2x."
"Imagine that right now you were not married to this person, and you knew about her everything you now know, but you've just been friends for the last 10 years. Would you now propose to her?"
"How much of his conflict came from thinking about the past, from overvaluing the time and energy he'd already sunk into his marriage, rather than looking forward, to the time and energy he'd use in the future, regardless of the previous investment?"
"Ownership changes our perspective. We adjust to our level of ownership and it becomes the baseline by which we judge gains and losses.
One way to overcome the traps of ownership is to try to separate ourselves psychologically from the things that we own, in order to more accurately assess their value. We should think abut where we are now and what will happen going forward, not where we came from.This is of course, much easier said than done, especially when we tend to put so much emotion, time, and money into our lives and into our possessions- our homes, our investments, and our relationships."
"Language can shape how we frame our experiences. Language can make us pay extra attention to what we consume and direct our attention to specific parts of the experience. It can help us appreciate our experiences more than we might otherwise. "
" The physical thing itself hasn't changed, but our experience of it has and so has our willingness to pay for it. Language is not just describing the world around us, it influences what we pay attention to, what we end up enjoying and what we don't."
"This use of language creates what author John Lanchester calls 'priesthoods' - using elaborate ritual and language that is designed to bamboozle, mystify, and intimidate, leaving us with a feeling that we are not sure what's being talked about but that as long as we use the service of these qualified people we will be in expert hands."
"Rituals connect a single experience to many other past and future experiences just like it. That connection gives the experience extra meaning by causing it to become part of a tradition that extends back to the past and forward into the future."
"Rituals make food seem tastier, events seem special-er, and life seem life-ier. They make experiences feel more valuable. Like consumption vocabulary, rituals make us stop and focus on what we're doing. They enhance our enjoyment of consumption because they give us greater involvement in that consumption. But rituals go a step beyond consumption vocabulary because they also involve some activity on our part, and they also involve meaning. In the process they can enhance almost any experience."
"The difference between our choice about now and our choice about the future is simply that decisions made in the present involve emotion, whereas decisions made about the future do not. "
"Money is a curse and a blessing. It's a wonderful thing to have money as a medium for exchange, but as we've learned, it often misdirects us and influences us to focus on the wrong things. For an antidote, a bit of moneyless reframing helps from time to time. Consider the underlying trade-offs between things and other things instead of between things and money. If you're happy with the trade-off go for it. If you're not, think again, and again. And again.
No matter our station in life, we believe it is important that instead of thinking about life decisions in terms of money, we think about them in terms of life."
"When it comes to making financial decisions, what should matter are opportunity costs, the true benefit a purchase provides, and the real pleasure we receive from it compared to other ways we could spend our money.
What should NOT matter in a perfectly rational world?
-Sale prices or 'savings' or how much we're spending at the same time on something else (relativity)
-Classification of our money, where it came from, and how we feel about it (mental accounting)
-Ease of Payment (pain of paying)
-First price we see or previous prices we've paid for a purchase (anchoring)
-Sense of ownership (endowment effect and loss aversion)
-Whether we give in to the temptations of the present (self-control)
-Ease of comparing the price of a product, experience or widget.
Remember: those things do not affect the value of a purchase (even if we think they do) there are other factors that would not change value if we were perfectly rational, but since we are full of quirks, they end up changing the value of our experiences. These include:
-words describing something and what we do at the time of consumption (language and rituals)
-How we anticipate the consumption experience, rather than what its true nature is (expectations) "
"Remember, our lack of self-control is due to discounting the future - because we are not emotionally attached to it- and to our willpower's failure to overcome the temptations of the present. So how can we increase self- control? By connecting to our future and resisting temptation."
"Use simple tools to help us imagine our future self more vividly, specifically, and relata"bly. It can be as simple as having an imaginary conversation with an older 'us'. Or we can write a letter to an elderly version of ourselves. We can also simply think about what our specific needs, desires, greatest joys, and toughest regrets will be when we're 65, 70, 95, 100. "
"The struggle to improve our financial decision-making isn't just a struggle against our personal flaws; it's also against systems designed to exacerbate those flows and take advantage of our shortcomings. Consequently, we must fight harder. We must individually adapt our thought processes to think more wisely about how we spend our money. And, as a society (assuming we want the people around us to make better money decisions), we must also design systems to be compatible with how we think about money so that our choices benefit us, and society, not those who might exploit and abuse our flawed thinking."
libroscdv's review against another edition
3.0
Le habría puesto menos nota, pero soy una floja y me sabe fatal.
Es un libro interesante como experimento sociológico, pero no es un libro con el que aprender a mejorar nuestra gestión del dinero.
Hay muchos otros libros de finanzas personales que aportan mucho más y en muchas menos páginas.
Es un título curioso por los ejemplos y tiene algunos conceptos interesantes, pero no necesitan las 441 páginas que tiene para explicarlos.
Es un libro interesante como experimento sociológico, pero no es un libro con el que aprender a mejorar nuestra gestión del dinero.
Hay muchos otros libros de finanzas personales que aportan mucho más y en muchas menos páginas.
Es un título curioso por los ejemplos y tiene algunos conceptos interesantes, pero no necesitan las 441 páginas que tiene para explicarlos.
heidenkind's review against another edition
3.0
More like 3.5 stars. I LOVED the beginning, which was fascinating, funny, and very engaging. I learned a lot! Unfortunately the later chapters felt repetitive and some topics were beaten to death. Still, I'd recommend this book to anyone who wants to "spend smarter" and get more enjoyment out of what they use money for.
lunalullaby's review against another edition
4.0
Dan Ariely books are always fascinating to me. There was a lot of interesting info in this. At the same time, it made me understand and feel like I can relate to the general population even less than before so in a way it kind of confused me. Some of my pet peeves (stores that perpetually discount and coupon with inflated prices vs just having lower always prices) were talked about a lot and how the average person acts the opposite and would prefer the former. People, in general, are irrational.
benrogerswpg's review against another edition
2.0
It was good, but not anything as good as any other Ariely books.
2.7/5
2.7/5