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Tag Archives: study

Trick Yourself Into Spending Less and Saving More

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Last week we learned about cognitive biases–patterns of flawed judgment or irrational thinking that trick us into making poor decisions, or acting against our best interests. Often, these cognitive biases compel us to spend money foolishly; but we can also use them to trick ourselves into spending less, and saving more. The denomination effect, for example, refers to the tendency ...

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Don’t eat that marshmallow!

Study

How often do you allow your immediate wants or needs derail your future financial goals? Whether you’re putting money away for retirement or saving for a planned expense, all of your hard work and progress can be doomed by a single moment of weakness. In October, 1970, a Stanford University psychology professor named Walter Mischel devised an experiment to measure ...

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