It is difficult for your present self and your future self to get along.
In Britain, the recent budget scrapped rules that require pensioners to buy an annuity. Beginning in 2015, it will be easier and cheaper to withdraw money from pension plans. To offset any problems, Pensions Minister Steve Webb proposes to tell people their “rough life… Continue Reading “Facts Do Not Always Add Value”
From experience, I would say most assuredly! Certainly! Procrastination exists but we do not fully understand it. We know, with certainty, that “procrastinate” is not actionable. “Procrastinate Now!” is an oxymoron. That inconsistency should tip us off to look deeper. People have an internal… Continue Reading “Is Procrastination Possible?”
My high school celebrated its 100th anniversary this weekend. Through the work of many volunteers it came off better than we could have hoped. As with all organizations of this type, a small minority of the volunteers did a large share of the work… Continue Reading “Distant Elephants”
Probably not. But should there be one, action is required, immediately. That is unlike the need for immediate action on your financial plan. There appears to be no danger to leave it. It is not at all like the tiger out there. Most people… Continue Reading “Is There A Bengal Tiger On Your Front Lawn?”
Anyone can be insurance poor. Maybe everyone is. You could be insurance poor by paying too much premium each month. Or, it could be your future self or estate who is insurance poor because the claim received because of your death or disability is… Continue Reading “What Is “Insurance Poor”?”
There are two kinds of traps. One relies on stealth – like pits covered by vines and branches. Another involves some kind of bait, like a mousetrap. No matter the type, we generally believe a trap is a bad thing. I think we can… Continue Reading “Incentive Traps”
If humans are offered two similar rewards, they will usually choose the one that comes soonest. If they have to wait, they will want a little more. We know, or at least psychologists and economists know, how that happens. Future events are “discounted” to… Continue Reading “Distant Elephants”