April 17, 2015

For Retirement or Any Savings Goal, Try Being Lazy and Self-Centered

Seems like strange advice? As much as we would like to believe that people are rational, they usually aren’t when it comes to money and deferring gratification. “What makes us really want to save? Self-actualization, says Jae Min Lee, a visiting scholar at the Ohio State University. Lee’s research finds that saving is most motivated by our search for personal fulfillment.” Lee reports it is more effective to focus on specific personalized goals like a specific vacation destination or a retirement home, rather than trying to reach a magic number like $1 million or saving “as much as I can.” Get inspired at: https://www.mainstreet.com/article/for-retirement-or-any-savings-goal-try-being-lazy-and-self-centered

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