I just wrote a monster guest post at Get Rich Slowly. Here’s an excerpt:
“…This is a common phenomenon: As Laura Levine of the Jump$tart Coalition told me, and I paraphrase, ‘Bob doesn’t want to attend his 401(k) seminar because he’s afraid he’ll see his neighbor there…and that would be equivalent to admitting he didn’t know about money for all those years.’
They also don’t like to attend personal-finance events because they don’t like to feel bad about themselves.
Yes, we should max out our 401(k) employer match, but billions of dollars are left on the table each year because we don’t. Yes, we should eat healthier and exercise more, but we don’t.
Why not? Why wouldn’t we do something that’s objectively good for us?”
Read the full article: Why your friends don’t save money, eat healthier, or clean their garages
PS–I chose the title to be about “your friends” instead of “you” strategically. The first person who can name two psychological principles for why I might have done this gets a free copy of my book. Real, peer-reviewed psychological theories, not what you saw on Dr. Phil. [Note: Someone already won!]
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