A Quote by Richard Thaler
Real people have trouble balancing their checkbooks, much less calculating how much they need to save for retirement; they sometimes binge on food, drink, or high-definition televisions. They are more like Homer Simpson than Mr. Spock.
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Among the small number of things that I have liked and known how to do well, what I have assuredly known how to do best is drink. Even though I have read a lot, I have drunk even more. I have written much less than most people who write; but I have drunk much more than most people who drink.
If we stop believing in a future, if we stop doing things for something else but start doing them for now, some fundamental things change. Retirement becomes less about how much money you can squirrel away now and much more a matter of participating and contributing to your own community now so that they want to take care of you. … We’re going to move into a world where your retirement will be more secure if you’ve made lots of friends with young people rather than collected lots of dollars.
I have written much less than most people who write; I have drunk much more than most people who drink.
We are on a sexual binge in this country. ... One consequence of this binge is that while people now get into bed more readily and a lot more naturally than they once did, what happens there often seems less important.
Our people work more, earn more, spend more. Here they work less, gain less, and spend less, but they are happy! That's what I think. Also, I haven't seen people here drink much, unlike Kerala, where it's almost like bread and coffee for them!
My standard comment is, 'If you don't want your kids to be like Bart Simpson, don't act like Homer Simpson.'
My standard comment is, If you don't want your kids to be like Bart Simpson, don't act like Homer Simpson.
The collateralized debt obligation, the CDO, is a structure which allows you to more or less continuously choose how much risk you want to take in a whole batch of securities. And the reason why they got us into so much trouble is that it's hard to figure out how much risk you really are taking.
As a chef, I always have in mind how to properly feed the public, but at times it's easy to forget that some people have trouble even getting any food, much less adequate nutrition.
All the poets are indebted more or less to those who have gone before them; even Homer's originality has been questioned, and Virgil owes almost as much to Theocritus, in his Pastorals, as to Homer, in his Heroics; and if our own countryman, Milton, has soared above both Homer and Virgil, it is because he has stolen some feathers from their wings.
I'm normally not a praying man, but if you're up there, please save me, Superman. Homer Simpson
Now that's a concept that's always fascinated me: the real world. Only a very specific subset of people use the term, have you noticed? To me, it seems self-evident that everyone lives in the real world - we all breathe real oxygen, eat real food, the earth under our feet feels equally solid to all of us. But clearly these people have a far more tightly circumscribed definition of reality, one that I find deeply mysterious, and an almost pathologically intense need to bring others into line with that definition.
I always tell people, it's never too late to start saving for retirement. It's not that important how much you have already saved. What's important is that you start saving. And save as much as you can. You will be amazed at how quickly it will build up.
Retirement savings is probably behavioral economists' greatest success story. It is a prototypical behavioral-economics problem because saving for retirement is cognitively hard - figuring out how much to save - and requires self-control.
We think that the more we have, the happier we will be. We never know what tomorrow might bring, so we collect and save as much as we can. This means we need a lot of money, so we gradually start judging people by how much money they have.
What you should do is wait until the end of each month, and then say, "OK, how much money do I have? How much do I need? Let me send the rest to retirement."
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