Citi: Michael Norton on Why We Don’t Buy What Makes Us Happy


One view of the mistake
that people make with their money is that they have some money
and they spend too much of it. And that’s obviously one thing
that we do wrong with our money. But actually, if you think about
how we approach our money, we kind of get it wrong
in all sorts of ways. So, we’ve worked a lot on how people
don’t spend their money in ways that make them happiest, they tend
to buy stuff that doesn’t matter, instead of things
that are meaningful. But you can also think about making
mistakes with money about just, are you even thinking about it
in the correct way at all? And are you asking
other people for advice on how to use your money
or are you just lost in your head, buying silly things
for yourself all the time? So, we’re really trying
to take a holistic view of how people think about their money
and move away from a sort of, you should save and not spend
too much, and that’s all we can say, to this really broad view
of what money can do for you in your life and whether
you’re making decisions with it that are good for you overall.

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