Financial Wake-Up Call 3-1-2007

Financial wake-up call Money Changes Everything: In a study about delayed gratification and risk, psychologists have found that people are more willing to wait to collect a money reward than they are for any of three consumable rewards — beer, candy and soda.

For instance, if the average person were given the choice between an amount of soda right away and $50 worth of soda that they would have to wait six months to get, most people would take significantly less than $50 worth of soda now (discounting the value of the delayed soda considerably).

In contrast, the person given a choice between an amount of money right now and $50 in six months would not discount the delayed money nearly as much as the soda.

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2 Responses to Financial Wake-Up Call 3-1-2007

  1. davis says:

    I enjoyed the article about how we perceive money. Quite interesting.

  2. Nice lottery winning one…I always wondered if all winners were lousy with money…

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