Money is all about opportunity cost. Every time you spend on something, that's something you can't spend on something else.

I don't know what exactly the translation is but when we do consume something now, something else has to give at some point.

It was shocking to realize how many low-income Americans don't have savings accounts.

that when given the opportunity, many honest people will cheat.

If we all make systematic mistakes in our decisions, then why not develop new strategies, tools, and methods to help us make better decisions and improve our overall well-being? That's exactly the meaning of free lunches- the idea that there are tools, methods, and policies that can help all of us make better decisions and as a consequence achieve what we desire-pg. 241

What people do is they pay the small loans first. Why? Because they enjoy making the number of loans smaller. But of course it is a very ineffective way to pay debt down.

For all of us, it's very hard to think about money, and because of that, we need help. In the same way that for all of us, it is hard to eat well, and we need some help. The poor have a particular challenge, which is that their life is actually much more complex - and they're much more complex cognitively.