Imagine you have six loans, small to huge. People want to close loans and because of that, they try to pay off the small loans, but that's not the right strategy. The right strategy, of course, is to pay the loan with the highest interest rate. People make this mistake and it costs them lots and lots of money, it's a very expensive mistake because interest rates accumulate and become very, very expensive very quickly.

Once you break the social norm and create a new social norm, all of a sudden it can stay with us for a long time.

The companies that provide debt, what do you think their goal is? Is their goal for you to fully understand the cost of your debt? No. So they're basically creating these approaches to make you feel like it is incredibly cheap or just to think about the cost per day rather the cost per year or cost for a lifetime. So debt is very simple mistake.

What reminds you in your environment about saving? Nothing.

I always found the appeal to the market gods a bit odd. Why would the market fix mistakes instead of aggravating them?

Your immediate environment is comprised of coffee shops, supermarkets, websites, apps and all kinds of things - none of which have an interest in your long-term or short-term financial well-being.

The experiments show quite clearly that, as you resist more and more temptation, you're actually more and more likely to fail.