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.

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

Even the most analytical thinkers are predictably irrational; the really smart ones acknowledge and address their irrationalities.

There's something about [cyclically] doing something over and over and over that seems to be particularly demotivating.

People are irrational - and predictably so.

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

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.