Not all debt is bad. From time to time we should get into debt when there's a good reason for that.

Money actually becomes even more difficult than other things because it's very hard to imagine what the benefits are to saving. So, imagine that you see a new bicycle, a new pair of shoes, or something today. You know exactly what you are giving up if you are not buying it, what are you gaining in the future if you are not getting it. So, you are giving up the bicycle today, what is it in the future? What will happen if you send another $1,000 to your retirement fund? What difference will it make? It is very, very hard to figure out.

Why would you take money out of your paycheck at the beginning of the month when you don't know how much money you'll need?

We should teach the students, as well as executives, how to conduct experiments, how to examine data, and how to use these tools to make better decisions.

Money is very difficult to think about. So, we think about money as the opportunity cost of money. So, we at some point went to a Toyota dealership and we asked people, what will you not be able to do in the future if you bought this Toyota? Now, you would expect people to have an answer. But people were kind of shocked by the question. They never thought about it before. So, the most we got was people said, "Well, if I can't buy this Toyota, if I buy this Toyota, I can't buy a Honda." What is this thing? What is this value of price? Very hard to think about it.

With everything you do, in fact, you should train yourself to question your repeated behaviors.

The idea that you will make the right decision every time is very unlikely.