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

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.

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

individuals are honest only to the extent that suits them (including their desire to please others)

What reminds you in your environment about saving? Nothing.

Money are 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?

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.