Spending Money vs Saving Money

Economic activities can be split into two types: visible (like buying things such as fruits or toys) and non-visible (such as saving money, paying debts, and buying insurance). People tend to focus more on visible spending, but saving money is equally important. While spending might make your family or neighbors happy, they might not fully appreciate the value of saving. This creates an imbalance between visible and non-visible economic actions in our lives.

Watch more of this short video from The Many Ways Our Irrational Minds Sabotage Our Wealth | Dan Ariely, Behavioral Economist.

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