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In fact, go ask your friends if they’re taking full advantage of their employer’s 401(k) match. Why do so many people believe that personal finance is only about willpower? The idea goes like this: “If I just try harder, I’ll start saving more, pay off my debt, stop spending all that money, keep a budget, learn about investing, start investing, rebalance ever year…” Unlikely. And for those who do invest, added fund options increase the chances that employees will invest in ultraconservative money-market funds.”
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For every 10 funds added to the array of options, the rate of participation drops 2 percent. “…as the number of mutual funds in a 401(k) plan offered to employees goes up, the likelihood that they will choose a fund - any fund - goes down. As Barry Schwartz wrote in The Paradox of Choice: Why More is Less,
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Think about the 50+ money decisions you have to make today: Should you save more? What should you cut down on? What about investing - real estate or stocks or index funds? Pay off debt? Did you send in that Comcast bill on time? Is it time to rebalance your portfolio?įaced with an overwhelming number of choices, most people respond in the same way: They do nothing. The Psychology of Automation – by Ramit Sethi He and I both share a love of templates that enable us (and others) to duplicate results without reinventing the wheel…Įnter Ramit. I specifically asked him if I could excerpt a few of the diagrams and call scripts from his new book. Ramit and I have also able to share a bottle (OK, many bottles) of wine and laugh about the downstream effects of titles we’ve tested and chosen, as both of our book titles sound like scams to most people: The 4-Hour Workweek and I Will Teach You To Be Rich.ĭespite this self-imposed handicap, Ramit’s blog and advice have been featured in media such as NPR, The New York Times, and Fortune magazine. In a world of gurus who promote one method of investing and then follow another, it was refreshing to talk with someone who was willing to share real numbers and case studies from their experiments. I have known Ramit Sethi for several years now, first through PBWiki, which he co-founded, and later as someone I turned to with questions about the world and workings of finance. Using automation to reduce choices and dominate your money.