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Dollars and Sense: How We Misthink Money and How to Spend Smarter

Dollars and Sense: How We Misthink Money and How to Spend Smarter

by Dan Ariely, Jeff Kreisler

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Overview

New York Times bestselling author, Dan Ariely, teams up with financial comedian and writer Jeff Kreisler, to delve into the truly irrational world of personal finance, blending humor and behavioral economics to help people understand the psychology behind their financial decisions and show them how they can make better ones. He entertains critical questions such as these:

  • Why is paying for things painful?
  • Why are we comfortable overpaying for something in the present just because we’ve overpaid for it in the past?
  • Why is it easy to pay $4 for a soda on vacation, when we wouldn’t spend more than $1 on that same soda at our local grocery store?

We think of money as numbers, values, and amounts, but when it comes down to it, when we actually use our money, we engage our hearts more than our heads. Emotions play a powerful role in shaping our financial behavior, often making us our own worst enemies as we try to save, access value, and spend responsibly. In Dollars and Sense, bestselling author and behavioral economist Dan Ariely teams up with financial comedian and writer Jeff Kreisler to challenge many of our most basic assumptions about the precarious relationship between our brains and our money. In doing so, they undermine many of personal finance’s most sacred beliefs and explain how we can override some of our own instincts to make better financial choices.

Exploring a wide range of everyday topics—from the lure of pain-free spending with credit cards to the pitfalls of household budgeting to the seduction of holiday sales—Ariely and Kreisler demonstrate how our misplaced confidence in our spending habits frequently leads us astray, costing us more than we realize, whether it’s the real value of the time we spend driving forty-five minutes to save $10 or our inability to properly assess what the things we buy are actually worth.

The result not only reveals the rationale behind our most head-scratching financial choices but also offers clear guidance for navigating the treacherous financial landscape of the brain. Fascinating, engaging, funny, and essential, Dollars and Sense provides the practical tools we need to understand and improve our financial choices, save and spend smarter, and ultimately live better.



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Product Details

ISBN-13: 9780062651211
Publisher: HarperCollins Publishers
Publication date: 11/06/2018
Pages: 288
Sales rank: 139,837
Product dimensions: 5.31(w) x 8.00(h) x 0.65(d)

About the Author

Dan Ariely is the bestselling author of Predictably Irrational, The Upside of Irrationality, and The (Honest) Truth About Dishonesty. He is the James B. Duke Professor of Psychology and Behavioral Economics at Duke University and is the founder of the Center for Advanced Hindsight. His work has been featured in the New York Times, the Wall Street Journal, the Washington Post, the Boston Globe, and elsewhere. He lives in North Carolina with his family.


Jeff Kreisler is just another Princeton educated lawyer turned award-winning comedian, author, speaker, TV pundit, speechwriter, and advocate for behavioral economics. The New York Times calls him "Delectable," Rachel Maddow (MSNBC) says, "You'll be laughing all the way to the bank," and his kids still think he's "cool." He specializes in money, politics, and other human encounters. His first book was the satire Get Rich Cheating. http://jeffkreisler.com

Table of Contents

Introduction ix

Part I What Is Money?

1 Don't Bet On It 3

2 Opportunity Knocks 7

3 A Value Proposition 15

Part II How We Assess Value in Ways That Have Little To Do with Value

4 We Forget That Everything is Relative 21

5 We Compartmentalize 41

6 We Avoid Pain 61

7 We Trust Ourselves 93

8 We Overvalue What We Have 111

9 We Worry About Fairness and Effort 131

10 We Believe in the Magic of Language and Rituals 149

11 We Overvalue Expectations 167

12 We Lose Control 183

13 We Overemphasize Money 197

Part III Now What? Building on the Shoulders of Flawed Thinking

11 Put Your Money Where Your Mind Is 213

15 Free Advice 225

16 Control Yourself 227

17 It's Us Against Them 237

18 Stop and Think 253

Thanks 259

Notes 261

Index 269

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