The correlation between healthy habits and saving:
http://www.youtube.com/watch?v=4UPokvDq ... e=youtu.be
Which is also why there is probably no "danger" of there ever being an excessive number of savers.
And perhaps why the obese/unhealthy are also more likely to be impoverished.
Born to Save Study
Great interview!
He makes a leap from the idea that people have particular characteristics to saying that they are "born that way". It assumes that people who are present-oriented will always be present-oriented.
It could be learned. Nurture. Or a combination of both nature and nurture.
Here's a new study that ties diet with gene expression. If your parents fed you chocolate for breakfast, lunch and dinner as a kid you would have a different genetic response today.
Could the same be true for saving? If you modeled a parent who had a present-orientation would you be more likely to have one today? And could you do anything about it?
He makes a leap from the idea that people have particular characteristics to saying that they are "born that way". It assumes that people who are present-oriented will always be present-oriented.
It could be learned. Nurture. Or a combination of both nature and nurture.
Here's a new study that ties diet with gene expression. If your parents fed you chocolate for breakfast, lunch and dinner as a kid you would have a different genetic response today.
Could the same be true for saving? If you modeled a parent who had a present-orientation would you be more likely to have one today? And could you do anything about it?
I would say its definitely both -- a significant amount of it is cultural, but there are great variations among individuals that cannot be explained by environmental factors. Philip Zimbardo's research and book "Time Paradox" explores the big picture of this. See this video for a summary:
http://www.youtube.com/watch?v=A3oIiH7BLmg
There is a particularly funny part about the difference between Northern and Southern Italians.
I find it much easier to understand and deal with people when I understand their personal time perspectives. Its a very useful tool for social interaction (and persuasion).
http://www.youtube.com/watch?v=A3oIiH7BLmg
There is a particularly funny part about the difference between Northern and Southern Italians.
I find it much easier to understand and deal with people when I understand their personal time perspectives. Its a very useful tool for social interaction (and persuasion).
When I first started listening I was surprised at how often newly "debt free" callers on the Dave Ramsey show also mentioned having gone on a big diet over the same period. A winning participant from the TV show Biggest Loser called in once as well.
Seems to be a strong correlation and time preference (or realizing the problem and developing future tendencies) appears to be a better idea for causation than most.
Seems to be a strong correlation and time preference (or realizing the problem and developing future tendencies) appears to be a better idea for causation than most.