You may not know him, but the latest Nobel Prize winner knows a lot about your relationship with money. Professor Richard Thaler, author of the best-selling book “Nudge,” was awarded the prize in October for his contributions to the field of behavioral economics—essentially, the study of how and why we make real-life financial decisions.
A lot of behavioral economists’ research centers around the fact that we’re pretty much hard-wired to go against sound economic reasoning and to make a big mess of our finances. But we’re not doomed to failure. We can use what they’ve learned about how our brains work—for and against us—to set ourselves up for success.
Here are four ways Nobel Prize winners say we can do just that.
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