Why do we procrastinate about financial decisions when we know that putting them off hurts us in the long run? Why do we splurge today instead of saving for retirement? And when is the brain at its prime in terms of decision-making? Harvard economist David Laibson joins DailyFinance's Laura Rowley in New York's Central Park with his insights.

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Retirement, until a good paying job comes along it will be a thing of the past

November 21 2011 at 3:31 AM Report abuse rate up rate down Reply

When I tell young folks, if they are lucky enough to have a job and get a raise, that they should save and invest every penny of the raise to help ensure their future and retirement, they look at me like I'm zombie wanting to feast on them.

November 19 2011 at 12:18 PM Report abuse +2 rate up rate down Reply

Lefties that live in my house say it is a constitutional right to be able to throw acid in the faces if NYC Policemen if they are wall street protesters. This shows how sick the left is,

November 17 2011 at 9:29 PM Report abuse +1 rate up rate down Reply
3 replies to dabrownman's comment

People can no longer spend today and say they forgot to save for retirement. That is like saying you never heard smoking and drinking till drunk every day was bad for your health. People don't save because they have no self discipline, have no shame, can never be satisfied, are greedy, envious and think someone who did save will be forced, against their wills, to pay for their retirement too. Sorry, it's not going to happen - not ever. But, of course they know that.

November 17 2011 at 9:19 PM Report abuse +5 rate up rate down Reply
1 reply to dabrownman's comment

@dabrownman, AMEN! It's all about greed and self-control. I personally would very much like to have a Benz convertible, but I drive a 12-year-old Ford and it gets me there and back just fine. Now, I could buy a Benz with my meager savings, but I recognize a want vs a need.

November 19 2011 at 11:24 AM Report abuse +2 rate up rate down Reply
1 reply to Greg's comment

Yes being thrifty and disciplined are two of the great character attributes required for success. There are hundreds more but only they cause failure every time - Fear. pride and ego. Avoid these at all costs. Having no self control, no shame and never being satisfied are a deadly mix but the heart of every Marxist posing as a socialist, liberal, progressive democrat.

November 19 2011 at 12:08 PM Report abuse +1 rate up rate down

On the news last night and through the day today, heard Congressmen being interviewed and they were asked about it being Legal for Congress Members to engage in INSIDER TRADING over the years and the percent of Multi-millionaires in Congress as verses the general population and it was like talking to Schultz on Hogans Heros - It was "I Know Nothing, I Hear Nothing, I See Nothing"! The fact remains that as the Congress has written the laws, it is LEGAL for THEM & ILLEGAL FOR THEIR FELLOW CITIZENS! The Multi-millionaire Congressmen/women, Take A Salary, all the PERKS, Demand Certain Types Of Planes & Whatever Else They Can Get Their Hands On, Then Speak To The American People About Shared Sacrifice! Why Even The President's Dog Gets To Ride In His Own Plane, To & From "Vacation"! Nice!!

November 17 2011 at 6:41 PM Report abuse +6 rate up rate down Reply
2 replies to gmydogbud's comment

They would opt themselves out of Hell if they thought they could get away with it. The only problem we have as Americans is who we elect to vote for us in Congress and lead our once great nation. But that too will pass in 2012.

November 17 2011 at 9:25 PM Report abuse +3 rate up rate down Reply

@gmydogbud, I saw this story on 60 Minutes, it was disgusting. The Congresspeople say it's perfectly legal, but if you or I did it, we would be in jail.


November 19 2011 at 11:25 AM Report abuse +1 rate up rate down Reply

Did anybody hear Nancy Pelose stuttering all over her self when asked about - INSIDER TRADING" ? She is in this up to her ears!

November 17 2011 at 2:59 PM Report abuse +8 rate up rate down Reply
1 reply to gmydogbud's comment

@gmydogbud, they all are. It was funny how on 60 Minutes they did show a picture of her at some point, not during the segment itself but somewhere, perhaps it was a commercial. But 60 Minutes seem to communicate that both parties are involved in it, even though they didn't blatantly say that.

November 19 2011 at 11:27 AM Report abuse +1 rate up rate down Reply

You never get the chance of saving money because the cost of everything goes up by the day, while income remains the same or less these days (unless your a poltician you will never see that side)...don't need a scientist brain to figure that one out!!!

November 17 2011 at 1:12 PM Report abuse +3 rate up rate down Reply
1 reply to erind03's comment

Obama's head of the Fed says there is no inflation at all and certainly not enough toeven worry about. You must be lying because we all know the Messiah never lies.

November 17 2011 at 9:26 PM Report abuse +4 rate up rate down Reply

This sounds like an article for the working person, which the republicans are not in favor of............

November 17 2011 at 11:49 AM Report abuse -4 rate up rate down Reply
1 reply to toosmart4u's comment

Wrong nottoosmart. Dems love to spend other people's money.

November 17 2011 at 12:09 PM Report abuse +4 rate up rate down Reply
1 reply to savemycountry911's comment

Spending other peoples money is the only thing lefties are good at if you don't count being pathological liars.

November 19 2011 at 12:13 PM Report abuse rate up rate down
Tracy S Park

I think the guy is saying most people are positive about the future therefore they spend today and rationalize that
they will have more in the future..oops 2008...now what...over spent/over mortgaged/over car paymented/kids edu looming....and want someone to bail them out...or wish it would go away. we had a recession in the 80's in Texas...
it takes a looooong time to heal...but it will come back...I was underwater for a decade..tough it out...is the answer.
the tide always returns..been down so long it looks like up to me.

November 17 2011 at 11:20 AM Report abuse +1 rate up rate down Reply

You have to have enough to live on to be able to save any thing.

November 17 2011 at 11:11 AM Report abuse -1 rate up rate down Reply
2 replies to desertlady83's comment


I agree with you to a point,,,What is enough ?
Many people made a lot more money than we did over the years and still don't have a pot to piss in.
They get a raise and they spend it on foolishness instead of living the way they were before the raise and put the extra money in savings or toward the principal of their house.
We ate a lot of noodles and eggs when we first got married and didn't have many electronics or fancy clothes , our kid didn't get all the toys they put on the market and I cooked instead of going out to eat but because of all of this we were able to pay off our first house in 7 years versus 30 and permitted us to buy another one while renting the first one , and so on,we're in prety good shape now and don't regret one bit of having made sacrifices all of those years.

November 17 2011 at 12:04 PM Report abuse +4 rate up rate down Reply

Reply to my own. Well we are retired older seniors and have nothing but Soc.Sec. to live on for the last 30 yrs. And most of our money goes for rent, medicine, and food the most expensive things there is.

November 17 2011 at 1:24 PM Report abuse +1 rate up rate down Reply