5 Ways People Are Dumb With Money

  • Publicado el Hace 50 años

    Two CentsTwo Cents

    duración: 07:58

    Not only do we as humans make financial mistakes, our mistakes are predictable! Here's the story of how we learned that we can predict our mistakes and 5 of them you can avoid.
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    --
    Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.
    Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
    Directors: Katie Graham & Andrew Matthews
    Written by: Andrew Matthews & Julia Lorenz-Olson
    Produced by: Katie Graham & Amanda Fox
    Images by: Shutterstock
    Music by: APM
    --
    If you want to hear more examples of “dumb stuff people do,” check out Richard Thaler’s Misbehaving: The Making of Behavioral Economics.

    pbsds  pbs digital studios  two cents  richard thaler  behavioral economics  mental accounting  sunk cost  sunk cost fallacy  econs  transaction utility  nobel prize economics  misbehaving  two cents pbs  financial mistake  

tommyboy
tommyboy

the sunken cost fallacy is technically true, except if you decide to put something in place of it. Like going to a dinner and hating the food, so you stop at a fast food restaurant on the way home. Now you paid for two meals and would have only paid for one if you just ate the food you didn't like

Hace 2 horas
Lương Cẩm Tú
Lương Cẩm Tú

💖💖💖

Hace un día
KaptainBasketball
KaptainBasketball

Nice video

Hace 4 días
Prabhleen Reen
Prabhleen Reen

this video just called me a dumbass

Hace 5 días
LG imperial
LG imperial

I learn more from you guys than I do from my HAVO economy book, and it's way more fun learning this way!

Hace 6 días
Trinder3467
Trinder3467

Capitalize on every move of your life. That is all that matters.

Hace 7 días
aphrodisiac charlie
aphrodisiac charlie

I hate moustaches

Hace 7 días
I pee in my sink I'm afraid to come out my room
I pee in my sink I'm afraid to come out my room

I though endowments was with a big pines ? he was born with endowment ? could be big tits ? his dick is worth something ? her bid ass came with a endowment and is worth a house ? sunk cost fallacy = a Muslim marring a girl with a burka covering her face ,and you get home after the wending ,and you scream when you her face ? and you say cover your face . Transaction utility could be with a cheaper prostituted from 2 miles down ? or good smoke from 2 block down ? or crack head prices ? mental accounting will be to me If i won a lottery tick , I don't tell my brother or wife ? keep my mouth shut ? and party on the low ? and definitely don't tell your mom if you want to keep 1/2 on the winning .was penny a porn actress ?

Hace 9 días
C Apt
C Apt

Is it the mustache that gives you that nasally voice?

Hace 9 días
Makram Maddah
Makram Maddah

This channel is amazing

Hace 10 días
Peter Gao
Peter Gao

Interesting, I just cancelled my Amazon membership and I see this.

Hace 10 días
dcbfan1231
dcbfan1231

This is arguably one of the best, if not, the best videos ya’ll have made. Totally had me thinking. Great job!

Hace 11 días
Mess Over
Mess Over

Just discovered you and subscribed! Wish I was Penny Wise in my younger years. I squandered a LOT! Could’ve bought enough real estate to retire by now but now I’m sharing my rental with a roommate in order to be able to afford a house next year.

Hace 12 días
Imperium Americanum
Imperium Americanum

What about eBay fees, PayPal fees, shipping costs, insurance, packaging, and the cost of your time in not only creating a listing, but in taking photos, answering questions, preparing the shipment, dispatching the shipment, the list goes on? Sometimes holding onto a valuable that was attained long ago is worth more than the end profit that will be made by selling it current-day. I'll take my Nobel Prize now please.

Hace 12 días
LordStanleyJr
LordStanleyJr

My car only takes Premium so i have no other choice.

Hace 14 días
LordStanleyJr
LordStanleyJr

I would sell that pokemon card & buy a PSA 1 Mickey Mantle RC

Hace 14 días
hardik khatri
hardik khatri

penny shown here and penny from TBBT are complete opposites XD

Hace 15 días
chukchee
chukchee

Probably the best video I have ever watched in the last 10 years.

Hace 15 días
lagaman11
lagaman11

My oldest son (who is 30 now) found out I sold all of his mint condition pokemon cards (of which he literally had a large plastic tote full of) at a yard-sale for like $20.00. Oh, he was so mad, to this day. Said he had some mint card that worth 5k, but I thought he was FOS. Are you guys saying those damn silly cards are really bringing in that much money?

Hace 16 días
Ahmad Sarwar
Ahmad Sarwar

These 2 cents just saved me a lot of money!

Hace 16 días
Hassan Chowdhury
Hassan Chowdhury

dam did thanos get penny?

Hace 16 días
Black Marble
Black Marble

Playing monopoly religiously saved my sanity

Hace 16 días
Il Y Aura Du Soleil
Il Y Aura Du Soleil

The first one was dumb. Imagine this: 1.) Charles has $4,000 and finds a mint condition card worth $3,000 and doesn’t sell it. He just keeps it. Maybe he could sell it later if he was desperate for money. 2.) Charles sees a mint condition card at the store worth $3,000 and doesn’t want it because then he would only have $1,000 left. If in both scenarios they decide to sell the card, the first case scenario would always have more money. This logic in the video is really dumb.

Hace 16 días
S K
S K

Money is like tennis- just don't make mistakes and you will do ok.

Hace 16 días
Bai Bando
Bai Bando

Richard Thaler interview. Personal finance education is kinda useless? https://youtu.be/MsFCnCnBQy0

Hace 17 días
Afiya Sayara
Afiya Sayara

N guess what I make all the mistakes!

Hace 17 días
shreya rana
shreya rana

superb video..,,such a informative video..thank you for posting such type of video...people should know abt it.. :)

Hace 17 días
suadela87
suadela87

My sister hates shopping with me. She’s see something on sale, pick it up to buy it and I’ll be like, “Y tho? What are you going to do with it? How long are you going to use it? Don’t you already have a similar thing?” And then she gets mad at me for judging her. I mean, I am and she has a right to be mad... ... but y tho?

Hace 17 días
mro2352
mro2352

Little difference. You found a $3k item in the first and nothing in the second.

Hace 18 días
benjamin101
benjamin101

They are right though. The Emoji movie was awful.

Hace 18 días
Ana Men
Ana Men

Great video!!!

Hace 18 días
Tony Sunny
Tony Sunny

You looks like Lord peter Bailish from Game of thrones

Hace 18 días
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The Bestiel

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Hace 20 días
cotelo00
cotelo00

Miss you have a nice pair of milkies :)

Hace 21 un día
NEPAL ADVENTURE VLOG
NEPAL ADVENTURE VLOG

awesome video......thanks for the tips.....i will follow it..

Hace 21 un día
Tyler Maclaren
Tyler Maclaren

Is nobody going to comment on the naming of this woman, Penny? That's clever as fuck. As in, Penny is a name and the coin

Hace 21 un día
ashton mallory
ashton mallory

woaah

Hace 22 días
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Hace 22 días
Silvansun
Silvansun

Ryan Gosling is that you?

Hace 22 días
Dpp 1235
Dpp 1235

I have a bad leg so no I wouldn't walk 10 minutes!

Hace 23 días
abdul ahad
abdul ahad

Great video

Hace 23 días
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Hace 23 días
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saurav manandhar

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Hace 13 días
Earn money
Earn money

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Hace 16 días
shreya rana
shreya rana

great...thank you for information .. :)

Hace 17 días
Agron Selmani
Agron Selmani

aaaaaaaaaaa

Hace 23 días
Benjamin Gallagher
Benjamin Gallagher

Finishing a meal you aren't enjoying is a little different from "getting your money's worth", it could be more about tolerating bad food, not wanting to waste yet more money on making another meal.

Hace 24 días
Kis Kovacs
Kis Kovacs

https://www.binance.com/?ref=13382158

Hace 25 días
Dobie Correa
Dobie Correa

After watching this, "uninstalled Amazon".

Hace 25 días
mynametrong
mynametrong

Btw the animations are really pretty

Hace 25 días
mynametrong
mynametrong

Great video!

Hace 25 días
Sharstar G
Sharstar G

ALOT of times I’ll buy something that is $5 or more if it means I don’t have to drive. Gas definitely plays a role in decision making🤔

Hace 25 días
Bart Van Riel
Bart Van Riel

I look at both the headphones and the laptop as walking 10 minutes for $30 per hour so I'd do it

Hace 26 días
DON SWANSON
DON SWANSON

What the hell r u trying to say?

Hace 26 días
boompowzap
boompowzap

Not to mention your kid getting headline of the back of the movie theater seat.. now look at how much money it takes to get rid of headice

Hace 27 días
Aubrie Elliott
Aubrie Elliott

HOW DARE THEY USE THE EMOJI MOVIE AS AN EXAMPLE! WHY DO PEOPLE HATE THAT MOVIE SO MUCH?! IT IS AN AMAZING MOVIE!! Someone who DOESN'T like the Emoji Movie please tell me WHY.

Hace 27 días
Aubrie Elliott
Aubrie Elliott

Haha "Penny" I get it.

Hace 27 días
Ivan Kazuo
Ivan Kazuo

Max would keep the card and buy the card for 3000

Hace 27 días
J Don
J Don

I never looked at keeping items from that perspective. Thank you!

Hace 29 días
PeechieMeechie11
PeechieMeechie11

The title of this video attacked me

Hace 29 días
jacesaces15
jacesaces15

#1: going to college.

Hace 29 días
Lisa
Lisa

saving 30% on sunglasses is worth a short walk

Hace un mes
Richard Neal
Richard Neal

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Hace un mes
Benjamin Azmon
Benjamin Azmon

Maybe a collectible wasn’t the best example for the endowment effect

Hace un mes
Rlam 46
Rlam 46

Maybe......just maybe........they should teach money management in school....

Hace un mes
jhon like these
jhon like these

Wow, deep

Hace un mes
Esther B.
Esther B.

the sunk cost fallacy does NOT apply to food. whether you like the food or not is not the point of the food. it still sustains your life and curbs your hunger even if you dislike it. If you'd ever been poor you would know this. burn your dinner? eat it anyway, otherwise you are eating tomorrow's food and will fall short of food before payday. somehow you picked the exact wrong thing to be the example for sunk costs.

Hace un mes
Esther B.
Esther B.

the movie isn't a great example either. hating a movie can be fun. and you can learn what your taste is better than you knew when you predicted you would like it.

Hace un mes
Monster X
Monster X

I'm still confused as fuck

Hace un mes
Rita Váradi
Rita Váradi

Something is wrong with me, because I never made this mistakes. Another example, that INTJ-s think differently.

Hace un mes
Danny Doyle
Danny Doyle

the cards values are completley different. One is intrinsic value while the other has extrinsic value.

Hace un mes
elizabeth bercier
elizabeth bercier

being penny wise is pretty great too? i don't want to get my ass kick from a group of kids

Hace un mes
Yeonsu Choi
Yeonsu Choi

Make more videos!!

Hace un mes
TheWaross
TheWaross

Is it me or do the majority of those exemples are completely worthless when removed from reality and situation... I mean, they are neat thought experiments, but they don't apply to so many scenarios due to the variety of income situation

Hace un mes
TheWaross
TheWaross

Lmao, the first exemple is trash

Hace un mes
Joke Dog
Joke Dog

OMG.....and I thought I was good with $

Hace un mes
Jay L
Jay L

Economics is bs. It takes time to sell a card, u might not have 3k to blow. Give me a Nobel prize.

Hace un mes
Alex TK
Alex TK

I just live below means, and actually do what similar businesses do. sooo. Go and read richest man in Babylon. Great video by the way. It is quite educational for me.

Hace un mes
Ryaken
Ryaken

My biggest sunk cost fallacy is Runescape.

Hace un mes
TrendingFun
TrendingFun

Top 10 tips from successful people to earn more money and increase your net wealth https://www.youtube.com/watch?v=PUH6-KjNfh8

Hace un mes
catwang
catwang

0:45 goddamnit thanos

Hace un mes
Pedro Paiva
Pedro Paiva

The value of any object is what the other is willing to pay. You can say a Pokémon card is worth 5000$, but if no one gives you that is not worth it. It will no generate money at all.

Hace un mes
Michael Saelim
Michael Saelim

That's not a first edition and is the wrong booster pack :(

Hace un mes
SAGAR PATIL
SAGAR PATIL

Good

Hace un mes
Evan Watson
Evan Watson

These are not exactly freelancers or monopolists. They are genuine Normie parents. I would not heid their advise unless you plan on going a stable blue collar life cycle. How predictable their life must be. Video is decent, 6/10.

Hace un mes
SINTRIX
SINTRIX

The example with the Pokemon card is kinda bad.. At least for me. Let's say I have 10k. In the first example, if I choose to keep the card I will have the card and 10k. In the second one, if I choose to buy the card I will end up with the card and 7k. That's the difference. And if I would choose to sell it in the first example, you can be sure I would never buy it in the second one.

Hace un mes
S
S

or you could have $10K and sell the card and now have $13K.

Hace un mes
Caleb Dunteman
Caleb Dunteman

I am as wise as penny and am seriously judging people who think this way. 🤓😬🤫

Hace un mes
R. Martinez
R. Martinez

Do people really talk like this? I couldn't get passed the annoying voices.

Hace un mes
Deal Bustacc
Deal Bustacc

This Video Set the bench mark of quality and content and so i did Subscribe ... Good job Guys - i will look forward for more

Hace un mes
Squills On The Bills
Squills On The Bills

Penny is a sheep

Hace un mes
Николай Помещенко
Николай Помещенко

Прочел книгу Ричарда Талера и влюбился в бихевиоризм. Сейчас с психологами пытаюсь что то сделать в России про это:) Кстати, 2:00 в первом случае парень тоже считает, что эта штука не стоит 3000 $, он оценил её дороже :-)

Hace un mes
TheIcelandicPrincess
TheIcelandicPrincess

I just spend my money where it's most needed and once all necessary payments are done i decide what will happen to the rest. Seems to work out just fine :)

Hace un mes
Schuyler Montgomery
Schuyler Montgomery

Do people actually think premium gas is better for their car? Higher octane levels are for high performance cars that specifically require less combustible fuel. To think that “premium” gas is better for your Honda Civic is ridiculous.

Hace un mes
John Michael McAwesome
John Michael McAwesome

wow this is a great video

Hace un mes
Its ASetUp
Its ASetUp

Read “the latte factor”.

Hace un mes
Andreus Triant
Andreus Triant

For transaction utility you forgot to factor in tax which changes the context of the question with the percent discount is now of value

Hace un mes
Symbiote215
Symbiote215

Good stuff 👍

Hace un mes
Chris Lane Jones
Chris Lane Jones

The average person spends $400 annually on items bought while intoxicated.

Hace un mes
Tien Doan
Tien Doan

Supply and demand. More like artificial limited supply and wants.

Hace un mes
Iraj Matthee
Iraj Matthee

If you write a list of things you need, you won't be a victim of spending money on the things that not on your list. Stick to the plan and don't get distracted.

Hace un mes
L Greene
L Greene

all my money is fungible... I guess I am doing right financially

Hace un mes
Elid Venega
Elid Venega

Really interesting video

Hace un mes
Jake walter
Jake walter

*Emoji movie is a masterpiece* you should have paid $ 3000 for that !

Hace un mes

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