The Temptation of Now: With Guests Richard Thaler & Angela Duckworth

November 12, 2018
Why is it so tempting to make short-sighted decisions? And what we can do to exert more self-control?

Listen on Apple Podcasts, Google Podcasts, Spotify or copy to your RSS reader.

Transcript Open new window

After you listen

Overvaluing the present at the expense of the future frequently impacts a major retirement decision.

  • Learn more in the next episode of Financial Decoder. Subscribe for free today to get it on November 19.

Overvaluing the present at the expense of the future frequently impacts a major retirement decision.

  • Learn more in the next episode of Financial Decoder. Subscribe for free today to get it on November 19.

In this episode of Choiceology with Katy Milkman, we look at a bias that has an outsized influence on decisions you make in the here and now.

  • The show begins with an experiment that reveals how difficult it is to avoid the temptation of junk food—and how the power of that temptation is affected by time.
  • Then, you'll hear the story of a man who spent his childhood in relative poverty but found himself wealthy beyond his dreams by the time he was a teenager. This unexpected windfall changed his life in an instant. But it ultimately became a painful lesson on the dangers of living only for the present.

You'll also hear from two heavyweights in the world of psychology and economics.

Finally, Katy Milkman offers additional tips to help you avoid the pitfalls of this bias: with behavioral tools such as temptation bundling and commitment devices.

Choiceology is an original podcast from Charles Schwab.

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Learn more about behavioral finance. 

So Much in Common: With Guests Samantha Futerman, Anaïs Bordier & Kareem Haggag

Why do we often mistake the root causes of our feelings and other experiences?

What Can You Do If Your Retirement Plan Gets Off Track?

Some people start to take unnecessary risks when their portfolio gets off track. What are other options?

How You Spend It: With Guests Joshua Fields Millburn & Cassie Mogilner Holmes

In the tradeoff between time and money, which choice usually leads to greater happiness?

Important Disclosures

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

Apple Podcasts and the Apple logo are trademarks of Apple Inc., registered in the U.S. and other countries.

Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.

Spotify and the Spotify logo are registered trademarks of Spotify AB.

1118-8P9W