Simon

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Brooklyn, NY

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January 4, 2010

Blaming Your Brain for the Inability to Save for the Future?

Posted in Smart Spending on Oct 31st 2011

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"Young people are inexperienced at being old. A 22-year-old will perceive 20 years as an eternity. To ask this person to save for retirement is like asking the person to give his money to someone else: he cannot picture himself as a retiree."

Some young folks feel doomed when it comes to retirement as they cannot avoid those impulse buys right after getting their hands on a paycheck. But, scientists identified brain activity that linked to spending behavior and how well a person can put off instant rewards for a greater, future return.

Luckily, lack of such brain activity doesn't spell a penniless retirement - the brain can be trained to curb spending addition.

The New Science Behind Your Spending Addiction

Like many colleges, Washington University in St. Louis offers children of its faculty free tuition. So Leonard Green,...

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