Comments on: Why your New Year’s resolution probably failed http://www.popeconomics.com/2010/04/16/why-your-new-years-resolution-probably-failed/ Sat, 21 Jan 2012 19:01:48 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Jen http://www.popeconomics.com/2010/04/16/why-your-new-years-resolution-probably-failed/comment-page-1/#comment-279 Jen Mon, 19 Apr 2010 15:09:40 +0000 http://www.popeconomics.com/?p=894#comment-279 I'm using StickK right now for the exact reasons you talk about. I wasn't reaching any of my goals and was trying to do too many things at once. I knew I would be more cranky about losing money (and face), especially if I chose an anti-charity, so I picked one goal to focus on and I signed up. And so far, it's working. I didn't make the penalty huge, but I made it enough to motivate myself to keep the commitment week after week. I’m using StickK right now for the exact reasons you talk about. I wasn’t reaching any of my goals and was trying to do too many things at once. I knew I would be more cranky about losing money (and face), especially if I chose an anti-charity, so I picked one goal to focus on and I signed up. And so far, it’s working. I didn’t make the penalty huge, but I made it enough to motivate myself to keep the commitment week after week.

]]> By: K Smith http://www.popeconomics.com/2010/04/16/why-your-new-years-resolution-probably-failed/comment-page-1/#comment-275 K Smith Sun, 18 Apr 2010 22:00:36 +0000 http://www.popeconomics.com/?p=894#comment-275 I don't think that people innately do not care what happens tomorrow. This is not hard wired into our brains. This is learned behavior. People who grew up in the 1920s and 1930s saved for a rainy day. Frugality was part of the culture. There was no such thing as government handouts. Only those who didn't need it could get credit. My parents were part of this generation. They paid cash for everything. They didn't even own a credit card until the mid 1980s. Spending everything we earn, and even going into debt to buy things when we don't have the money to pay it back, has become part of our culture. College students who earn no income get multiple credit card offers. College administrators actually let these companies on their campuses to promote this imprudent debt. It hard to swim upstream against predominant cultural attitudes. But since spending everything you have is learned behavior, it can be unlearned, and replaced with new behavior. I save for retirement. But I have my doubts about putting my retirement savings in my 401K. In speaking about government deficits, Lord Davies, British Minister of Trade and Investment, has said, "The big prize would be to set aside part of the long term pension industry and get them to invest." The FDIC is in the process of transferring the US bank balance sheet debt bubble onto the books of public pension funds. When government officials describe private savings as a big prize, and actually go after pension money, it is time to watch carefully over whatever is left of our nest eggs. Our 401Ks could be next. I don’t think that people innately do not care what happens tomorrow. This is not hard wired into our brains. This is learned behavior.

People who grew up in the 1920s and 1930s saved for a rainy day. Frugality was part of the culture. There was no such thing as government handouts. Only those who didn’t need it could get credit. My parents were part of this generation. They paid cash for everything. They didn’t even own a credit card until the mid 1980s.

Spending everything we earn, and even going into debt to buy things when we don’t have the money to pay it back, has become part of our culture. College students who earn no income get multiple credit card offers. College administrators actually let these companies on their campuses to promote this imprudent debt.

It hard to swim upstream against predominant cultural attitudes. But since spending everything you have is learned behavior, it can be unlearned, and replaced with new behavior.

I save for retirement. But I have my doubts about putting my retirement savings in my 401K. In speaking about government deficits, Lord Davies, British Minister of Trade and Investment, has said, “The big prize would be to set aside part of the long term pension industry and get them to invest.” The FDIC is in the process of transferring the US bank balance sheet debt bubble onto the books of public pension funds.

When government officials describe private savings as a big prize, and actually go after pension money, it is time to watch carefully over whatever is left of our nest eggs. Our 401Ks could be next.

]]> By: Rob Bennett http://www.popeconomics.com/2010/04/16/why-your-new-years-resolution-probably-failed/comment-page-1/#comment-271 Rob Bennett Sat, 17 Apr 2010 13:24:57 +0000 http://www.popeconomics.com/?p=894#comment-271 I entirely agree with the points made in the blog entry. I don't think it is so important that there be big penalties for failing to engage in the desired behavior. Small penalties probably work just about as well. But the penalties need to be applied quickly. It cannot be something that is going to happen 30 years down the road. We are just not built to worry about what is going to happen 30 years down the road. Rob I entirely agree with the points made in the blog entry.

I don’t think it is so important that there be big penalties for failing to engage in the desired behavior. Small penalties probably work just about as well. But the penalties need to be applied quickly. It cannot be something that is going to happen 30 years down the road. We are just not built to worry about what is going to happen 30 years down the road.

Rob

]]> By: Kyle http://www.popeconomics.com/2010/04/16/why-your-new-years-resolution-probably-failed/comment-page-1/#comment-266 Kyle Fri, 16 Apr 2010 14:08:23 +0000 http://www.popeconomics.com/?p=894#comment-266 I think it's also necessary to have the important people in your life support your goal. For example, I've been trying to get myself to exercise for a couple years, but I've found it difficult when I can't get my wife to exercise with me. I don't know how my wife would feel about me risking $100+ for not getting my exercise done either. I think it’s also necessary to have the important people in your life support your goal. For example, I’ve been trying to get myself to exercise for a couple years, but I’ve found it difficult when I can’t get my wife to exercise with me. I don’t know how my wife would feel about me risking $100+ for not getting my exercise done either.

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