Selfcontrol issues impact financial planning from "summary" of Advances in Behavioral Finance by Richard H. Thaler
Self-control issues can have a significant impact on an individual's ability to effectively plan for their financial future. These issues can manifest in various ways, such as overspending, impulse buying, or a failure to save for the long term. When individuals struggle to control their impulses and desires in the present moment, they may neglect to consider the consequences of their actions on their financial well-being in the future.
One common manifestation of self-control issues in financial planning is the tendency to prioritize immediate gratification over long-term financial security. Individuals may choose to spend money on unnecessary items or experiences in the present, rather than saving or investing for their future needs. This lack of foresight can lead to financial instability and insecurity down the line, as individuals may not have adequate savings or investments to support themselves in retirement or in times of financial hardship....
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