Another example of why the rich are different from you and me

Financial service professionals are some of the few people who want their typical customers to take the long view of consumption.

They want their rich customers, however, to take the REALLY long view.

Tags: , ,

  • Alan Abbas

    I dont understand it, care to elaborate please ?

    • Nudge blog

      Behavioralists know that people often give in to short-term temptations. It’s a reason why savings rates are so low.

      Most industries selling things are in the business of getting you to spend your money today on their product (e.g. a car, clothing, computers, etc.)

      However, some parts of the financial service industry, namely the retirement services part, are actually in the business of getting people to save more or buy “investments” so that you can spend more money at a much later point in time.

      The second ad is just meant to be humorous about what taking a long-term view of spending means.

  • JoeTaxpayer

    Great observation. Those who struggle to pay their bills and perhaps save a bit for retirement aren’t really thinking about leaving a legacy for their offspring. (Don’t get me wrong – they can instill values, ethics, etc, and give more of themselves than money can buy, but we’re talking money in this example above)