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Well said, but that doesn't make the calculator wrong. It'd be cool if there were some form of financial instrument for the weak-willed individuals you describ
by jasonkester 16y ago
Well said, but that doesn't make the calculator wrong.
It'd be cool if there were some form of financial instrument for the weak-willed individuals you describe (which as you say probably represent 90% of the population), that acted exactly like a mortgage but simply left your money in a pile you could access later.
Sorta like an IRA that you could force yourself to commit to, with nasty letters arriving in red envelopes if you skipped a payment.
- dreeves 16y agoThere's something like that (though on a different timescale) called Christmas Club accounts. You can deposit money but you can't take it out until December. I understand it was quite popular in the 70s. The idea is to force yourself to save enough for holiday shopping. I'm totally fascinated by commitment devices like that. I've been compiling a list of them here: http://padm.us/akrasia http://padm.us/akrasia The "getting a mortgage to force yourself to save" was actually the first example I thought of, from when this topic came up a year ago.