Two Harvard professors, Todd Rogers and Max Bazerman, conducted a study on procrastination.
The subjects were asked whether they would start a savings plan.
Some of the subjects were asked to start right away. Only 30 percent said they would.
The rest of the subjects were asked to start in the future. 77 percent of people said they would.
Because we care too much about today and not enough about the future.
We want to enjoy the present. We want immediate payoffs. Even if those immediate payoffs mean a worse future.
So, we’ll eat a candy bar because there is an immediate payoff (great taste). But we will skip a work out because we’ll gain weight in the future.
We will spend money today because there is an immediate payoff (new car!). But we won’t pay the price of less money for retirement until the distant future.
We will stay at our crappy job (immediate paycheck) instead of starting our own business which will payoff BIB in the future.
This is called “time inconsistency.
We want future benefits but we don’t want to give up immediate benefits to get them.
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