Framing a cost as a series of small daily expenses makes an offer more tempting.
Is our preoccupation with finding the perfect gifts for family and friends a waste of time?
For much of the past decade, firms have been trying various ways to convince people to think about the future, and in particular about the people they will become.
People tend to think of themselves like a fine merlot—they’ll surely improve with age. But you could be more like a wine that may turn to vinegar. And ironically, acknowledging that possibility could improve how you age.
Few people excel at making sacrifices, however small, to save for the future. Self-help author David Bach has dubbed this “the latte factor”—people have trouble skipping small indulgences, such as a daily $4 latte, even if they’d save a lot of money in the long run.