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Subject:  Warren Buffett's $300,000 haircut Date:  3/26/2011  9:25 PM
Author:  intercst Number:  68717 of 88758

Interesting article on the problem of getting people to save for retirement.

http://online.wsj.com/article/SB1000142405274870341060457621...

Yet it is highly unusual for people to think more vividly about their future selves than about their present selves, say psychologists.

Warren Buffett is one rare—and extreme—example. When he was a young man, according to Alice Schroeder's biography "The Snowball," Mr. Buffett often asked, "Do I really want to spend $300,000 for this haircut?" He was thinking about the vast amount of money he wouldn't have decades in the future because of the small outlay he might make in the present.

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I took a 3-day course in personal finance Freshman year in Engineering school. It was by far the most lucrative thing I studied in college.

Once I contemplated the effect of compound interest, spending (and God forbid, credit card interest) never held much of an attraction for me.

intercst
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