Hmmmm....mental accounting, the act of treating newfound money differently than you would as a whole part of your picture.
Supposedly you should treat it as you would any other income, save-invest-tithe-entertain-food-etc. as part of an all around budget. I hate budgets and so does 99% of the population, so it generally goes towards entertainment.
Don’t forget other bias, like anchoring and confirmation that assist in demonizing our finances.
I cleaned out my car last week, found a wad of singles in the glove box and a coffee cup stuffed with more singles under the seat. Don't remember how they got there, but they all made their way into different girls underwear the next night.
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Supposedly you should treat it as you would any other income, save-invest-tithe-entertain-food-etc. as part of an all around budget. I hate budgets and so does 99% of the population, so it generally goes towards entertainment.
Don’t forget other bias, like anchoring and confirmation that assist in demonizing our finances.