Mind on My Money

I think that not always does a person not know if he likes or dislikes something, but that a question can be confusing. If I like the color blue and someone asks me if I like the color red more than the color blue and I say 'yes,' that doesn't mean I do not like the color blue. There are questions lead to more than one answer or opinion. Not in all situations must a person choose better or worse because not every question has an answer of better or worse. I'm not saying that governments should or should not try and help people better themselves; I am just saying that some people don't want to have another person's or group's idea of anything better for their own self.

While I would say that it is true that people often do not know what their preferences are, they more than likely know what their dislikes are and if they have not experienced something it wont take them long to figure out if they dislike it. So I would agree that people can be "fooled by framing effects," but they are not continuously fooled. If there is a TV commercial showing some new fast food meal and it looks really good one might be fooled into purchasing it one time, but I can guarantee you that if they do not like it the first time they will not buy it again. On the other hand if they are indifferent to the meal's taste they might be fooled into thinking that it was either a good or bad meal based on "framing effects" possibly. I do not think that "framing effects" work the same way though when applied to major life decisions, such as those described in this blog, because individuals take those decisions seriously and when someone is actively engaged in a decision that will affect them in some way then I think they are less likely to be influenced by "framing effects." For instance if I was going to go out and buy a new car I would not base my decision on what to buy on a TV commercial, as I might for a fast food meal. So while studies may show that people can be "fooled by framing effects" I don't think they are fooled into liking something they truly dislike, or fooled when it comes to major life decisions.

Americans base their decisions on what is happening now. They usually dont think about the future. If the market is good, they buy but if it is bad they dont. The government, i feel, does the same so if they gave them advice on what to do with their decisions it would most likely have the same affect. I do not think that the government has made the best decisions with their money, so why would they tell us what to do with our money?

Americans today do not focus on the future, but rather on what is happening now. By failing to think about the consequences of our decisions, we as americans make mistakes that we must live with. By looking at the future in terms of financial decisions people would end up making much wiser choices. I feel that the government does the same thing in the sense that they will at times make improper decisions with government funding. This in turn makes me question whether or not it would make a difference if the government gave us financial advice.

I believe that individuals should be given the freedom to choose to do what they want to do with finances. While I understand psychology says that people can be unclear with their preferences, I find this more difficult to believe with the particular topic of finances. They may be unclear on smaller decisions/items/ideas yet, finances are not something the majority of people disregard. The article mentions that people should be steered in the direction of “ making choices that will make them better off”, but is there really a way that a large organization or the government could make a choice to make EVERYONE better off? Therefore, I believe that it is a personal responsibility to decide for individually what we feel is the best choices for ourselves.

I agree with Allysha in the fact that the government has made many bad decisions in the past and I personally wouldnt trust them making decisions for me. Our country was founded on the idea that we are all individuals and had the freedom of choice and to have as little government ruling as possible. We are all people we need to make our own decisions on our own and not let the government make it for us.

Americans do tend to focus on what’s happening now and not look down the road to see what they really need. But that doesn't mean their incapable of making their own decisions. I will admit that people can be influenced by framing. It happens all day, every day whether we want to admit it or not. People are going to be much more careful when it comes to buying a house than if they are at a drive-thru window ordering what they saw on a commercial. And this whole thing of having to government guide us in making our decisions toward a healthier and more successful lifestyle is bogus. Last time I checked everyone’s life is their own and it's their right to do what they wish and learn from their mistakes. And also, with the government being is trillions and trillions of debt; I don't think I would like them guiding my financial decisions or anyone else’s. Although it was a good idea, I believe in the end it is every person’s right to make their own decisions and we don't need to the government to hold our hands along the way.

I always get a little scared when I sit in front of the television for extended periods of time, becuase of the marketing I know is present everywhere. Companies market us every commercial, every movie etc. They plant their brand and key words in our subconscious to affect our purchasing patterns. They've been doing it for years, and it works so well that companies will pay millions of dollars for a 30 second spot when they believe the most people are watching (Superbowl)! I don't mind if our government practices this as well, as long as the best interest of the people is in mind.

I think that many companies already try to influence a person's decision on a lot of things, but it may not necessary be the most beneficial decision for the customer. I know that I struggle with decision making, especially for things I'm not fully informed on such as financial matters, health care, etc. If these companies did not give you options and try to sway you it would be very difficult to decide what to do. For those who do know what they want they can always disagree with whatever is suggested for them, but for me I like being told what direction would be best for me because I often don't know myself.

I think that it is ok for the government to give you sugestions on what you could do but they should not tell you what to do. It would take a lot of time for people to learn about all the different things that they would need to know in order to make good disisions in life. So it would be benificial if things were explained not exactly leading people but showing them the things that they should consider.Looking at the health care example this is always done by insurance companies with different rates charged to people that smoke or are at high risk for other health problems. Basicaly it is true that it workes and could help some people but should not be taken too far.

I believe people make bad choices because of riskIf peoples choices are deliberately framed the risk factor is being taken away. I believe designing choices whether good or bad will limit people’s choices. I believe a lot of people will be very unhappy once their choices are limited to a few.