Commit Your Future Self to Saving
“Going to the gym wouldn't be on my list of favorite things to do.”
There’s a reason that the term “12 oz. curls” is readily understood. Most people don’t like to go to the gym. We make New Year’s resolutions to work out more this year and we swear we’re going to diet before the summer bikini season. Yet, in reality, there’s a lot more talk and thinking about it than there is actually doing it.
Sometimes we even go so far as to buy gym memberships, thinking that if we *pay* for a members, we’ll actually go. The owners of gyms everywhere thank you for this, because the reality is that we significantly overestimate how much we’ll actually go to the gym (http://www.econ.berkeley.edu/~ulrike/Papers/gym.pdf). Furthermore, even though we’re not going, we’ll continue to keep our memberships – this is going to be important later. Bu first, why do we engage in this financially detrimental behavior? This is a case where the monkey brain, our amygdala, wins over our rational brain, the frontal core. The rational brain thinks it has won the battle – it makes the argument, persuasively, that we need to go to the gym and get in shape. That treadmill isn’t going to run itself, after all! The monkey brain, realizing that this time, it can’t just make the rational brain go away, agrees to go, but not today. It’s cold, the couch is comfortable, and there’s a whole bag of Doritos with monkey brain’s name on it. So, instead, we join the gym and get a membership. Tomorrow comes, and rational brain says that it’s time to go to the gym, and monkey brain counters that it’s raining, the game is on, and the car needs gas, but it’ll gladly go tomorrow. Alas, tomorrow, in this case, rarely comes, and we don’t go to the gym as much as we planned. However, when the gym membership is up, we also don’t take the time to cancel the membership. We rationalize that we’ll go more next year, and, boy, it’s a pain in the rear to call and actually have to confront someone at the gym to break the bad news. So, we auto-renew, and we start the cycle over again while the owner of the gym thanks you while sipping his protein-enhanced champagne.
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Jason Hull is a Fort Worth fee only, hourly financial planner who serves clients in Fort Worth, TX and Dallas, TX as well as serving clients nationwide.
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Hull Financial Planning is a Fort Worth, fee-only hourly financial advisor. The cities we serve in the Dallas-Fort Worth area include:
Arlington, Azle, Bedford, Benbrook, Blue Mound, Burleson, Colleyville, Crowley, Dalworthington Gardens, Edgecliff Village, Euless, Everman, Flower Mound, Forest Hill, Fort Worth, Grapevine, Grand Prairie, Haltom City, Haslet, Hurst, Keller, Kennedale, Lake Worth, Lakeside, Mansfield, Newark, North Richland Hills, Pantego, Pelican Bay, Rendon, Richland Hills, River Oaks, Saginaw, Sansom Park, Southlake, Trophy Club, Watauga, Westlake, Westover Hills, Westworth Village, and, White Settlement
Addison, Balch Springs, Cedar Hill, Carrollton, Cockrell Hill, Combine, Coppell, Dallas, DeSoto, Duncanville, Farmers Branch, Ferris, Garland, Glenn Heights, Grand Prairie, Grapevine, Highland Park, Hutchins, Irving, Lancaster, Lewisville, Mesquite, Ovilla, Richardson, Rowlett, Sachse, Sand Branch, Seagoville, Sunnyvale, University Park, Wilmer, and, Wylie
We also serve clients nationwide and can leverage technology to maintain our client contact and communication.
Hull Financial Planning, 2939 Crockett St. #315, Fort Worth TX 76107, (817)476-0584