 "aggressive hybrid funds, mutual funds, equity, debt, retirement planning, long-term goals, investment strategy, portfolio stability, systematic withdrawal plans, moderate risk investors")
A prospective client, Mahesh, was recounting his experience on a cruise. He had spent far more than he had budgeted for on-board extras. The cruise fare, which covered accommodation and standard meals, had been prepaid. But for shows, events, drinks and snacks, the cruise issued a ship-specific credit card, and all extra spending went on this card. When Mahesh settled the bill, he realised how much he had overspent. I explained that by separating payment from consumption, the cruise operators had reduced the pain of paying and made overspending easy.
The Nobel Prize–winning economist Richard Thaler
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