Traditional economic theory holds that people should always prefer to receive money as soon as possible and postpone paying debt as long as they can. Yet, a recent series of studies found that people are often willing to pay more money if it means they will finish a goal sooner. This is because the mental cost of an unfinished task can outweigh financial gains. The researchers offer insight into how to use their findings to boost motivation on your team.
Over 140 million articles on Google advise readers about whether they should pay off their home mortgage early. Many of these articles agree: While it may be tempting, it’s more financially responsible to invest the money in the stock market — where it’s likely to increase — than resolve the final mortgage payments in advance. Yet, many people want to pay off their home as soon as possible.
