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One economist's take on popular advice for saving, borrowing, and spending
Planet Money
Is There Value in Mental Accounting?
Mental accounting is the practice of breaking up your wealth into different little buckets. Exynote theory would say that a dollar is a dollar and so it just doesn't make sense to have these rigid boundaries within your wealth portfolio, says David Frum. "I do think that there is some value in mental accounting because it just makes a whole bunch of financial calculations easier," he adds.
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