2008 Quote by Michael Lewis
““What are the odds that people will make smart decisions about money if they don’t need to make smart decisions—if they can get rich making dumb decisions?””
About This Quote
Source Book: The Big Short, 2010
The quote questions whether people will make wise financial choices when they can become rich through foolish decisions.
In simple terms: People may ignore smart money choices if easy wealth is possible.
Key Takeaway
Beware of easy money traps.
Themes
finance
behavioral economics
risk
Mood
analytical
concerned
Type
financial
philosophical
When to use this quote
- Personal investing
- policy making
- financial education
Key Concepts
moral hazard
investment strategy
decision making
Questions to Reflect On
- What incentives drive your financial choices?
- How can policies promote smarter investing?
A Different Perspective
Smart decisions are hard when incentives misalign.
![“Crucial decisions are made, today as thousands of years ago, in terms of the intuitive guesses and preferences of a few men in positions of authority...[it is] quite likely that the fate of entire societies may be sealed by a series of avoidable mistakes committed by their leaders.” quote by Michael Lewis](https://sms4smile.com/quotes/img-quotes/a59/michael-lewis-705_decision-making_crucial-decisions-are-made-today-as-thou_16888.jpg)
