When is $10 not worth $10? That might seem like a ridiculous question, but in fact, $10 can have vastly different values in your head depending on where it comes from and what you've decided it's meant for. For example, you'd probably happily pay $10 for a cocktail if you were on vacation, but tack $10 onto your cell phone bill, and you'd likely complain to customer service. This kind of financial psychology is called mental accounting, and while it's incredibly common, it can get you into trouble.
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Written by Ashley Hamer May 2, 2017
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