The Present Bias Booby Trap
You're not irrational. Your mental math is skewed.
Behavioral scientists like to talk about how some human decisions are “predictably irrational,” meaning that they aren’t objectively the best choice, but we persist in them anyway. For example, why do so many of us put off saving and investing for tomorrow in favor of buying more stuff today? Why don’t we seem to care enough about retirement savings until it’s too late to catch up? Why is the immediate so much more important to us than the far-off? Are we really just irrational creatures?
I don’t think so. I think we really try to do an honest-to-goodness cost-benefit analysis. The problem is in how we picture trade-offs, mentally.