The love of money, or avarice, or greed, is a sin. That's an ancient church teaching,

愛錢如命，也就是貪婪，是一種罪孽。這是古老的基督教教義

but gods and men have always mixed awkwardly, particularly here in Wall Street, and it turns out that greed can be bad for your wealth

但神與人之間一直都觀點不一，尤其是在華爾街。其實貪婪會對你的財富造成負面影響

Now, State Street's Center for Applied Research, Suzanne Duncan conducted research in more than 20 countries, and that showed you'll be a more successful investor if you don't love money for its own sake

美國道富銀行應用研究中心的 Suzanne Duncan 研究超過 20 國，證明若你不因為金錢本身而愛錢，你會是一個更成功的投資人

The more that people love money, the more money they actually lose

人們越愛錢，他們失去的錢就越多

And we define love of money by asking a series of questions to test their emotional attachment to money, and that's really what it's all about

我們定義愛錢的方式是問受試者一系列的問題來測試他們對於金錢的情感依附，這就是研究的關鍵

What matters is the modern understanding of behavioral biases. We are all of us hardwired to want to buy at the top and sell at the bottom for example

重要的是現代人對於行為偏誤的理解。我們都固有逢高買進，逢低賣出的慾望

and it turns out that those biases are exacerbated if you love money for its own sake

研究結果指出若你愛錢，這些偏誤則更加重

We found through the data that these high lovers of money, they actually make worse financial decisions, and they have worse financial outcomes as a result

我們從數據看出這些愛錢如命的人其實會做出更糟的財務決策，並且會有更糟的財務結果

If you love money, you're more susceptible to three major behavioral bias categories that we found

若你愛錢，你較容易受到以下三個行為偏誤的影響

First is you're much more susceptible to instant gratification. In case you want a cocktail party term, this is hyperbolic discounting

首先，你較容易受到即時滿足的影響。更正式的名稱為現時偏差

Much more susceptible to this instant gratification, so you want the money, you want the money now,

你比較容易受到即時滿足吸引，所以若你要這個錢，你現在就要

and you're much less willing to set enough money aside to say comfortably retire

你也較不會存夠多錢讓自己過安逸的退休生活

The second category that we found is looking at this hyperactive sort of behavior around trading, frequency

第二類型是過度活躍於交易或交易過於頻繁

They trade too often, they watch the markets, which leads to the third behavior that we saw, which is very susceptible to greed and fear-based motives

他們太常交易了，他們關注市場，這也帶我們到了第三類型，也就是容易被以貪婪及恐懼為根基的動機影響

The tendency to buy high, sell low, depending upon what the markets are doing

容易高價買入、低價賣出，看當時市場情況

Now, in general, there's a close link between avarice and economic development

總的來說，貪婪與經濟發展有很緊密的關聯

In poor countries that are growing fast, people tend to care a lot about money. For example, in China or India

在發展快速的窮國，人們很在乎錢，如中國與印度

In prosperous countries that have been stable for a long time, such as the Netherlands or Switzerland, people don't care so much about money. The big outlier to all of this - the US

在已經穩定一陣子的富國，如荷蘭或瑞士，人們不那麼在乎錢。這其中的離群值就是美國

The US is in fact the one biggest outlier, and it is much higher in the scale of love of money than what we would have originally anticipated

美國是最大的離群值，它的愛錢指數比我們預期的高很多

We found very tight correlations with those countries that have a low level of human development and/or prosperity. They also have a high love of money

美國的愛錢指數和低度人類與經濟發展國家很相似，這些窮國也相當愛錢

The US is clearly the outlier here because we don't have those problems with respect to the infrastructure that's been built out,

美國很顯然是離群值，因為我們目前的基礎設施沒有任何問題

so we should've come to the point where we could realize self-actualization, but we haven't yet in this country

所以我們理應走到了可以自我實現的階段了，但我們目前還沒

It's irrational love of money that creates opportunities for the rest of us

對金錢的不理性貪戀能為其他人製造機會

Wall Street has turned into a great financial center by exploiting the greed and avarice of others

華爾街已成為了一個剝削他人貪婪的金融中心

So what should we do about this? Focus on the goal, the ends, not the means, and perhaps listen to some religious advice

所以我們應該怎麼做？專注於目標與結果，而不是手段，也可以考慮聽聽一點宗教建議