Imagine you are 65 years old, have an average life expectancy (86.6 years for men and 88.8 years for women), ignore the tax implications, and now choose which would you rather have:
1) $1,000,000 deposited in your bank today, or
2) $5,000 deposited every month in your bank for the rest of your life, guaranteed.
Your choice reveals a great deal about your attitudes towards money in general, and your ability and willingness to take risks. This has critical and relevant implications for saving, spending, and investing.