Video transcript: [ music ]well the ocean house has been here since 1868 and in 2003, the hotel was closed because it didn't meet fire code in rhode island anymore. hi, my name is daniel hostettler and i am the president and group managing director of the ocean house. a developer purchased the property and was going to raze it and build five to six mansions in its place. and charles royce lived down the street as summer resident of the community and felt that really shouldn't happen to such a historic property and so embarked on a seven year project to essentially take it down piece by piece and create an exact replica. so we have the best of both words.> > we got confirmation on the editor from condé nast, right?

This was True in 2003.

Explanation:

This plan was in 2003 when Ocean House fell into disrepair.  The new Ocean House —created to replicate the original design, with all 247 windows in their original positions and some 5,000 artifacts salvaged from the original—opened in 2010, and in 2012 joined Relais & Châteaux. While the outside retains the look of the old, the rooms inside are modern and far larger. This 152,000-square-foot facility contains a mere 49 rooms and 18 suites. Most have water views.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.