Episode description
Episode description
Welcome to episode 202 of Profit Boss® Radio! Today, I'm sharing another timeless episode from the Profit Boss® Radio archives with one of my most popular and commented-on episodes ever. I had the privilege of speaking with world-renowned economist and author Dan Ariely. Dan is a Professor of Psychology and Behavioral Economics at Duke University. He's a three-time New York Times bestselling author, the co-creator of the Center for Advanced Hindsight, a two-time TEDx speaker, and the creator of a documentary called (Dis)Honesty - The Truth About Lies.
Among the many great insights that Dan shared in this episode, you'll learn about the psychology behind why good people with good intentions–and how women in particular–make the same financial mistakes over and over again.
We'll also discuss the surprising reasons why money problems might not be your fault, how social norms and new technology encourage us to spend more and think less, and what you can do to build more wealth and make better financial decisions. Are you ready, Profit Boss®?
Here’s what you’ll find out in this week’s episode of Profit Boss® Radio:
- What stops people from thinking rationally about money and what they can do to maximize GOOD decisions.
- Dan’s theories about what makes women financially challenged.
- Social norms for women that may impact their lack of involvement in the stock market.
- The role behavior modification can play in powerfully addressing the looming retirement crisis.
- How something as arbitrary as our Social Security number convinces us to pay a premium for something, whether it’s a book or a share of a stock.
- The things in the world designed to make it hard to think about money, including mortgages, interest rates, savings, and pleasure.
- Why no one is immune to making irrational financial decisions.
- Why investing and wealth-building isn’t normalized for women.
- Why so many professional athletes go broke within four years while failing to improve their quality of life–and what this can tell us about our own spending.
- The key questions to ask yourself as you make big (and small) financial
- Why Dan’s newest book, Payoff: The Hidden Logic That Shapes our Motivations is a valuable resource for parents, employers and everyone looking to motivate themselves or other people.
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Show Notes
To get access to the full show notes, including all the resources mentioned, visit https://hilaryhendershott.com/dan-ariely-money-mistakes-motivation
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Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.