Being aware of the bias is likely helpful, but how do we actual in our daily lives recognize when these things are affecting us? We tend to base to be optimists and say, yes, but next month i will, next week will i be a little bit better an the realities. This is likely not true. If you imagine that actually things may get worse enough better, you may spend more and not less, in the future,. this may give us more motivation to act. To day, sadly stuffed with finance, except starting your retirement fund, there's very little urgency. Youn, i'd like to add more urgency into people's view on their financial situation, as it actually
#337: Meet Kristen Berman, a top researcher in the field of behavioral economics. She’s the co-founder of Irrational Labs, which designs products that are evidence-based in the behavioral sciences.
Her co-founder, Dan Ariely, is the James B. Duke Professor of psychology and behavioral economics at Duke University, and one of the most famous behavioral economists in the world.
Here are some of the (counterintuitive!) ideas that Kristen shares:
- Habits are overrated. Automate instead
- Budgeting doesn’t change your spending behavior
- Commit in advance
- Forget about the outcome
- Focus on the process
- You need accountability
- Think about the Three B’s: behavior, barriers and benefits
Tune into this episode to hear Kristen elaborate on these research-backed, evidence-based ideas about how to improve our spending, saving and investing habits.
For more information, visit the show notes at https://affordanything.com/episode337
*Note: This interview originally aired in October 2019.
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