Exploring the Fraught Relationship People Have with Money

Tightwads are more likely to hold onto their money even when there is more than enough to spend, whilst spendthrifts will drain their bank account of its very last cent. So, which one are you, and how does that impact your relationships? Joining us today is the remarkable Marketing Professor and Author, Scott Rick. Scott has just penned a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, which serves as a guide for finding happiness while steering through money and love. To kick-start our conversation, Scott summarizes the relationship that people generally have with money, followed by a deeper exploration of the terms “tightwad” and “spendthrift”. We break down the psychology of tightwad and spendthrift behaviours, how these two personality types interact with one another in relationships, the myths of financial infidelity and transparency, and how bank account structures (joint and individual accounts) dictate how money flows in a relationship. We also assess the roles of financial advisors and gift-giving within relationships before Scott shares his thoughts on marrying for money versus marrying for love, how to give your kids the best financial education, and what he hopes every reader will gain from the truly fascinating and informative, Tightwads and Spendthrifts! 

Key Points From This Episode:

(0:00:33) Introducing the incredible Marketing Professor and Author, Scott Rick. 

(0:03:08) Scott’s summation of the relationship that people have with money. 

(0:04:47)Diving into his latest book: Tightwads and Spendthrifts, and exploring each term.

(0:13:16) Assessing the psychology behind tightwad and spendthrift behaviours. 

(0:18:58) The role of financial advisors. 

(0:21:15) What spendthrifts and tightwads can do to balance their money scales. 

(0:23:34) How tightwads and spendthrifts interact in romantic relationships. 

(0:32:10) The way bank account structures affect how money flows in a relationship. 

(0:35:39) Debunking financial infidelity and the downsides of total financial transparency. 

(0:41:04) The ins and outs of joint bank accounts versus individual accounts in relationships. 

(0:42:20) Gift-giving and relationships. 

(0:47:08) How kids can learn about money from their parents. 

(0:52:15) Scott shares his thoughts on marrying for love versus marrying for money. 

(0:55:09) What he hopes people will learn from reading Tightwads and Spendthrifts.

Links From Today’s Episode:

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ 

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://twitter.com/RationalRemind

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ 

Benjamin on X — https://twitter.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/

Cameron on X — https://twitter.com/CameronPassmore

Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/

Scott Rick — https://scottrick.com/ 

Scott Rick on LinkedIn — https://www.linkedin.com/in/scottianrick/  

Scott Rick on X — https://twitter.com/scottianrick 

Michigan Ross — https://michiganross.umich.edu/  

Hal Hershfield — https://www.halhershfield.com/  

‘Episode 282: Dr. Jim Grubman: The Psychology of Wealth’ — https://rationalreminder.ca/podcast/282  

Books From Today’s Episode:

Tightwads and Spendthrifts — https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079 

Retail Therapy Blog — https://www.psychologytoday.com/intl/blog/retail-therapy  

Damon Young — https://www.nytimes.com/column/damon-young  

The Great Gatsby — https://www.amazon.com/Great-Gatsby-Original-Fitzgerald-Classic/dp/B0BF3P5XZS 

‘The 36 Questions That lead To Love’ — https://www.nytimes.com/2015/01/09/style/no-37-big-wedding-or-small.html