The Rational Reminder Podcast

Bonus Episode - Prof. Meir Statman: A Wealth of Well-Being

Apr 18, 2024

36:27

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Financial expert Prof. Meir Statman discusses the impact of finances on well-being, why wealth advisors should become well-being advisors, and the correlations between finances and happiness in various life domains like dating, education, and work. Discover how self-control in spending, social status, marriage, and religion can influence overall well-being.

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Quick takeaways

Financial advisors should transition to well-being advisors to provide holistic guidance beyond traditional finance.

Social status plays a significant role in influencing well-being and satisfaction, urging individuals to choose appropriate reference groups for comparison.

Deep dives

Financial Well-Being as Part of Life Well-Being

Understanding life well-being involves evaluating how different facets of life impact overall well-being. The podcast highlights a story where a financial advisor's advice to increase savings led to unexpected consequences. It emphasizes that financial well-being is just one component of overall life well-being, which includes family, work, health, and more. By expanding our perspective to see financial well-being as part of life well-being, the discussion delves into the intricate connections between finance and life satisfaction.

Introduction

3min

The Interplay of Financial Well-Being and Life Satisfaction

12min

Navigating Social Status and Well-being

10min

Exploring Work as a Job, Career, or Vocation for Enhanced Well-Being

2min

The Multi-faceted Dimensions of Education

6min

Exploring the Link Between Religion, Community, and Well-Being

4min

Today, we welcome back Prof. Meir Statman to talk about the role of finances in well-being. We investigate the role of finances in well-being with Prof. Meir Statman through the lens of his new book, A Wealth of Well-Being. Discover why wealth advisors must evolve into well-being advisors and uncover the impact of finances on various life domains. From dating to education, we discuss the profound financial correlations shaping happiness and well-being. Tune in now! Key Points From This Episode:

(0:00:15) Introduction to returning guest, Prof. Meir Statman.

(0:02:15) How well-being fits into the study of behavioural finance.

(0:06:52) Discover the role of finances in different domains of life well-being.

(0:10:42) Hear why wealth advisors need to change to being well-being advisors.

(0:14:59) Explore the relationship between finances, social status, and overall well-being.

(0:19:46) Whether too much self-control in spending can be a problem.

(0:22:46) The effect of finances on dating and marriage and how work plays into well-being.

(0:26:42) Find out how education fits into well-being and why it is a major regret for people.

(0:32:36) Gain insights into how religion and faith can enhance well-being.

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/