Tightwads vs Spendthrifts w/ Scott Rick #803

Mar 20, 2024

Learn about the psychology of spending behaviors with tightwads vs. spendthrifts. Explore retail therapy, financial opposites attract, and combining money as a couple. Discover strategies for managing finances and the importance of open communication in relationships. Dive into the dynamics of money in families, discussing power imbalances and shared decision-making. Gain insights on navigating financial decisions together and transitioning to a balanced approach.

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Introduction

00:00 • 2min

Understanding Spending Behaviors

01:36 • 5min

Money Mindsets: Tightwads vs. Spendthrifts

06:54 • 19min

Financial Management Strategies for Couples

25:37 • 3min

Money Dynamics in Relationships and Families

29:03 • 16min

Opening Up About Personal Finances and Airbnb Hosting

45:14 • 4min

Navigating Financial Decisions as a Couple

49:38 • 12min

Concluding Remarks, Guest Appreciation, and Unrelated Content

01:01:51 • 2min

When you read the words: tightwad and spendthrift, it’s likely that you find yourself drawn to one over the other. Maybe you’ve always been on the cheaper end of the spectrum and you see it as being a responsible adult. Or maybe you’re more like a lot of Americans and you find it impossible to pass up a good sale- even if you don’t necessarily need that item you just want to have some fun! Or perhaps you’re what our guest today calls an ‘unconflicted consumer’. Either way, the good news is that you’re not locked into this archetype forever. You can modify your behavior which can be incredibly beneficial, not only for your personal financial goals, but also to your relationship with your spouse or significant other. To talk about that and more today, is Scott Rick. Scott holds a PhD in Behavioral Decision Research from Carnegie Mellon. He’s known for his work on consumer financial decision-making where Scott focuses on the emotional aspects that influence spending behaviors and his latest book is Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships. Today we discuss how retail therapy actually works, why financial opposites tend to attract, the best ways for couples to combine their money, “spending roles” for tightwads and spendthrifts, and much more!

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During this episode we enjoyed a Dreh by HighGrain Brewing- a big thanks to Mike and Kristy for donating this one to the pod! Please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

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