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Introducing Jeff Kreisler

When it comes to money, we make absurd decisions about how to spend it all the time. Whether this is buying a £3.50 latte at Starbucks while we price compare groceries to save 10 pence on apples, bolting on a ‘special’ car cleaning kit for £250 after spending £15,000 on a new vehicle, or hopelessly overbidding on eBay auctions because we already feel attached to the item in question, we are irrational, emotional and flawed creatures. How on earth are we supposed to value things?

Jeff wrote the book Small Change: Money Mishaps and How to Avoid Them with Dan Ariely. Jeff is a qualified lawyer, stand-up comedian and now Head of BS at J.P. Morgan Chase bank.

Today with Jeff, we discuss what money means to us and how we treat it.

Show notes

Role of BS in shaping organisations (5 mins)
What does money mean to Jeff? (8 mins)
Jeff’s discovery of BS (9 mins)
Relationship between comedy and BS (10.30 mins)
Life at JP Morgan (12.30 mins)
Financial literacy, irrational decision making & the goal of BS (13 mins)
Mental accounting & the pain of paying (16 mins)
Connecting to our future selves (18.25 mins)
Sweat the big stuff, don’t obsess on the little things (19.30 mins)
Satisficing vs. maximising: expectation, anticipation and context (23.10 mins)
Rituals in money (26.25 mins)
Wealth management’s sartorial rituals (28 mins)
Mental accounting: Thaler vs. Taleb, casino money (30 mins)
Future of money (33.30 mins)
What Jeff learnt writing with Dan Ariely (34.50 mins)

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030: Jeff Kreisler on the behavioural science of money - investing, saving and spending