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The podcast discusses the divide between economists and personal finance, the limitations of relying solely on academic papers, the importance of psychology in money decisions, contradictory financial choices, common money mistakes, and the intelligence of personal finance gurus and economists.
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Quick takeaways
- Economists prioritize smoothing spending over time, while popular personal finance authors emphasize saving a consistent percentage of income.
- Psychology plays a significant role in our financial decisions, which economists often overlook.
Deep dives
Differences in financial advice
Economists and popular finance authors have significant differences in their recommendations. Economists prioritize smoothing spending over time, while popular authors emphasize saving a consistent percentage of income. Economists prefer adjustable-rate mortgages for their lower real payment burden over time, while popular authors advocate for fixed-rate mortgages for perceived safety. Both groups agree on the benefits of investing in stocks and using low-cost index funds.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode