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Speaking of Psychology
Why it’s important to talk about money, with Wendy De La Rosa, PhD
Sep 13, 2023
34:45
Snipd AI
Wendy De La Rosa, PhD, a financial expert from The Wharton School, discusses the challenges of taking financial action and the impact of financial stress on relationships. She provides practical advice for financial success, emphasizes the negative effects of early wage access apps, and calls for an improved tax-filing system. The hosts explore the taboo nature of money topics and advocate for destigmatizing money conversations.
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Quick takeaways
- Financial difficulties are not personal failings, but rather a consequence of a challenging financial landscape.
- Open and honest conversations about money foster a healthier financial mindset and can lead to improved financial well-being.
Deep dives
Challenges in Financial Decision-Making
Understanding why it is difficult for people to take the necessary financial actions is essential. Despite knowing the importance of financial behaviors, such as budgeting and saving, individuals struggle to prioritize them. The time constraints and competing priorities of daily life often hinder financial actions. Moreover, the shame and feelings of inadequacy associated with not being where one wants to be financially contribute to inaction.
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