The Long View
Scott Rick: Are You a Tightwad or a Spendthrift?
Jun 18, 2024
Scott Rick, a marketing professor, discusses tightwads and spendthrifts in relationships. Topics include emotions in financial decisions, spectrum between spenders and savers, 'what the hell effect', societal perceptions of spending habits, and strategies for managing finances in relationships.
53:33
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Quick takeaways
- Tightwads experience distress over spending, leading to avoidance of necessary purchases.
- Personal spending tendencies fluctuate between frugality and indulgence based on expense type and size.
Deep dives
Understanding Tightwads and Spendthrifts
Tightwads find spending to be distressing, often experiencing anxiety about purchases, especially optional ones, leading them to forego buying things they need. In contrast, spendthrifts are more present-oriented, prioritizing immediate gratification over long-term consequences. Despite the belief that tightwads may exhibit better self-control in other areas, research shows no strong relationship indicating better self-control, suggesting tightwadism as a challenge in self-regulation.
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