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Episode 2734:
Explore how our quirky brains influence our financial decisions in Kristin Wong's enlightening piece. Delve into the psychological triggers behind spending habits, and learn about the strange ways our environment and even the condition of our money can impact our financial behaviors. Gain useful insights to help you harness this knowledge for better financial management.
Read along with the original article(s) here: https://www.getrichslowly.org/weird-ways-our-brains-control-our-money-habits/
Quotes to ponder:
"If you speak a language that doesn’t distinguish strongly between the present and the future, you save a lot more because the future feels closer. If you speak a language that separates present and future events, the future feels more distant, which makes it harder to do things to care for your future self like save money, exercise, and eat better."
"In experiments the authors found that people in a cluttered room were more likely to pay higher prices for products, such as a TV or movie tickets, compared with people in an organized room."
Episode references:
Keith Chen's exploration of how language affects savings behavior is well captured in his TED Talk: https://www.youtube.com/watch?v=lw3YTbubyjI
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Optimal Finance Daily - Financial Independence and Money Advice