Capital Allocators – Inside the Institutional Investment Industry #3: Katy Milkman – How to Change, EP..199
Dec 27, 2021
Katy Milkman, a renowned professor at The Wharton School and author of 'How to Change,' delves into the science of behavior change. She discusses the eight key obstacles people face in transforming their lives, including procrastination and laziness. With insights from her own experiences, she presents strategies like 'temptation bundling' and commitment devices to motivate change. Plus, she explores how behavioral biases influence investment decisions, providing listeners with tools to improve their financial choices.
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Temptation Bundling
- Katy Milkman's "me-search" began with temptation bundling: only enjoying audiobooks while exercising.
- This made exercise instantly gratifying, improving her workouts and overall happiness.
Fresh Starts
- "Fresh starts," like New Year's, motivate change by marking a chapter break in our minds.
- These moments make us feel like past failures are irrelevant and we can achieve our goals.
Fresh Start Downside
- The "fresh start effect" can be harmful to existing positive habits and routines.
- Disruptions, like vacations or changes in performance tracking, can derail established progress.
