The Financial Wellbeing Podcast

Episode 34 – Positive Behaviour & Investing Successfully with Dr Daniel Crosby Chris, Dave and Producer Tommo take a look at investments in this first of a three part series. Chris interviews psychologist and behavioural finance expert Dr Daniel Crosby. They chat about how we can modify our natural behaviours to increase our chances of investment success and more importantly enjoy our investment journey. There are some great takeaways about positive behaviours we can apply to increase our financial wellbeing. We have some great money saving tips from #tightasstommo the man who never knowingly overspends and plenty of laughs throughout this longer than usual bumper packed episode.   0:10 – Welcome and introductions 4:20 – The topic of this podcast – part one of a three part series on investments. Investing is an outcome of money, not a way to get wellbeing, yet it is a hugely important part of finances. 5:20 – This episode, and interview with Dr Daniel Crosby. How we can modify our natural behaviours to improve our chances of investment success. 6:00 – Regular features Do you have any ideas for a new regular feature you would like to see on this podcast? Or do you have any financial wellbeing questions you would like answered? Let us know and they could feature on a future episode. Contact us through Twitter @Finwellbeing or email – contact@financialwell-being.co.uk 7:00 – Backfiring jokes featuring Gerald Ratner, credit cards and hooligans at Topman 10:22 – #TightAssTommo tip of the week – swap pennies in the piggy for notes and watch the savings mount up quickly 13:42 – We have talked about behavioral finance on this podcast before, Episode 21 with Neil Bage and Episode 25 with Greg Davies 13:57 – Interview with Dr Daniel Crosby,  Psychologist and behavioral finance expert from America Looking at how our behaviour effects our approach to investing. If we modify our natural behaviours we can increase our chances of investment success and enjoy our investment journey. This interview is based on Daniel’s book The Laws of Wealth: Psychology and the Secret to Investing Success 14:35 – The story of the Guinea-Worm 16:30 – Financial planning is simple, work out what you want from life and spend your money on that – Chris Budd 16:50 – Positive behaviours for financial happiness People do not respond well when told what not to do, so give people what to do ideas instead. 18:00 – Control, we have less control than we think we do and the problems this presents. 18:48 – We are stupid when we need to be smartest We can loose 13% off our IQ when under stress. To gain control back it is best to set processes in place when we are in a cool emotionless state to guide you through scary times. We are easily contextually manipulated, with retail experiences a prime example. 20:30 – The Locus of Control 22:10 – The behaviour gap – our feelings drive risk perception 23:15-  Central tendencies that lead to poor behaviour 25:00 – Feelings drive decision making and risk perception 26:15 – The perversity of risk in financial markets is when people perceive the markets to be least risky is actually when they are the most risky. – Howard Marks, Asset Allocator at Oaktree Capital 27:00 – Our efforts to avoid risk brings its own risks 28:00 – Your life is the best benchmark to judge financial risks 29:55 – You are not special! We think it is not going to happen to me – that is a dangerous way to invest Link to the TEDx Talk – You are not that great 31:30 – Politics either side of the pond and rosy retrospection 33:37 – People prefer a negative certainty to an uncertainty with a potential positive 34:40 – Markets are very scary for people. We only talk about the shares that go up with a lot of pressure for a short term approach to investments. Episode 19 “Financial Entertainment” with Carl Richards 37:40 – Wall Street Bizzaro World We have an idea of what we will be doing in 10 minutes, 10 days even, yet we will answer with uncertainty about what we will be doing in 10 years. Markets work the opposite, the next 10mins, who knows. yet we can see where the markets will be in 10 years with relative certainty. 38:50 – It is learning to think in these opposite ways that makes it difficult to be an investor and what makes a financial planner so valuable 39:15 – Takeaways about this interview from the guys   If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop

Episode 33 – Good Things Come to Those Who Wait This week Chris, David & Producer Tommo discuss The Pleasure from Delaying Consumption and how planning and waiting for experiences and purchases can increase our well-being. As always we have our #tightasstommo tip, which by his own admission is arguable the most middle class one we’ve had thus far.   0:15 – Welcome 2:03 – Introduction to this podcast topic 3:36 – New feature ideas Email us – contact@financialwell-being.co.uk  Find us on twitter @finwellbeing 6:42 – Late tax return excuses 9:43 – #tightasstommo Tip of The Week From selling multipacks at a profit, to free drinks at the pub. Check out the Houzz app for interior design 14:53 – The pleasure from delaying consumption 15:14 – Work out how much you need to spend for a happy life 17:26 – Disposable income – link to episode 5 18:41 – Spending your money in smarter ways 19:21 – We have lost the enjoyment of anticipation through instant consuerism 21:10 – Think of something you had to plan to purchase, looking forward to and saving up for this item. 24:07 – The pleasure in anticipation 26:04 – What can we do to improve wellbeing? Some tips and ideas on how to take pleasure from a purchase.   Resources Happy Money by Elizabeth Dunn & Michael Norton https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2837207/ 

Episode 32 – Getting Out of Debt with Maria Nedeva This episode of The Financial Wellbeing Podcast looks at the tricky subject of debt. Chris has a chat with University of Manchester Professor Maria Nedeva, who overcame her own debts in an unusual and uncompromising fashion. Maria now shares her own experiences to help others learn how to pay loans back quickly. As always Chris will be joined by David and Producer Tommo who will be sharing his latest Tight Ass Tommo Tip. 0:11 – Welcome and Introductions 1:45 – About this podcast, an interview with Maria Nedeva and the unusual way she paid back her debt 2:10 – Wellbeing Word from around the world Cacozelia – using foreign words to sound cultured 4:30 – Tight Ass Tommo #tipoftheweek From Ukuleles to being ill, to buying and selling unwanted items on Facebook Learn to play the Ukulele – ukulala.co.uk 10:22 – Interview with Maria Nedeva, Professor of Science, Innovation Dynamics & Policy at the University of Manchester. 11.57 – Maria’s story and her fear of getting into debt 13:40 – Why buy? We are here to experience the world 16:11 – £100,000 in debt 17:00 – How did Maria approach this debt? 18:35 – Budgets and over-payments, the smallest amount really does add up when paying it all back 19:35 – Maria’s focus was as a hunter, not helpless prey 20:21 – Was it easy to pay back this loan so quickly? 21:30 – Think about the ratios, work out how to pay the debt back quicker 23:50 – Suicide and debt, people become ashamed and stop taking action 25:17 – People need the support to redeem themselves from this debt 26:30 – Do not keep it quiet, share with family and ensure their trust is kept 27:25 – How are things now? 28:38 – Maria and husband talk about all their finances together 29:40 – Has it gone too far? Not spending money and being unhappy? 31:33 – Money is to nourish your life 31:55 – Chris and David discuss the interview with Maria Nedeva 33:50 – Earn as much as you can, spend only what you need for a happy life and save the rest 34:50 – Just do something and change the cycle   For more information on Maria click here to visit her website The Money Principle If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop

Episode 31 – Dealing with Financial Shocks In this episode we finally take a look at one of the five basic principles of Financial Wellbeing – dealing with financial shocks. Join Chris, David and producer Tommo as they discuss how the ability to deal with financial shock creates wellbeing and the various financial shocks we may face in life. With practical ideas and some great tips from #tightasstommo this is a podcast not to miss.   0:15 – Welcome & Introductions 2:42 – Wellbeing Words from Around the World – Japanese Words Age-Otori – looking worse after a haircut Boketto – staring into space Koi No Yokan – the sense you have upon first meeting a person that the two of you are going to fall in love Tsjigiri – trying out a new sword on a stranger Tsundoku – when you buy a book but do not read it 6:00 – #TightAssTommo Taking a look at great but quirky ways to save money, with holiday house swaps, homemade wedding cakes and cheap working spaces to be found in London. Tip of the Week – Always return your refundable cup, along with any others you can find along the way! 11:25 – The ability to cope with financial shock. Taking a look at why it is important to wellbeing, what shocks to look out for and practical tips to take away. 12:40 – Why is the ability to cope with financial shock important to financial wellbeing? 14:28 – Wellbeing is increased if we know we have the ability to cope with financial shocks Episode 21 – Financial Capability with Neil Bage 14:48 – Black swan events 19:15 – What financial shocks might we face? 20:43 – Practical ideas to take away 22:10 – Barclay’s Wellbeing In The Workplace Report 23:44 – Longterm illness and inability to work 25:40 – Life Insurance – get the right amount of cover to the need 29:10 – Thinking about repayment of debt, short term needs and replacing income lost 29:30 – Chip away, add a little each month to savings and it will all add up. If you would like to purchase a copy of The Financial Wellbeing Book please visit Penny Brohn UK shop

Episode 30: Young Money with Iona Bain In this episode Chris has a chat with the founder of the Young Money Blog, Iona Bain.  They discuss financial education, challenges younger people face and the importance of establishing saving habits. They also take a look at the pressures on young people from social media and society based expectations, such as keeping up with others and the work/life balance. As ever we have some great tips from #tightasstommo and a wellbeing word from Sweden.  If you have any great money-saving tips or want to comment on the blog, please do join us on twitter, @FinWellbeing.   0:19 – Welcome & Introductions 2:30 – Wellbeing Word from around the world Sweden – Lagom 4.:00 – #TightAssTommo Great ways to save money, from clothes to car boot sales to train tickets. Tip of the Week –  Split your train tickets 7:45 – Introduction to freelance journalist Iona Bain. Iona regularly writes about money issues young people face on her blog Young Money Iona has also written a book called Spare Change to help understand and find better ways to manage money. 8:39 – Interview with Iona Bain 10:30 – Musical beginnings 12:10 – On writing about economics and money 12:45 – The current economic climate and the pressure for meaningful work 15:35 – Workplace wellbeing, caring about the whole person 16:40 – Meaningful work and the influence of social media 18:15 – Issues facing the younger generations, asking why are they doing what they are doing. 22:40 – The advantages of saving and not spending 25:55 – Financial education, habits and control Click to tweet – Saving money is empowering, it gives security and sends a future present to yourself. 29:05 – Thoughts from Chris & David on the interview with Iona Bain   WIN a copy of Spare Change by Iona Bain –  We have 5 copies of the book to give away. Click here to visit our Twitter page and find out more. Competition will run from Friday 12th January until Friday 26th January 2018. Winners will be drawn at random from eligible entries and announced on Monday 29th January 2018. If you would like to purchase a copy of The Financial Wellbeing Book please visit Penny Brohn UK shop

Episode 29: A Cracker of a Podcast with Hafdis Huld Put your feet up and nibble on some left over Christmas chocolate whilst relaxing with the Financial Wellbeing Podcast. Join Chris, David and Producer Tommo in this festive Christmas special. We have lighthearted games, music, Christmas crackers and a special interview with Icelandic singer/songwriter Hafdis Huld. Play along with Sound Charades, enjoy some seasonal money saving tips from #TightAssTommo and we ask Hafdis the meaning behind her new album title Dare To Dream Small. Festive Wellbeing word from around the world Iktsuarpop – Inuit Jólabókaflóð – Icelandic Why straw pigs in Sweden? If you know please do tweet us with an answer @finwellbeing Some cracking tips from #TightAssTommo. From butter to re-gifting in the new year. Fun and games – play along with Sound Charades, can you shout the out the answer quicker than David? Interview with Hafdis Huld – What does dare to dream small mean? Know thyself, understanding your dreams and not getting lost in expected dreams. Dream about what is enough for you, know what is important and spend your money on that. Petta Reddast – Icelandic, lets see what happens as it will all be fine If you want to hear more music from Hafdis, take a look at her website for music videos – click here.  

Episode 28 – DB or Not DB That is the Question This podcast is all about the “fascinating” subject of transfers from Defined Benefit (aka Final Salary) Pension Schemes. Perhaps not usually the most riveting of subjects, however, in all seriousness it’s a hot topic at the moment with plenty of pitfalls and a big issue for those with this type of pension. Even if you don’t have one of these pensions we recommend you listen to hear about what good practice should look like when it comes to financial advice. Join Chris, David and Producer Tommo as they go through the pros, cons and things to look out for with transfers from DB Schemes. As ever we have a wellbeing word form around the world and some money saving tips from Tight Ass Tommo. If you have any tips for future episodes, do let us know. We welcome any comments about the podcast and can be reached on Twitter – @FinWellbeing This podcast is not advice, people should seek personalised, individual financial advice from a pensions specialist before transferring a pension. 0:15 – Introductions 2:00 – What will be discussed this podcast, stick with us it is more interesting than you think! 3:00 – What is a Defined Benefit Transfer? 4:15 – Wellbeing words from around the world Scotland – Tartle 6:30 – Tight Ass Tommo From using the Facebook market place to buy and sell, taking trips to France for cheap booze to keeping 2017 diaries for 2028 #tipoftheweek – save money with a lack of pumpkins 9:30 – Defined Benefit Transfers 10:00 – This podcast is not advice, people should seek personalised, individual financial advice from a pensions specialist before transferring a pension 10:30 – Producer Tommo explains the two pensions involved – Defined Benefit and Personal Pensions 13:45 – It may seem simple, but it isn’t 14:10 – Is this something that has been set up to benefit the financial services industry rather than the consumer? 16:30 – Pension Freedoms 17:55 – What is the point of transferring your pension? 18:20 – Episode 25: Greg Davis 18:40 – See the right financial adviser to help you 19:40 – An impartial adviser can help against making emotional money decisions 20:00 – When is it a good idea to transfer out of a defined benefit scheme? 24:00 – Do it for the right reasons and with good advice, after all you cannot transfer back in 25:00 – Things to look out for 25.50 – What is the process if you are tempted by the high transfer value from your defined benefit pension? Ovation Finance DB Transfer Blog If you would like to purchase a copy of The Financial Wellbeing Book please visit Penny Brohn UK shop

Episode 27: The Power of Negativity with Oliver Burkeman Join Chris, David and Producer Tommo in this much anticipated podcast! They talk to Guardian journalist and author of Chris’ favorite non-fiction book The Antidote, Oliver Burkeman. Oliver talks about the alternatives to motivational seminars and the power of negative thinking.   0:12 – Welcome & Introductions 0:56 – The Money Charity 2:60 – Wellbeing Word from around the world Norway – Koselig 4:05 – Tight Ass Tommo Great tips including posting clothes and gate crashing weddings! #tipoftheweek – Cashback | Top Cashback 7:50 – Introduction to Guardian journalist Oliver Burkeman 8:55 – Oliver explains his book, The Antidote, an alternative to motivational seminars and the power of positive thinking. 11:40 – The problem with ‘clear goals’ thinking 13:45 – The philosopher and stoicism It is not the event, it is our beliefs about events that make us distressed 16:05 – Understanding yourself and knowing the limits of understanding yourself 17.50 – Non Attachment (from Buddhism) 18:50 – What can people do to insulate themselves from the noise of self-help? 19:34 – Just do something! (Simmone Gnessen podcast) 20:00 – Negative visualisation, what is actually is the real worst thing that could happen? 21:45 – Capacity for Loss 22:20 – Effectuation 26:28 – Acceptance, to reconcile happiness and achievement 30:40 – Fatherhood changing views 32:42 – Chris and David talk over the topics discussed in the interview 34:42 – Do not wait for that perfect moment, just do something (Carl Richards podcast) 35:00 – Dame Kelly Holmes on making mistakes   WIN a copy of Oliver Burkeman’s book The Antidote – We have 5 copies of the book to give away. Click here to visit our Twitter page and find out more. Competition will run from Thursday 30th November until Thursday 7th December 2017. Winners will be drawn at random from eligible entries and announced on Friday 8th December 2017.  

Episode 26: Risky Business In this podcast we take a look at the often misunderstood area in personal finance – attitude to risk. Join Chris, David and Producer Tommo as they discuss the problems with traditional risk assessment tools and an over reliance on the results they produce. They also offer some practical tips to takeaway – from the best practice to expect from a financial adviser to understanding your own attitude to your money and risk. As ever we have some #tightasstommo tips, any tips you have for a future episode let us know on twitter through @finwellbeing.   0:50 – What has Chris been up to? 1:45 – Wellbeing Word from around the world Netherlands – Gezellig (heh-SELL-ick) 2:40 – Tight Ass Tommo We talk date night, toothfairy and reusable water bottles #tipoftheweek – The Sharing Economy and recycling old magazines 6:00 – Introduction to the podcast topic,  understanding our approach to risk 8:00 – ATR, attitude to risk. A questionnaire that should just be the start of discussions about risk 10:00 – The level of risk you are happy with translates to how your money is managed 11:00 – This ATR test leads to people having a higher level of risk than their actions would show they are comfortable with. 13:00 – Many regulators have come to the same conclusion 13:50 – Why are we making this statement? 14:00 – Framing of questions 15:50 – Unable to predict our future 17:10 – Present Bias and an example 19:00 – How do we react to positive and negative situations 19:50 – Loss Aversion, we react more strongly to loss compared to gains 21:00 – Questions are open to interpretation 22:00 – We need to be wary of the results from this ATR questionnaire, so what can we do to work out what our attitude to risk should be? 21:00 – Know Thyself 22:40 – Understand your capacity for loss 24.30 – Cashflow Forecast 25:10 – Practical tips to take away 27:20 – Understanding the way the markets work, your attitude to risk and the relationship needed with your financial adviser. Click to Tweet – What can we do to work out what our attitude to financial risk should be?

Episode 25: Behavioural Economics with Greg Davies In this episode Chris, David and Producer Tommo are joined by behavioural economist Greg Davies who talks about how our emotions effect our decision making process and how we can become more comfortable when making financial choices. We have Tight Ass Tommo’s #tipoftheweek along with money saving tips from our podcast listeners.   0:20 – Introductions and who is Greg Davies 2:35 – Wellbeing words and their meaning from around the world Japan – Ikigai (ee-kee-guy) 4:00 – Tight Ass Tommo The highs and lows of haircuts and charity shops. #tipoftheweek – Too good to go app 7:20 – Intrinsic motivation & money decisions 10:10 – Interview with Greg Davies How he got into applied decision science 12:30 – What is Behavioural Economics? When making financial decisons we are often purchasing emotional comfort at the cost of long term returns. So how can we do this efficiently without shutting off our emotions? 18:30 – How to apply behavioural economics to real financial issuse we face? 20:30 – Creating comfort in the financial decision making process 25:50 – Chris and David discuss and summerise the interview   If you have any tips for Tight Ass Tommo’s #tipoftheweek please do email us or teet @finwellbeing along with any thoughts on this podcast.