297. The Stupidest Thing You Can Do With Your Money

Freakonomics Radio

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4.6 • 32K Ratings

🗓️ 27 July 2017

⏱️ 48 minutes

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Summary

It's hard enough to save for a house, tuition, or retirement. So why are we willing to pay big fees for subpar investment returns? Enter the low-cost index fund. The revolution will not be monetized.

Transcript

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0:00.0	Hey there, Steven Dubner.
0:06.2	I thought you might like to know about the latest episode of our other live podcast.
0:11.2	Tell me something I don't know.
0:12.7	The episode is called Behavior Change Ultra Egghead Edition.
0:16.6	And it features some of the smartest people in behavioral science, including people you've
0:21.0	heard before on Frekenomics Radio.
0:23.4	Like Angela Duckworth, the Penn Psychology Professor and author of GRIT, and David Labeson,
0:29.3	chair of the Harvard Economics Department.
0:31.6	I'm a behavioral economist.
0:33.7	My academic expertise is procrastination.
0:39.0	In 30 seconds or less, how can someone get grittier?
0:43.3	Great is passion and perseverance for very long-term goals.
0:47.4	It takes more than 30 seconds.
0:53.0	You can find, tell me something I don't know wherever you get Frekenomics Radio.
0:56.4	And if you want to be on the show or attend a live taping, visit tmsidk.com.
1:02.5	We've got six shows coming up in New York City in early October at Joe's pub at the
1:07.2	public theater.
1:08.2	Hope to see you there.
1:14.8	What would you say if I told you that everyday investors, people like you and me, are just
1:19.0	throwing away billions and billions of dollars?
1:22.6	It's not something that just started today. It's been going on for the last 20 or 30 years.
1:29.6	Is it some kind of a tax?
	...

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