A SPENDING PROBLEM?: What Gambling Addiction Research Teaches Us About Our Financial Behavior

The Money with Katie Show

Money with Katie

Self-improvement, Education, Business, Investing, How To

4.8 • 1.3K Ratings

🗓️ 2 February 2022

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today's episode dives into gambling research (via Chief of the Stanford Addiction Medicine Dual Diagnosis Clinic, Dr. Anna Lembke) and what it teaches us about our own dopamine pathways: Specifically, how strange it is that we can get the most dopamine when something objectively bad is happening (like losing money while gambling). We'll discuss unhealthy relationships with spending, earning, saving, and – bonus! – we'll hear from 3 members of the Money with Katie community who share their stories about spending problems. Finally, we'll review two major tactics you can try to address the issue (whether you're more of a compulsive spender or saver). A big thanks to #RichGirls Cynthia, Kate, and Taylor for their vulnerability. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome back to another episode of the Money with Katie podcast brought to you by Morning
0:07.5	Brew, jingle coming soon. So today's episode will be different than the previous ones because today
0:13.5	I am bringing in a few different members of the Money with Katie community to share their experiences
0:20.0	with us. So what are we talking about, you ask? Well, we are talking about what gambling,
0:28.1	addiction, research teaches us about our relationship with earning and spending. I know you're
0:37.0	probably like, whoa, sis, pump the brakes. How did we go from 401k rollovers and combined finance
0:45.0	hacks to gambling addiction of all things? But I will tell you how. My new daily podcast walk.
0:52.6	So I was listening to a podcast about dopamine and how our brains down regulate or up
0:58.7	regulate depending on our behavior. Still trying to figure out why I feel like the biggest
1:06.0	serotonin rush after an in-person cycle class, but TBD will report back. Anyway, a quick disclaimer.
1:14.0	I'm not a doctor. I don't play one on TV. These are my takes and insights based on the data
1:19.2	presented to me in a single podcast. So please gauge the scientific accuracy of this episode
1:25.1	accordingly. If you're a neurologist and I get something wrong, please feel free to slide in my
1:29.5	DMs and yell at me. That said, let's jump in because I think there are a lot of interesting
1:35.4	findings that are worth learning about. So any time dopamine is released in their reward pathway
1:43.2	in your brain, your brain feels good. And immediately, you're going to want to do more of the thing
1:48.7	that triggered said dopamine release, i.e. wine on the couch with real housewives after work.
1:55.0	So as I was listening to the podcast, I imagined people doing hard drugs and like drinking a lot of
2:01.6	alcohol. Like, you know, those like stereotypical addictive behaviors. And I was like, oh, surely,
2:07.7	I don't engage in any addictive behaviors. High-fiving myself on this walk, like, oh, way to avoid
2:13.2	addiction. Money with Katie. Good job. Then as a fun cue, she goes, you know, Netflix and social
2:20.0	media, they're also extremely addictive from a dopamine regulation perspective. This is Dr. Anna
	...

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