Habits are Overrated, with Kristen Berman

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 8 September 2021

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

#337: Meet Kristen Berman, a top researcher in the field of behavioral economics. She’s the co-founder of Irrational Labs, which designs products that are evidence-based in the behavioral sciences. Her co-founder, Dan Ariely, is the James B. Duke Professor of psychology and behavioral economics at Duke University, and one of the most famous behavioral economists in the world. Here are some of the (counterintuitive!) ideas that Kristen shares: Habits are overrated. Automate instead Budgeting doesn’t change your spending behavior Commit in advance Forget about the outcome Focus on the process You need accountability Think about the Three B’s: behavior, barriers and benefits Tune into this episode to hear Kristen elaborate on these research-backed, evidence-based ideas about how to improve our spending, saving and investing habits. For more information, visit the show notes at https://affordanything.com/episode337 *Note: This interview originally aired in October 2019. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	You can afford anything but not everything.
0:11.1	Every choice that you make is a trade-off against something else and that doesn't just apply
0:14.7	to your money.
0:15.7	That applies to any limited resource that you need to manage like your time, your focus,
0:20.0	your energy, your attention.
0:22.0	That opens up two questions.
0:24.0	First, what matters most?
0:25.8	Second, how do you make decisions around?
0:29.6	That which matters most?
0:31.4	Answering those two questions is a lifetime practice and that's what this podcast is here
0:35.3	to explore and facilitate.
0:38.0	My name is Paula Pant.
0:39.4	I'm the host of the Affordable Care Foundation podcast.
0:41.9	In the month of September, we're going to spend four weeks listening to four episodes
0:47.3	themed around the four pillars of fire, F for financial psychology, I for investing,
0:54.8	R for real estate, and E for entrepreneurship.
0:58.6	In today's episode, we will hear an interview with a leading behavioral economist which
1:03.5	will kick off the F, the financial psychology of this FIRE series.
1:10.6	This series highlights four of the best episodes from our archives and is part of the September
1:17.4	sabbatical series and annual tradition in which every September we play some of the best
1:23.4	episodes that come from our five years on the air.
1:27.9	This particular episode first aired in October 2019 and we felt like it was a wonderful
	...

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