How to Stop Screwing Up Our Finances, Even in a World That Leads Us Astray -- with Dr. Dan Ariely

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.7 • 3.6K Ratings

🗓️ 18 May 2020

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

#257: “The checking account is like the trash can of personal finance.” Today’s podcast guest, the famed behavioral economist Dr. Dan Ariely, is not a fan of checking accounts. Or supermarket end caps. Or anything that distracts us from our financial goals. In this episode, he explains why. Dan Ariely is one of the world’s most renowned behavioral economists. He’s the James B. Duke Professor of psychology and behavioral economics at Duke University. His TED Talks have been viewed more than 15 million times. In 2018, he was named one of the 50 most influential living psychologists in the world. He’s the New York Times bestselling author of many books, including Predictably Irrational, a book that challenges our assumptions about our ability to make rational decisions. He also wrote Dollars and Sense, a book about our cognitive biases, and The Honest Truth About Dishonesty, a book about how we lie to everyone, including ourselves. For more information, visit the show notes at https://affordanything.com/episode257 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.
0:10.7	Every choice that you make is a trade-off against something else and that doesn't just
0:13.5	apply to your money.
0:14.7	That applies to your time, your energy, your focus, your attention, anything in your life
0:18.5	that's a limited or scarce resource.
0:21.0	Saying yes to one thing implicitly means saying no to something else.
0:24.7	And that leads to two questions.
0:26.4	First, what is truly a value in your own life?
0:30.4	And second, how do you align your decision making to reflect that?
0:35.9	Answering these two questions is a lifetime practice.
0:38.7	These are not simple questions to be able to incorporate into our lives.
0:42.8	It's hard to act out the answers.
0:44.6	And that is what this podcast is here to help facilitate.
0:48.4	My name is Paula Pant.
0:49.4	I am the host of the Afford Anything Podcast and today Dr. Dan Arelele joins us.
0:54.9	To talk about why we screw up the way that we handle money so much and what we can do
0:59.8	about it, Dan Arelele is arguably one of the most famous and well-respected behavioral
1:05.2	economists in the world.
1:07.3	His TED Talks have been viewed more than 15 million times.
1:11.4	And in 2018, he was named one of the 50 most influential living psychologists in the world.
1:17.6	He kicked off his career by getting two PhDs, one in cognitive psychology from UNC Chapel
1:22.0	Hill and the other in marketing from Duke University.
	...

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