Reducing Friction, Getting Moving, and Saving Money (with Dan Ariely)
The Stacking Benjamins Show
Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP
4.4 • 2K Ratings
🗓️ 19 August 2020
⏱️ 65 minutes
🧾️ Download transcript
Summary
Looking to save more cash, but don't know where to look? Today we welcome Dan Ariely, Chief Behavioral Economist with Qapital, and professor and expert on psychology and behavioral economics at Duke University. According to Dan, the best strategy may not necessarily be about adding more cash to your bottom line but reprioritizing the money you already have. Instead of trying to out-earn your spending habits, realign your focus to make the cash you earn go further for you each week.
Plus, every week it seems like another online bank cuts their rate and super-savers are upset at the loss of "free cash." During our headlines, we'll discuss why recent rate drops shouldn't be the end of the world AND we'll also cover the reasons behind a recent surge in new accounts with robo-advisors.
When it comes to saving your cash, should you stack more Benjamins in your wedding fund or your IRA? Our anonymous caller lets us know that he's putting away $1000 a month for his wedding, but only $500 into his Roth. He won't have any extra cash available when he becomes eligible to contribute to his 401k. Our caller asks: should he pull back on his wedding savings?
Of course, we'll save some time for Doug's trivia. Enjoy!
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Transcript
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| 0:00.0 | Bring out you dead! |
| 0:02.0 | Bring out you dead! There's one. I'm not dead. What? Nothing. He's your knife puts. I'm not dead. Here. He says he's not dead? Yes, he is. I'm not. He isn't. Well, he will be soon. He's very ill. I'm getting better. No, you're not. You'll be stone dead in a moment. I can't take him like that. |
| 0:21.7 | It's against regulations. |
| 0:28.2 | Live from Joe's Mom's Basement. |
| 0:30.5 | It's The Stacking Benjamin Show. |
| 0:33.0 | Oh, no! |
| 0:34.2 | Oh! |
| 0:36.3 | No! Oh! Oh! I'm Joe's mom's neighbor, Doug, and what's the first thought you have when you hear the term economics? |
| 0:48.8 | I bet I know your answer. |
| 0:50.5 | Two words. |
| 0:51.6 | Boring. |
| 0:53.3 | Well, we're about to change your mind on that front because joining |
| 0:57.0 | us today is a guy who's created some of the world's most fascinating TED Talks, and they're |
| 1:02.4 | all about economics. He's the professor of psychology and behavioral economics at Duke University |
| 1:08.4 | and a founding member of the Center for Advanced Hindsight, |
| 1:12.7 | Dan Ariely. Plus, interest rates on high yield savings accounts are dropping, and savers aren't |
| 1:19.4 | happy about it. What can you do to combat this? We'll share our advice during our headline segment. |
| 1:25.5 | And finally, we'll toss out the Haven Lifeline to Anonymous. |
| 1:29.8 | Man, that dude's parents must have hated him to give him a name like that. |
| 1:33.1 | Anyway, we're going to reach out to Anonymous to answer his question about saving for a wedding |
| 1:38.1 | versus saving for retirement. |
| 1:40.2 | And, of course, you wouldn't be here without some of my amazing trivia. |
... |
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