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Afford Anything | Make Smart Money Choices

The Financial Benefits of Optimism, with Michelle Gielan

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 24 February 2021

⏱️ 63 minutes

🧾️ Download transcript

Summary

#302: Did you know that optimists worry about their finances 145 fewer days than pessimists? They’re also more likely to save money, and are 7x as likely to experience better financial health. Michelle Gielan, bestselling author of Broadcasting Happiness, defines optimism “as the expectation of good things to happen and the belief that our behavior matters.” She shares specific tactics and mindset shifts we can make right now to become more optimistic and resilient, and, in the process, develop a better relationship with stress. For more information, visit the show notes at https://affordanything.com/episode302 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.

0:11.3

Every choice that you make is a trade-off against something else.

0:14.3

And that doesn't just apply to your money.

0:16.2

That applies to your time, your focus, your energy, your attention, anything in your life

0:21.6

that is a scarce or limited resource.

0:23.9

And that opens up two questions.

0:25.5

Number one, what matters most?

0:27.6

That number two, how do you align your daily, weekly, and annual decisions in a way that

0:33.5

reflects that?

0:35.5

Answering those questions is a lifetime practice, and that's what this podcast is here to

0:39.6

explore.

0:41.0

My name is Paula Pant.

0:42.0

I am the host of the Afford Anything Podcast.

0:44.6

We talk often about how investing is not the study of finance.

0:49.6

Investing is the study of behavior.

0:52.2

And every aspect of your investor behavior, from your contributions to your asset allocation,

0:58.4

to whether or not you panic and buy on the dip, all of those elements of your behavior

1:03.1

have a far greater impact on your investment returns than any hypothetical movement of decimal

1:09.9

points on a spreadsheet ever will.

1:12.5

Mastering money is mastering emotion, behavior, habit.

1:16.5

And it is for that reason that I prioritize speaking with people from the behavioral

1:21.8

fields, whether that's behavioral economists or psychologists whose work intersects with

...

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