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Afford Anything | Make Smart Money Choices

The Science of Behavioral Change, with Katy Milkman

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 7 May 2021

⏱️ 63 minutes

🧾️ Download transcript

Summary

#315: Do you ever grapple with the differences between your present self and your ideal self? Katy Milkman, host of the Choiceology podcast and the James G. Dinan Professor at The Wharton School of the University of Pennsylvania, shares the science of getting from where you are now to where you want to be. Her book, How to Change, is a “science-based blueprint for achieving your goals, once and for all.” In this discussion, Katy reveals Why your strategy is key to making lasting change How we can pick the right strategy for our circumstances The handful of science-backed tactics that bridge the gap between our present selves and ideal selves For more information, visit the show notes at https://affordanything.com/episode315 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything, you just can't afford everything.

0:11.6

Every choice that you make is a trade-off against something else and that doesn't just

0:15.1

apply to your money.

0:16.4

That applies to your time, your focus, your energy, your attention.

0:20.4

It applies to any scarce or limited resource that you need to manage.

0:25.0

Everything yes to something implicitly means, saying no to other opportunities even if

0:30.2

you are unconscious about those costs.

0:33.4

This opens up to questions first, what matters most to you and second, how do you align

0:38.2

your decision making to reflect that which matters most?

0:42.8

Answering these two questions is a lifetime practice and that is what this podcast is here

0:47.2

to explore and facilitate.

0:49.3

My name is Paula Pant, I am the host of the Afford Anything Podcast, we are normally a

0:53.1

weekly show but once a month on the first Friday of the month we air a first Friday bonus

0:58.2

episode so welcome to the May 2021 first Friday bonus episode.

1:03.4

And do you ever grapple with the differences between your present self and your ideal best

1:11.2

version of yourself?

1:12.3

So for example, the best version of yourself might be the type of person who saves 50%

1:19.0

of their income or exercises four times a week or spends their weekends learning about

1:25.6

how to analyze a stock or learning the nuances of cryptocurrency.

1:29.6

Maybe that and I'm not saying that's what your ideal self needs to be but however you define

1:34.9

your ideal best version of yourself, you know who that person is but your present self,

1:43.2

not so much.

...

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