Want To Save More? Use Tricks From Video Games

The Stacking Benjamins Show

Joe Saul-Sehy and Josh ‘OG’ Bannerman, CFP

Education, Business, Money, Investing, Financial Planning, Cfp, Personal Finance, Retirement

4.4 • 2K Ratings

🗓️ 3 November 2021

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our brains are complex and in charge of our emotions, memories and behaviors but just how connected are our brains and decisions about money? Maybe more than you realize. Dr. Paul Zak joins us to talk about our brains and money. Studies have shown that different parts of our brain light up on MRI scans when faced with different money decisions and purchases and this research can be used to predict how people will spend their money or feel about money. Using that knowledge and gamification, we can build better money habits. Video games and even games on our phones can help build better habits by encouraging saving and investing.

During our headline, we talk about company retirement plans and savings rates in the U.S. Many companies don't offer 401k plans for employees, but should they? Joe and OG will give you their take but the real problem facing many Americans is that savings rates aren't nearly where they need to be. We'll break down those numbers too. Then we'll throw out the Haven Life line to William who is getting ready to sell a rental property and has questions about the capital gains tax due.

Enjoy!

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Transcript

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0:00.0	At some point far in the future, historians will probably ask,
0:05.3	what was daily life like in the early 21st century?
0:09.5	Well, one thing we know for sure.
0:12.9	Nobody will ever point to these two clowns and say,
0:16.2	this was how you should have been stacking Benjamins.
0:24.2	Live. was how you should have been Stacking Benjamin's. Live from Joe's Mom's Basement, it's the Stacking Benjamin's show.
0:43.3	I'm Joe's Mom's Neighbor, Doug, and have you ever felt like you've done something illogical with money?
0:44.4	Not me.
0:46.9	Mine's safe under my bed inside my Batman socks.
0:53.2	But other people do lots of wacky things with their cash that, on paper, make no sense.
0:56.4	Here to explain how your brain might be tricking you,
1:03.6	the guy featured on Million Stories Your Brain on Money YouTube series, we welcome Dr. Paul Zach.
1:09.9	In headlines, we'll talk about new savings systems that force you to prepare your future. Unlike Joe's mom, who assumed she'd die young in a trapeze incident, which is why she
1:14.2	has to rent out her basement.
1:15.9	Oh, yeah, you bet your sweet Bippy she's got a backstory.
1:19.6	Then, we're going to throw out the Haven Lifeline and share some trivia that's going to
1:24.3	drive you crazy.
1:26.4	And now, two guys whose brains are always on the next video game, it's Joe and O.
1:33.5	Jha, Jha, Jha, Jee.
1:39.6	Had to put down my C of Thieves controller to make sure that we got this done, OG.
1:45.9	Well, yes, that's kind of sort of true.
1:49.0	Unlike, unlike Navy Federal.
	...

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