Ep 44 – What Behavioral Economics Means To You

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What Behavioral Economics Means to You

Did you realize that we are hardwired to make irrational financial choices? The incentives to spend now vs. save are difficult to overcome on our own. Listen this week as Chad and Mike discuss the impact of behavioral economics on your personal situation.

On this episode, we break down six key behavioral biases we all share in different areas of our financial lives. The good news is that human accountability and automated savings programs can go a long way to fight against these instinctual biases.

So join us as we celebrate the recognition of Dr. Richard Thaler winning the Nobel Prize in Economics for his Behavioral Economics research and what it means to your financial situation.

Facts and Links Mentioned In the Show

What You’ll Learn in This Episode

  • 6 Key Behavioral Biases we are prone to experiencing
  • Who Richard Thaler is and why his work matters to you
  • Professor Thaler’s recommendations have saved the American economy $27 billion
  • Ways you can fight against your emotional impulses around your finances
  • Why having an accountability partner has been proven to help you save more money
  • How Mental Accounting can cost us in the long-run
  • Why Big Decisions can have higher odds of Big Mistakes

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