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Episode Summary
Today on Wealthy Wellthy Wise I interview Jeff Kreisler. Jeff is the Editor and Chief of People Science and the co-author of a must read money book, Dollars and Cents. He is a Princeton educated lawyer turned author, speaker, pundit, comedian and advocate for behavioral science.
In this episode Jeff exposes the hidden forces that secretly drive our poor choices we make with our money. He explains how irrational behavior interferes with our best intentions when it comes to managing our money, growing our savings, and building our investments. Why don’t value our future comfort and security as much as we value our present pleasure and spending?
Listen Now
You can also click on the time stamps below to jump to those specific points in the conversation.
What We Covered
- [2:18] I welcome Jeff to the show and he tells us about himself
- [4:14] Jeff shares his “light bulb” moment
- [7:21] We learn what one of the most common finance misconceptions he sees
- [10:32] Jeff tells us a little about the psychology behind the sale
- [13:06] We talk about marketing decoy prices
- [15:17] Breaking down the price – Opportunity Cost
- [17:48] A great first step to improve your balance sheet
- [19:21] Jeff Breaks down the power of consumer debt
- [22:31] We talk about just how easy technology makes it to overspend
- [24:15] Jeff explains “Mental Accounting”
- [27:33] Sometimes our own confidence or self trust can be a downfall
- [30:23] The more we earn the more we spend
- [31:37] Comparing yourself to others can make you overlook your accomplishments
- [34:14] Jeff explains overpaying for effort vs putting your own value on effort
- [37:52] Does anyone really know about money? Jeff busts his money myth.
Tweetables
[Tweet “We will buy a shirt that was $100 but is marked down to $60, but we won’t buy a $60 shirt.“]
[Tweet “The idea of opportunity cost. What you’re giving up when you make a decision now. “]
[Tweet “You’re future self never really shows up, you’re always in the present. But you’re future self is perfect”]
Links Mentioned
Get a free copy of my book “Falling For Money” here
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