EP 45 | Profit Boss® Radio | Money Mistakes and Motivation with Economist Dan Ariely

I get to be a fan-girl on this episode of the Profit Boss® Radio because of today’s guest. It’s not often that I have the opportunity to spend an hour with a three-time New York Times best-selling author who is a household name, and that’s exactly who my guest is today. Dan Ariely is a world-famous economist who doesn’t write about get-rich-quick schemes but has an amazing ability to generate massive interest in economics and irrationality. He is the co-creator of the Center for Advanced Hindsight, a popular two-time TEDx speaker, and creator of the documentary (Dis)Honesty – The Truth About Lies.

Dan is a James B. Duke Professor of Psychology and Behavioral Economics at Duke University. His latest book, PayOff, explores the lies we tell ourselves and the forces that influence our behavior. He developed this passion for helping people live more sensible and rational lives after suffering a tragic accident where he was badly burned. The extended hospital stay and subsequent painful experience having the bandages removed caused Dan to become extremely interested in irrationality. His work is dedicated to understanding why good people with good intentions are consistently doing the wrong things.

Dan and I discuss the theory that humans are incapable of thinking rationally about money. He believes that we repeatedly make the wrong decision, but research can help change that. We talk about how the world helps us make poor decisions about money. Your money problems may not be entirely your fault. Social norms, the pain we experience when paying cash, and new technology that encourages us to think less all impact our ability to make the best choices. He talks directly to the Profit Boss® audience about why women struggle with money, why we continue to make financial mistakes, and what we can do to start building wealth like our male counterparts.

Listen To The Full Interview:

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What You’ll Learn From This Episode:

  • Social norms for women that may impact their lack of involvement in the stock market.
  • Why people aren’t capable of thinking rationally about money and what they can do to maximize GOOD decisions.
  • Dan’s theories about why women are still financially disadvantaged.
  • How behavior modification can address the looming retirement crisis.
  • Why his newest book, Payoff: The Hidden Logic That Shapes our Motivations is a valuable resource for parents, employers and everyone looking to motivate themselves or other people.

Featured On The Show:

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