The Science of Success Podcast

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Why Your Brain Struggles To Understand Money with Jeff Kreisler

Lace Gilger
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In this episode we discuss how money messes with your brain. We look into the obvious traps we fall into when we think about money, examine how cultural influences shape our financial choices, and explore the key biases that underpin the most common and dangerous financial mistakes that you are most likely to make with our guest Jeff Kreisler.

Jeff Kreisler is a bestselling author and the winner of the Bill Hicks Spirit Award for Thought Provoking Comedy. He is most recently the co-author of the new book Dollars and Sense: How We Misthink Money and How To Spend Smarter with Dan Ariely. (who we have previously had on the show as well?) Jeff is a regular contributor for CNN, Fox News, MSNBC and more!

  • Get rich cheating??? What’s that all about?

  • The common tropes within the self help industry (and how many of them are not based in evidence)

  • The power of satire to explore the underpinnings of human behavior

  • What is money?

  • Why do we have such a hard time thinking about money?

  • Awareness of your biases is a huge difference maker (even if you do nothing other than just being aware of your biases)

  • Spending is very obvious in our culture, but saving is not

  • Research shows men are more willing to admit they take viagra, than how much money they've saved in their 401ks

  • We dig deep into several of the mental biases that stop you from understanding money

  • The relativity bias and how that impacts spending habits

  • ‘What do you want for dinner” vs “would you rather have chicken or fish for dinner”

  • One of the most obvious traps that we fall into with money

  • “The Pain of Paying” Bias and how it impacts what we think about money

  • “The credit card premium” and how using a credit card makes you pay more

  • Anchoring bias and arbitrary coherence.

  • How your social security number could impact how much you pay for a bottle of wine

  • We often obsess about small financial decisions, but make judgements on a whim with large financial decisions like buying a home or car

  • Self control is really hard

  • “Ulysseses contracts," reward substitution and how to create self control

  • How self awareness is the cornerstone of making better financial decisions

  • The locksmith example and how we misunderstand value and fairness

Thank you so much for listening!

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Episode Transcript

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