F.I.R.E. holds four pillars: Financial psychology, Investing, Real estate, and Entrepreneurship.
This September, we’re running four weeks of episodes focusing on each of these four pillars.
Each episode is curated from the best interviews out of the 335+ episodes within our archives.
Today, we kick off with an episode focused on financial psychology.
We’re airing an interview with Kristen Berman, a top researcher in the field of behavioral economics. She’s the co-founder of Irrational Labs, which designs products that are evidence-based in the behavioral sciences.
Her co-founder, Dan Ariely, is the James B. Duke Professor of psychology and behavioral economics at Duke University, and one of the most famous behavioral economists in the world.
Here are some of the (counterintuitive!) ideas that Kristen shares:
- Habits are overrated. Automate instead.
- Budgeting doesn’t change your spending behavior.
- Commit in advance.
- Forget about the outcome.
- Focus on the process.
- You need accountability.
- Think about the Three B’s: behavior, barriers and benefits.
Tune into this episode to hear Kristen elaborate on these research-backed, evidence-based ideas about how to improve our spending, saving and investing habits.
*Note: This interview originally aired in October 2019.
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