Doug chats with his friend, Dusti, about cognitive biases and behavioral economics.

They discuss how our financial habits are heavily influenced by emotions, and why we oftentimes spend money on unnecessary things.

Behavioral Economics

Why money is emotional
Buying more than we can afford
How group mentality affects our decision-making

Cognitive Biases

Availability bias
Confirmation bias
The struggle of having too many choices
The ostrich effect

Connect with Dusti on Instagram.

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0:00 - Intro

1:20 - Who is Dusti?

12:12 - Behavioral economics and the emotional side to money

18:11 - How you can support us

21:02 - Availability bias

23:10 - Confirmation bias and how society affects our buying decisions

29:39 - Is having fewer options better?

34:28 - People overvalue what they own

43:06 - Going along with everyone else

50:04 - Loss aversion

53:20 - The ostrich effect