17 min listen
70: Women, Retirement, and the Lessons of Behavioral Finance
70: Women, Retirement, and the Lessons of Behavioral Finance
ratings:
Length:
31 minutes
Released:
Jul 15, 2023
Format:
Podcast episode
Description
“The human brain is actually wired to trip us up, to shoot ourselves in the foot when it comes to money and investing. A little bit of self-examination can help pull us out of these knee-jerk reactions.” Prepare for a knowledge voyage as our hosts Stephanie McCullough and Kevin Gaines redefine retirement for women, bringing insights from behavioral finance, a fascinating field that explores how we make decisions around money. By the end of this episode, you'll have a deeper understanding of financial behaviors and how to make smarter choices. Our hosts dissect the concept of the gambler's fallacy to shed light on their own decision-making patterns, with Kevin sharing a personal anecdote to highlight its real-life impact. Following that, prepare for a compelling discussion on mental accounting, a concept that will change how you view your money's value depending on its source. Our hosts explore a study that reveals intriguing patterns in spending "found money" versus hard-earned cash. To wrap up, they look at practical ways to leverage mental accounting in creating a budget and improving your chances of financial success. This episode is a journey toward financial empowerment. Key Topics: Intro to Behavioral Finance (01:58) Biases (06:21) Recency Bias (AKA Availability Bias) (14:32) Mental Accounting (17:30) Flipping These Findings to Our Advantage (Action Steps) (24:43) Resources: Predictably Irrational (book) Seinfeld Skit: Even Steven If you like what you’ve been hearing, we invite you to subscribe on your favorite platform and leave us a review. Tell us what you love about this episode! Or better yet, tell us what you want to hear more of in the future. stephanie@sofiafinancial.com You can find the transcript and more information about this episode at www.takebackretirement.com. Follow Stephanie on Twitter, Facebook, YouTube and LinkedIn. Follow Kevin on Twitter, Facebook, YouTube and LinkedIn.
Released:
Jul 15, 2023
Format:
Podcast episode
Titles in the series (89)
02: Retire on Your Own Terms - Or Don’t!: There is no right way to retire. Even if you don’t do everything you had hoped to do, you can still build a plan so that you can do more of the things you want and less of the stuff you don’t. In this episode we’re Taking Back Retirement by... by Take Back Retirement