• Ep.149 I Deciding as a Tightwad or Spendthrift: Where’s the Balance? with Dr. Scott Rick

  • Jul 10 2024
  • Duración: 55 m
  • Podcast

Ep.149 I Deciding as a Tightwad or Spendthrift: Where’s the Balance? with Dr. Scott Rick

  • Resumen

  • Do you tend to be more of a spendthrift or more of a tightwad? How does it impact the way your family handles spending? Can spendthrifts and tightwads successfully share accounts? Dr. Scott Rick, PhD in Behavioral Decision Research, shares the causes and consequences of spending decisions and finding harmony in your habits. KEY TOPICS Setting spending contingencies ahead of time to avoid impulsive decisions. Why calling kids “spoiled rotten” is harmful. Joint versus separate accounts in a marriage. When and where kids may benefit from an “allowance.” CHAPTERS 00:00 Mission of Decidedly 01:21 Tightwad and Spendthrift Stories 5:09 Introduction to Dr. Scott Rick 12:17 Identifying Yourself as a Tightwad or Spendthrift 27:25 Spending Tendencies in Relationships 32:44 Avoiding Scorekeeping 40:56 Shaping Financial Behavior of Your Kids 49:40 Budgeting and Friction 52:31 Creating a Healthy Financial Environment 52:25 Decision-Making Tip 53:24 Key Takeaways 54:54 Producer Closing CONNECT WITH US ⁠www.decidedlypodcast.com⁠ Watch full episodes on ⁠YouTube⁠ Join us on ⁠Instagram⁠: @decidedlypodcast Join us on ⁠Facebook⁠ Shawn’s ⁠Instagram⁠: @shawn_d_smith Sanger’s ⁠Instagram⁠: @sangersmith Thank you to Shelby Peterson of Transcend Media for editing and post-production of the Decidedly podcast. SANGER’S BOOK: ⁠A Life Rich with Significance: Transforming Your Wealth to Meaningful Impact⁠ SHAWN’S BOOK: ⁠Plateau Jumping: What to Change When Change Is What You Want⁠ MAKING A FINANCIAL DECISION? At ⁠Decidedly Wealth Management⁠, we focus on decision-making as the foundational element of success, in our effort to empower families to purposefully apply their wealth to fulfill their values and build a thriving legacy. LEARN MORE: ⁠www.decidedlywealth.com⁠ SUBSCRIBE TO THE NEWSLETTER:⁠ https://visitor.r20.constantcontact.com/manage/optin?v=001aeU_pPBHJPNJWJBdVbaci6bjGIuEJurH12xHBWDEVT_NxyCadMd7wLSZjcEZglkSjDjehuIbTHD8nABOIdV69ctfYpSzg24RCIytetBUrlIPPKgaGzjGZ8DkM0Wp1LMjbErcYUur7PbZGjeVo4gyXlz821AoJGZR⁠ CONNECT WITH DR. SCOTT RICK Website: https://scottrick.com/ Book: https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079/ Instagram: @likelyshopping Dr. Scott Rick is a marketing professor at the University of Michigan’s Ross School of Business. He holds a PhD in Behavioral Decision Research from Carnegie Mellon University, where he was a National Science Foundation graduate research fellow. Rick’s research focuses on understanding the emotional causes and consequences of consumer financial decision-making, with a particular interest in the behavior of tightwads and spendthrifts. The overarching goal of his work is to understand when and why consumers behave differently than they should behave (defined by an economically rational benchmark, a happiness-maximizing benchmark, or by how people think they should behave), and to develop marketing and policy interventions to improve consumers’ decision making and well-being. Rick has published in marketing, psychology, management, neuroscience, and economics journals, including the Journal of Consumer Research, the Journal of Marketing Research, the Journal of Consumer Psychology, Organizational Behavior and Human Decision Processes, the Annual Review of Psychology, and Neuron. He currently serves as an Associate Editor at Financial Planning Review, and he serves on the Editorial Review Boards of the Journal of Consumer Research, the Journal of Consumer Psychology, and the Journal of Marketing Research. His research has been covered by media outlets such as the New York Times, the Wall Street Journal, the Financial Times, the Washington Post, NPR, and Harvard Business Review. He blogs for Psychology Today. At Ross, he has won awards for both research and teaching.
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