In 1975, Pepsi announced the “Pepsi Challenge.” The marketing idea involved a simple blind taste test to determine the best soda in the country.
In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains why we wish our financial decisions could work like the Pepsi Challenge. No context. No peer influence or status implications. Only one variable, like sweetness, to consider.
But the Pepsi Challenge revealed the importance of keeping in mind the context. In personal finance (as with soda preferences), context matters. Status pressure is real. And our financial lives are full of different variables.
With money, we need more than calculations that, in theory, might maximize our wealth. We also need to understand the circumstances in which we're making these decisions.
Welcome to Financially Well, the finance podcast for Millennials.
What You Know About Your Future Retirement
No One Taught You to Use an HSA
Monet & the Reality of Luck
Bluey & The Limits of Structure
Artificial Financial Decisions
Moneyball
15-Minute Finances
Natural Finance
Arbitrary Stupid Goals
Parting Ways With Country Music
Embracing a Third Place
Life in a Spreadsheet
Financially Unreasonable
The Rules of Financial Improv
What Rocks?
Flash Floods
Shadows or Spotlight
The Greatest Show on Turf
Stuck in Traffic
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Aligned Money Show
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