In this episode: the pain of paying, anchoring, relative value, sunk costs, response to stimulus, and opportunity cost.
On this installment of the Book Club, we are joined by Clint Murphy and Ginger to discuss some of our favorite takeaways from Dan Ariely and Jeff Kreisler's "Dollars and Sense: How We Misthink Money and How to Spend Smarter," We often mention on this podcast the importance of actionable steps you must be willing to take while on the journey to FI, and this book is chalk-full of actionable tips and examples that could possibly be applied to many areas of your life, not just personal finance. While we know that personal finance is not unilateral and there are no correct steps and decisions that ensure success for everyone, we believe this book can help you better understand the decision making processes that goes into taking actionable steps on your FI journey!
Book Club Selection:
Timestamps:
Resources Mentioned In Today’s Episode:
More Helpful Links and Resources:
275 | Board games and War Games
274 | Tax Planning 2020 | Sean Mullaney
273 | What's an Emergency?
272 | Understanding Compound Interest & Investing for Beginners
271 | Future Proof
270 | Designing your Year for 2021 | Dominick Quartuccio
269 | Let's make Lemonade with a Twist
268 | We Want Guac | Financial Independence for Gen Z
267 | Timing the Market
266 | Breaking the Cycle of Poverty | Yanely Espinal
265 | Talent Stacker
264 | Recognizing Scarcity and Uncertainty | Leisa Peterson
263 | Pick Your Five: Accountability & Decision-Making
262 | How to Decide | Annie Duke
261 |"Nothing Gold Can Stay" | What is a HELOC?
260 | What's your Survival Number? | Jully-Alma Taveras
259 | Kristi & Big ERN
258 | Back to Basics Part 2: The Income Side of the Equation
257 | Back to Basics: Getting Started with FI
256 | Double Your Income by Flipping the Second-Hand Market | Flea Market Flippers
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