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:
452 | This is Not a Dress Rehearsal | August Roundup with Katie
451 | Mini-Retirements to Accelerate Your Path to FI | Jillian Johnsrud
450 | Catching up to FI | Becky Heptig & Bill Yount
449 | Rubber Ducks and Systems for Land Investing
448 | July Roundup: Working Backwards Into FI
447 | Mailbag: Breaking up with your Advisor, I Bonds, 4% Rule, Accounts for Kids, Roth IRAs | Sean Mullaney
446 | Small and Mighty Real Estate Investor | Chad Carson
445 | Fundamental Truths of Investing | Brian Feroldi
444 | Spending for Happiness | Carl Jensen & Doug Cunnington
443 | The Invisible Nature of Spending | Ginger Roundup
442 | Intermediate Travel Rewards
441 | The Valuist Returns | FI Roundup with Bo Loy
440 | Past Failure Does Not Define Future Success | Amy Minkley
439 | Adjusting to Life After FI (Before You Get There) | Chris Terrell
437 | Student Loan Forgiveness: Essential Update | Travis Hornsby
436 | From Vision Board to Action: A FI Success Story | Rakesh
435 | Tipped Finance | Barbara Sloan
434 | The Transtheoretical Model of Change | Roundup with Ginger
433 | Outside 365
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