Episode 38 – Keeping it Fuzzy with Greg Davies
Join Chris, David and Producer Tommo for part 2 of the behavioural finance interview with Greg Davies. We are almost hardwired to make bad money decisions and perhaps being comfortably fuzzy with our financial plans can help. In this episode Greg looks at what we can do to avoid bad decision making when it comes to money, even when we cannot change our behaviour. The Titan of Tightwadedness – Tight Ass Tommo has some cracking money saving tips and listeners questions are answered.
0:13 – Welcomes & introductions
1:25 – Chris and his spending spree
2:39 – Chris the agony uncle
3:30 – The topic of this podcast – part 2 of the interview with Greg Davies
Work out what you want from life and spend your money on that, Greg talks about why this is so hard and how we can change our behaviour.
4:06 – Listeners questions
What is a power of attorney?
7:16 – Tight Ass Tommo #tip of the week
Featuring refunding items at full price to buy again with a discount card, airport parking and how to save on west end show in London.
Thank you to Annie Shaw @cashquestions and @martinbamford for their money saving tips.
11:27 – Pt 2 of the Behavioral Finance interview with Greg Davies
12:24 – Objective setting
13:00 – We don’t know what we want
13:52 – Goal space investing
14:15 – Danger of being precise on fuzzy goals
15:05 – Over engineered solutions that are no longer flexible
15:25 – Goals are so finite, be comfortably fuzzy
16:23 – Money in pots, leads to rigidity and fragility of financial solutions
18:37 – Help to buy optionality, grow wealth generally so it can be re-purposed in a flexible way
19:00 – Exploring the emergent future
20:51 – We struggle to change our behaviour
22:38 – Building a decision making iron man suit for ourselves!
23:46 – Take away the bad decision making in a moment, by making the good decisions ahead of time
25:57 – Investment constitution
26:38 – The compound effect of good behaviour
27:10 – What is it that we do with money that makes us happier?
28:33 – Chris, David and Producer Tommo discuss their takeaways from this interview.
Do you have any financial wellbeing questions you would like answered? Maybe even a #tightasstommo money saving tip you would like to share?
If so, let us know and they could feature on a future episode. Contact us through Twitter @Finwellbeing or email – email@example.com
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