Episode 78 – Interview with Dr Moira Somers
Join the guys as they chat with guest Dr Moira Somers, exploring the psychology behind what stops people from thinking in a proactive way and taking advice? With a special return of wellbeing words from around the world and a tip of gigantic proportions from #tightasstommo we have an episode you just cant miss!
Welcomes & Introductions
- Click here for more information about Ovation Finance
- Link to Chris Budd’s book The Vanishing Point
- Link to David Lloyds audiobook An Unwelcome Connection
- Link to purchase a copy of The Financial Wellbeing book
What is today’s podcast all about?
An interview with Dr Moira Somers, a practitioner in Financial Psychology amongst many other things! The chat is all about what stops people from taking preventative advice? Exploring why we would rather do thing that bring us joy now than things that will prevent a bad future.
Wellbeing Words are back!
Way back in Episode 23 the guys introduced wellbeing words from around the world. Starting with the Danish Hygge. Some other favourites include:
- Finland – kalsarikännit (cal-sar-y-cuhn-eet)
- Japan – Ikigai (ee-kee-guy)
- Netherlands – Gezellig (heh-sell-ick)
- Norway – Koselig (koosh-lee)
- Inuit – Iktsuarpop (eek-soow-uhr-pohk)
New wellbeing word – Sanskrit: Mudita ( mu-di-ta )
Featuring the ‘Two Week Rule’ – waiting before you make a purchase, to see if you really did want that item.
Today’s topic – Gigantic birthday cards that can be re-used every year!
Thank you to Andy Coles.
Do you have a brilliant #TightAssTommo money saving tip? Come and tell us on Twitter @FinWellbeing or email it to us firstname.lastname@example.org (we will of course have some water on standby for any carrier pigeons sent our way 😉)
Interview with Dr Moira Somers
Who is Dr Moira Somers?
Link to website | Link to book
How did she join the financial advising community?
What makes it hard for people to follow preventative advice?
How the brain works it important to our financial decisions
We need our finances in order before hitting the rough patches
The difference between those who had a good relationship with money to those who did not
Lifestyle Prescribing – how to help your body help it’s self
Why is it hard to think in a proactive way? We tend to react when life rattles our cage for attention
What stops us looking at future decisions?
Cognitive biases exist because there is to much information and not enough meaning, leading us to become unsure about what to act upon.
We learn early on about the ‘stimulus/reward’ response loop
What do consumers look for in the experts they consult?
We do best learning and acting upon that learning when it comes ‘just in time’
Financial education often fails to take into account our humanity
A clear path to identifiable objectives – intrinsic motivations
What we find purposeful and meaningful is going to change, and we need to figure out where we are with this at any given time
The happiness conundrum
Conclusions from the guys
Start to make your money plans now, not when you are in no fit state to think about money
Too much information and too little meaning – if we slow down, make more deliberate decisions and be truthful to yourself, you are far more likely to make better decisions.
Financial education should be signposted for when the learning is relevant for people
Do you have any financial wellbeing questions you would like us to answer? Or do you have a #tightasstommo money saving tip you would like to share with our listeners?
If so, let us know by going to Twitter @Finwellbeing or email – email@example.com
If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop