Looking to save more cash, but don’t know where to look? Today we welcome Dan Ariely, Chief Behavioral Economist with Qapital, and professor and expert on psychology and behavioral economics at Duke University. According to Dan, the best strategy may not necessarily be about adding more cash to your bottom line but reprioritizing the money you already have. Instead of trying to out-earn your spending habits, realign your focus to make the cash you earn go further for you each week.
Plus, every week it seems like another online bank cuts their rate and super-savers are upset at the loss of “free cash.” During our headlines, we’ll discuss why recent rate drops shouldn’t be the end of the world AND we’ll also cover the reasons behind a recent surge in new accounts with robo-advisors.
When it comes to saving your cash, should you stack more Benjamins in your wedding fund or your IRA? Our anonymous caller lets us know that he’s putting away $1000 a month for his wedding, but only $500 into his Roth. He won’t have any extra cash available when he becomes eligible to contribute to his 401k. Our caller asks: should he pull back on his wedding savings?
Of course, we’ll save some time for Doug’s trivia. Enjoy!
Jordan Harbinger Show
Thanks to the Jordan Harbinger show for sponsoring this episode of Stacking Benjamins! You can subscribe wherever you already listen to us, or over at JordanHarbinger.com/Subscribe.
- Robo-adviser accounts surge during pandemic: Report
- ‘I Feel a Little Bit Duped’: Online Banks Keep Cutting Rates, and Obsessive Savers Aren’t Happy
A big thanks to Dan and Qapital for today’s great conversation on saving more money!
Interested in signing up for Qapital? Make sure to use the word “STACK” when you do and Qapital will credit you $25! You can start at their site: Qapital.com
You can also find more from Dan at his site: DanAriely.com
- What year was the USSR broken up?
Haven Life Line
- Today’s anonymous caller is a recent college grad in his first full-time job. He says that the cash he’s saving for his wedding is limiting the amount he can invest. While he’s been contributing to his Roth IRA, he’ll soon be eligible for workplace 401k. Should the anonymous caller lower his wedding contributions so that he can put more money in his portfolio?
Want the guys to answer your question? You can call into the Haven Life Line and get your question answered on-air HERE.
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Written by: Richie Rutter-Reese