Our brains are complex and in charge of our emotions, memories and behaviors but just how connected are our brains and decisions about money? Maybe more than you realize. Dr. Paul Zak joins us to talk about our brains and money. Studies have shown that different parts of our brain light up on MRI scans when faced with different money decisions and purchases and this research can be used to predict how people will spend their money or feel about money. Using that knowledge and gamification, we can build better money habits. Video games and even games on our phones can help build better habits by encouraging saving and investing.
During our headline, we talk about company retirement plans and savings rates in the U.S. Many companies don’t offer 401k plans for employees, but should they? Joe and OG will give you their take but the real problem facing many Americans is that savings rates aren’t nearly where they need to be. We’ll break down those numbers too. Then we’ll throw out the Haven Life line to William who is getting ready to sell a rental property and has questions about the capital gains tax due.
- Empire State (Officially) Embraces Auto-IRA Mandate (NAPA)
- Considering Opt In vs. Opt Out Consent Procedures in WGS Research (Bioethics.gov)
- Nest to trial ‘opt-out’ savings pot approach (FT Adviser)
- Singapore’s retirement system worth studying (Seattle Times)
Dr. Paul Zak
Big thanks to Dr. Paul Zak for joining us today. To learn more about Paul and Million Stories, visit their website, YouTube, Instagram and Twitter pages.
See the full interview with Joe and Dr. Paul Zak here:
- What year produced the most expensive Corvette ever sold at auction?
Need life insurance? You could be insured in 20 minutes or less and build your family’s safety net for the future. Use StackingBenjamins.com/HavenLife to calculate how much you need and apply.
- William is planning on selling an investment property next year and wants to know what he can do to limit capital gains tax on the sale.
Want more than just the show notes? How about a guide with STACKS of related, deeper links?
- Check out The Stacker, our email that comes with every Monday and Wednesday episode, PLUS a list of more than 19 of the top money lessons Joe’s learned over his own life about money. From credit to cash reserves, and insurances to investing, we’ll tackle all of these. Head to StackingBenjamins.com/STACKER to sign up (it’s free and we will never give away your email to others).
We have lots of additional tools and interviews on related topics. Check out these podcast episodes!
- Mindy Jensen from BiggerPockets talks about selling real estate and some key points to keep in mind.
- Dr. Joseph Cardillo joined us to talk about how our brains impact our decision making and habits.
Written by: Brooke Miller
Miss our last show? Listen here: The Fight Over Dungeons & Dragons
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