Ep.71 – Mariel Beasley – The Mint in Life Planning

Paul FennerPodcast, Uncategorized

Mariel Beasley life planning

Did you know there are scientists who are researching life planning to determine how we can make better financial and life decisions? This week’s podcast guest is co-director at the Lab where this research is done.

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Have you stopped for a moment and thought about your future self?  Go ahead, take a few moments.

It’s not a natural state to think about what your future self may look like, but you could be doing yourself a huge disservice by only thinking about your present self.

Mariel Beasley is the co-director of the Common Cents Lab at Duke University, where they focus on helping people make better financial and life decisions based on behavioral science.  Science that helps us determine how to treat our future self just as well as we do today.

Although we may be able to identify and name our shortcomings or biases, Mariel provides a great example around certain physical vs. cognitive limitations.  Although we build tools to help us overcome these physical limitations, we try to re-train our brains around cognitive limitations.

Another topic that Mariel and I address is my constant search for how to help people define “what is enough?” Most people rely upon social comparisons to define what is enough, which science has proven can lead to harmful behaviors. 

Mariel points out that although we may not be able to stop comparing ourselves to others, she emphasizes that we need to find appropriate comparisons.  She stressed that we should look inward at what our values are, which will help determine the more appropriate comparisons.

Please enjoy my conversation with Mariel Beasley.

Mariel Beasley

Common Cents Lab

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Dan Ariely – How to change your behavior for the better