Good Money with Derrick Kinney

Katy Milkman—How Rejecting Change is Costing You Money


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You know that change you need to make but you keep putting it off? It’s likely costing you money and limiting the life you’ve always wanted. My guest today, Katy Milkman, offers you a simple trick that can “change” all that! And if you’re struggling to lead change in your business or even your family, she explains how you can identify the right moments to motivate yourself and others towards better decisions, which leads to making more money and doing more good.

 

What you will learn:

  • Your decisions have consequences
  • When to make a fresh start
  • Make your big goals bite-sized
  • Enjoy pursuing your goals
  • Create change in the chapter breaks of life
  • There are always setbacks
  • Be flexible when creating a new habit
  • Give advice to improve yourself

 

Quotes:

  • “It turns out, 40% of premature deaths are due to decisions that we can change.” – Katy Milkman
  • “We prefer things that are instantly gratifying and most of the things we want to change, most of the goals we might set for ourselves aren’t as instantly gratifying to pursue.” – Katy Milkman
  • “Whatever it is, that big goal, break it down into bite-sized components, figure out a plan where you think about the when, where and how of achieving it. That makes it much more doable to start taking those steps.” – Katy Milkman
  • “It’s really important for it to be enjoyable to pursue your goal, because if you’re not enjoying it, you quit.” – Katy Milkman
  • “Autobiographical memory can be used not only to motivate ourselves, but also to motivate other people. Once you understand that it has this chapter break feature, we can start nudging people towards better decisions as those ideal moments.” – Katy Milkman
  • “When you’re asked for advice on how to achieve a goal, say you’re struggling with, it actually improves your own outcomes.” – Katy Milkman
  • “The best change of people occurs when it’s customized for them, fun for them, personalized for them, and it’s in bite-sized pieces for them and their schedule. If you can combine those things in there, that’s when the change really has lasting results.” – Derrick Kinney

 

Free Valuable Report for our Listeners: “3 Beliefs About Money Your Kids Should Learn That No One is Teaching Them”

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Recommended Resources:

  • Katymilkman.com
  • How to Change: The Science of Getting from Where You Are to Where You Want to Be by Katy Milkman (https://amzn.to/3wh8R3H)
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Good Money with Derrick KinneyBy Derrick Kinney

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