Welcome to Season 1, Episode 2 of The Psychology of Money! Why Your Financial Decisions Make Sense—Even When Others Think They’re Irrational 🎙️

Explore the psychology behind financial decisions through contrasting stories:

• Ronald Read: The janitor who turned $8M philanthropist through frugality.

• Richard Fuscone: The Harvard-educated exec bankrupted by debt and excess.

Key Concepts:

• Personal History: Your financial behavior is shaped by your experiences.

• Financial Anchoring: How personal history affects investment choices.

• Empathy Gap: Understanding diverse financial behaviors.

Actionable Insights:

• Reflect on how your upbringing influences your money decisions.

• Avoid one-size-fits-all financial rules.

• Consider the world that shaped others’ financial choices.

Preview & Closing:

• Next Episode: Luck & Risk—how Bill Gates and Kent Evans’ fates hinged on the same 1-in-a-million odds.

• Final Quote: “No one is crazy. We all make decisions based on our unique mental models of how the world works.”