Scott Rick: Navigating the Money Minefield in Real Relationships | Rational Reminder 288
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Meet with PWL Capital: calendly.com/d/3vm-t2j-h3p
Tightwads are more likely to hold onto their money even when there is more than enough to spend, whilst spendthrifts will drain their bank account of its very last cent. So, which one are you, and how does that impact your relationships? Joining us today is the remarkable Marketing Professor and Author, Scott Rick. Scott has just penned a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, which serves as a guide for finding happiness while steering through money and love. To kick-start our conversation, Scott summarizes the relationship that people generally have with money, followed by a deeper exploration of the terms “tightwad” and “spendthrift”. We break down the psychology of tightwad and spendthrift behaviours, how these two personality types interact with one another in relationships, the myths of financial infidelity and transparency, and how bank account structures (joint and individual accounts) dictate how money flows in a relationship. We also assess the roles of financial advisors and gift-giving within relationships before Scott shares his thoughts on marrying for money versus marrying for love, how to give your kids the best financial education, and what he hopes every reader will gain from the truly fascinating and informative, Tightwads and Spendthrifts!
The Tightwad-Spendthrift Scale Form:
umich.qualtrics.com/jfe/form/...
Timestamps:
0:00:00 Intro
0:03:34 Scott describes the relationship that people have with money
0:05:32 Scott defines the terms tightwad and spendthrift
0:10:09 How being a tightwad differs from being frugal
0:15:22 The underlying psychological mechanisms behind spendthrift and tightwad behaviors
0:21:59 The role financial advisors should play in telling people they can spend more
0:27:22 How common it is for tightwads and spendthrifts to end up in relationships together
0:32:08 How the financial situations of matched and mismatched couples tend to compare
0:38:21 The effect the structure of bank accounts has on the way that money flows through a relationship
0:42:35 Behaviors that get classified as financial infidelity
0:45:18 The downsides of total financial transparency in a relationship
0:50:37 The role gift giving should play in relationships
0:56:42 How kids learn about money from their parents
1:03:27 Based on Scott's research, whether people should marry for love, or marry for money
1:06:54 What Scott hopes people take away from his book
1:11:24 Scott defines success in his life
Links From Today’s Episode:
Rational Reminder on iTunes - itunes.apple.com/ca/podcast/t....
Rational Reminder Website - rationalreminder.ca/
Rational Reminder on Instagram - / rationalreminder
Rational Reminder on X - / rationalremind
Rational Reminder on KZread - / channel
Rational Reminder Email - info@rationalreminder.ca
Benjamin Felix - www.pwlcapital.com/author/ben...
Benjamin on X - / benjaminwfelix
Benjamin on LinkedIn - / benjaminwfelix
Cameron Passmore - www.pwlcapital.com/profile/ca...
Cameron on X - / cameronpassmore
Cameron on LinkedIn - / cameronpassmore
Scott Rick - scottrick.com/
Scott Rick on LinkedIn - / scottianrick
Scott Rick on X - / scottianrick
Michigan Ross - michiganross.umich.edu/
Hal Hershfield - www.halhershfield.com/
‘Episode 282: Dr. Jim Grubman: The Psychology of Wealth’ - rationalreminder.ca/podcast/282
Books From Today’s Episode:
Tightwads and Spendthrifts - www.amazon.com/Tightwads-Spen...
Retail Therapy Blog - www.psychologytoday.com/intl/...
Damon Young - www.nytimes.com/column/damon-...
The Great Gatsby - www.amazon.com/Great-Gatsby-O...
‘The 36 Questions That lead To Love’ - www.nytimes.com/2015/01/09/st...
Пікірлер: 14
Very interesting. The wide variety of guests and topics makes this podcast series really unique. And “I’m not rich, I am a poor man with money” is a fantastic quote 😂
I am an extreme tightwad in a family of 2 spendthrifts. I feel like I have to become an even tighter tightwad to compensate for their behaviors.
@goskaes5468
4 ай бұрын
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Fantastic, highly educational podcast. One of those where you take away so many insights and things to continue thinking about. Also a nice change of pace from the more technical financial podcasts (which I also enjoy greatly). I know there are more like these, on psychology and so on, but still. Great moderation as well, letting Scott talk most of the time as he's clearly the expert in this topic, but also adding further questions or small personal remarks and reactions. I definitely didn't expect tightwad + spendthrift to be a happy (and common) combination, but very nice to know!
Excellent interview. My favorite part was the segment about gift giving. I knew there was something deep and meaningful about it, but I get so confused/distracted trying to select physical gifts.
Amazing content as always. I'm definitely on the tightwad side, but should learn how to open up my pocket a little bit more (especially with random gifts). That random notification app for setting reminders is a fantastic idea. I wanted to setup something like that with my calendar, but it's not random enough for me. This will be the next book up on my list to read!
As the extreme tightwad, this was extremely interesting and I am absolutely not ready to do what is better for my happiness yet.
Another great episode. I was starting to lose interest in some of the more recent episodes, but this was very engaging for me. As some of the commentors have mentioned, I'm glad we have a wide range of topics covered on this podcast :)
Great topic guys! I'd love to hear more on this subject in the future
Very interesting episode! One missing topic I would have loved to be covered is different investing approaches / philosophies in a relationship. I myself am very much a boglehead/index fund investor and am comfortable investing a large portion of my capital since I'm 40 years away from retirement. My girlfriend on the other hand is very risk averse and refuses to invest in the stock market at all (she has some old fashioned principles on this topic). How do you cope with that - sure 7 years in both have their own money and can do whatever they want but at some point with children etc. it will be OUR money. So how can one approach this topic?
Just keep 1 account all your income goes into, retirement saving comes out as soon as the money going in or deducted from paycheck before deposited to your bank account, then you can happily spend what’s left for household & yourself. Discuss anything over certain amount & be kind to each other. Keep it simple, life is complicated enough.
I don't have time to watch this video right now. But I will watch it later.
Men, do not hesitate for one moment to put a restraining order against your female partner if you feel your safety and health is in jeopardy. Placing a permanent restraining order on my female ex-partner was absolutely the wisest protective move of my adult lifetime. My only regret is not doing it years earlier. Men, be safe!