107: Exploring the Psychology of Retirement with Dr. Meir Statman

Take Back Retirement

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“It's nice to get millions when you're 65, but wouldn't it be better if you gave [your children], say, 10s of 1000s when they are in their 20s and 30s?” -Meir Statman

Our hosts, Stephanie McCullough and Kevin Gaines, are joined by world-renowned behavioral finance expert Dr. Meir Statman to explore the intricate dance between human behavior and financial decision-making!

Dr. Statman is a pioneer in the world of behavioral finance, currently serving as a professor and researcher at Santa Clara University. He attempts to understand how people make financial choices and how those choices are reflected in financial markets.

Listen in as Dr. Statman unpacks the cognitive and emotional shortcuts we often take when making financial decisions, and challenges the traditional economic views that advocate for purely rational financial choices.

He also introduces his latest book, "A Wealth of Wellbeing," which offers a human-centered approach to finance, and shares his personal journey from traditional to behavioral research–complete with anecdotes that bring his theories to life!

“Spend money, don’t waste it.”

Dr. Statman explores the link between our money mindset and wellbeing, drawing insights from sociology, psychology, and economics. He explains how we can align our aspirations with present realities, encouraging thoughtful sacrifices today for financial independence tomorrow.

From pursuing your vocation, to engaging in meaningful philanthropy, to striking that elusive balance between saving and spending, Dr. Statman traces the path to a life well lived–not just in the quantity of years, but in their quality!

Key Topics:

Why Dr. Statman Wrote His New Book (00:00)
Dividends Versus Capital Appreciation (07:09)
The Connection Between Finance and Wellbeing (20:00)
The Problem with Oversaving (29:31)
How Much Self-Control Is Too Much? (38:48)
“How About Our Four-Legged Friends?” (41:03)
Addressing the Fear of Your Kids Dying Before You (48:51)
How Society’s Attitude Towards Money Has Changed Over the Decades (56:27)

Resources:

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You can find the transcript and more information about this episode at www.takebackretirement.com.

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