Love & other assets

Love, money, and the irrational truth featuring Dan Ariely

Episode Summary

In this episode of the Love & other assets podcast, Emily Luk, CEO and co-founder of Plenty, interviews Dan Ariely, a renowned behavioral economist, to discuss the role of irrationality in love and financial decisions. They explore how biases influence dating, the importance of joint financial systems for couples, and strategies for managing money together, emphasizing open communication and adaptability.

Episode Notes

In this episode of the Love & other assets Podcast, Emily Luk, CEO and co-founder of Plenty, interviews Dan Ariely, Professor of Psychology and Behavioral Economics at Duke University and a founding member of the Center for Advanced Hindsight. Dan is a renowned behavioral economist and a 3x New York Times Bestselling Author. Some of his best sellers are Irrationally Yours, Predictably Irrational, The Upside of Irrationality, The (Honest) Truth About Dishonesty.

Emily and Dan explore the intersection of irrationality, love, and money in relationships. They delve into how our often-unconscious biases and irrational tendencies influence our choices in dating, financial decision-making, and navigating the complexities of building a life together.

The conversation then turns to managing money as a couple, where Dan highlights the importance of establishing a joint financial system. He underscores the influence of power dynamics related to income and cautions against the pitfalls of dividing financial responsibilities too rigidly. He emphasizes the need for couples to make decisions together, especially regarding values, long-term goals, and shared financial aspirations.

Dan offers practical advice on hacking temptation, highlighting the benefits of automated savings processes and the power of personal rules to prioritize future well-being. Throughout the episode, Dan emphasizes the importance of recognizing and embracing our inherent biases and irrational tendencies as a springboard for making better choices in relationships. He encourages couples to actively engage in open communication, build shared financial systems, experiment with different approaches, and adjust their strategies to create a fulfilling and lasting partnership.

What we discussed

Irrationality in Dating: Dan argues that we often overestimate our ability to judge people quickly and miss opportunities with those who don't make a great first impression. He also points out the power of infatuation and the need for courage and vulnerability when dating.
Managing Money as a Couple: Dan highlights the importance of establishing a joint financial system, recognizing the impact of power dynamics related to income, and avoiding the pitfalls of division of labor. He emphasizes the need for couples to make decisions together, especially regarding values and long-term goals.
Hacking Temptation: Dan discusses the benefits of automated savings processes and the power of personal rules to help couples prioritize their future selves. He encourages experimentation to find out what brings the most joy and value in spending.
Second Chapter Relationships: Dan notes that relationships evolve over time and require different tools and approaches as couples navigate different stages and priorities.

Key Takeaways:

Recognize and Embrace Irrationality: Understanding our inherent biases and irrational tendencies can help us make better decisions in relationships.
Build a Shared Financial System: Establishing a joint financial system allows for greater alignment, transparency, and accountability.
Prioritize Open Communication: Sharing vulnerabilities, fears, and values is crucial for building trust and strengthening relationships.
Experiment and Adjust: Don't be afraid to try new things and adapt your approach to financial management and relationship dynamics to fit your unique needs.

Listen to the full episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Brought to you by Plenty. Plenty is an investment platform designed specifically for couples to build wealth, together. We go beyond budgeting, making it simple to invest, save, and grow towards your future goals by unlocking access to the financial strategies of the wealthy.

SELECTED LINKS FROM THE EPISODE

Connect with Dan Ariely: Website |LinkedIn |Twitter/X

Connect with Emily Luke: Website | LinkedIn | Twitter

Plenty: Website | Instagram | Facebook | YouTube | Twitter/X

PEOPLE & RESOURCES MENTIONED