how to buy happiness and other brain tricks to smarter spending by melissa leong
DESCRIPTION
Just because you are financially literate does not mean you make the right decisions. The problem may not be what you know. The problem may actually be your brain. Melissa talks about some of the most exciting scientific findings that combine neuroscience, behavioural studies and economics and how we can use the research to behave better with our money. Melissa Leong is a personal finance writer at the Financial Post (@liselong). Here are the slides from her presentation at Insider Advice for Today's Topsy-Turvy Times, which took place at the Ted Rogers School of Management on February 6, 2014. Details at http://bit.ly/money5050bTRANSCRIPT
ByMelissa Leong
Brains on
Money!
1
This is your brain on money.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 1 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
2
You impulse buy.
The problem:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 2 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
3
The problem:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 3 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
4
Outsmart yourself!
The fix:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 4 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
5
Recognize when your will power is strong.
The fix:Outsmart yourself!
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 5 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
6
Recognize when your will power is strong.
The fix:Outsmart yourself!
Institute a waiting period for your purchases.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 6 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
7
Recognize when your will power is strong.
The fix:Outsmart yourself!
Institute a waiting period for your purchases.
Pay yourself first.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 7 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
8
You feel no pain when you spend.
The problem:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 8 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
9
Bring the pain!The fix:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 9 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
10
Use cash and limit the use of your credit card.
The fix:Outsmart yourself!
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 10 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
11
The fix: Bring the pain!
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 11 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
12
The fix: Bring the pain!
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 12 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
13
The fix: Bring the pain!
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 13 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
14
Use cash and limit the use of your credit card.
The fix:Outsmart yourself!
Reflect and feel the burn.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 14 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
15
Use cash and limit the use of your credit card.
The fix:Outsmart yourself!
Reflect and feel the burn.
Look at alternatives.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 15 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
16
The fix: Bring the pain!
Study: People were 20% less willing to buy a $15 DVD if the option to "not buy" was described as "keeping money for other purchases."
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 16 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
17
The fix: Bring the pain!
Study: The choice to buy a 16GB iPod Touch over a 32GB iPod Touch doubled when accompanied by the phrase: "Leaving you $100 in cash."
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 17 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
18
You get distracted by day-to-day living and forget long-term goals.
The problem:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 18 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
19
Get peer support.
The fix:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 19 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
20
You’re trying to buy happiness.
The problem:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 20 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
21
The problem: You’re trying to buy happiness.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 21 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
22
Spend not on things.
The fix:
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 22 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
23
Spend on experiences.
The fix:Spend not on things.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 23 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
24
Spend on experiences.
The fix:Spend not on things.
Make things a special treat.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 24 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
25
Spend on experiences.
The fix:Spend not on things.
Make things a special treat.
Spend on others.
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 25 of 26 money5050.com
ByMelissa Leong
Brains on
Money!
26
Thank you.financialpost.com@lisleong
Money 50/50: Insider Advice for Today's Topsy-Turvy Times Feb 6, 2014
Presented live at the Ted Rogers School of Management 26 of 26 money5050.com