Start Fresh: How Framing, Timing, and Talk Can Improve Your Finances

Most people don’t realize this simple truth: WHEN you get paid matters way more than HOW MUCH you get paid. In fact, according to this episode’s guest, that decision may be more important for your financial decision-making than any other! In this episode of Think Fast Talk Smart, Matt Abrahams, who is a renowned Stanford lecturer, author, and coach specializing in strategic communication, sat down with Wendy De La Rosa. Wendy is an Assistant Professor of Marketing and the Alfred H. Williams Faculty Scholar at The Wharton School at the University of Pennsylvania. She focuses on behavioral science to improve consumers’ financial well-being. Her area of research focuses on how people seek out, receive, and think about their resources and how these factors influence their behavior. She is also a co-founder at the Common Cents Lab. On this episode, Wendy and Matt discuss things that nobody ever brings up in a conversation about finances. In this episode, Matt and Wendy talk about: • The Fresh Start Effect • The importance of the timing of financial decision-making • The effect of framing in financial decision-making • How to combat Financial shame • The importance of talking openly about finances with loved ones Wendy De La Rosa says that finances are exactly like love in many ways. Pay close attention to what she says, because it may lead to more fulfilling and happy friendships, relationships, and even marriages one day! Key Quotes • “When your employees are sick, you give them a sick day. When they need a vacation, when they need to rest to avoid burnout, right? We have vacation days. I suggest giving everybody a financial health day.” - Wendy De La Rosa (05:27) • “The environment is not necessarily set up for you to succeed, then we can have a little bit more empathy with ourselves and then recreate our environment.” - Wendy De La Rosa (13:09) Chapters 00:00 Introduction 00:50 The Fresh Start Effect 04:55 Timing is Everything 08:12 Psychological Ownership 10:52 Financial Shame 13:29 Recreating Your Environment 15:30 How to Give Financial Advice 19:33 Matt’s 3 Questions 23:19 Conclusion Relevant Links: Wendy De La Rosa: https://www.fastersmarter.io/guests/w... Connect with us: Premium Signup: https://www.fastersmarter.io/premium/ Email Questions & Feedback: [email protected] LinkedIn: (  / think-fast-talk-smart  ) Instagram (  / thinkfasttalksmart  ) YouTube (   / @thinkfasttalksmart  ) Matt Abrahams on LinkedIn (  / maabrahams  )