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123 - Scott Rick on Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships
Manage episode 448776932 series 3273085
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In this podcast Dr. Rick explores different spending styles, the impact on relationships, and how couples can communicate and manage their finances. He highlights the importance of understanding each other’s perspectives and finding a balance between shared and individual spending. The conversation delves into practical tips for managing money in relationships, raising children, and navigating the complex world of gifts and spending styles.
Top 5 Highlights
1. Dr. Rick identifies two main spending styles: “tightwads” who experience anxiety around spending and “spendthrifts” who are more impulsive and enjoy the present moment.
2. He emphasises the importance of open communication about money and how it impacts couples.
3. Dr. Rick advises that parents be mindful of the messages they convey about spending and recognise that children learn more from observation than from words.
4. He stresses the value of thoughtfully chosen gifts as a means of showing appreciation and understanding in a relationship.
5. Dr. Rick suggests that couples find a balance between financial transparency and individuality to foster a healthy relationship.
Dr. Scott Rick is a marketing professor at the University of Michigan’s Ross School of Business. He holds a PhD in Behavioral Decision Research from Carnegie Mellon University, where he was a National Science Foundation graduate research fellow. He is author of Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships Connect on Linkedin : https://www.linkedin.com/in/scottianrick/ Scott's Book https://www.amazon.in/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079
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