Ep. 69 | The Psychology of Wealth – Why Your Future Self is a Stranger with Hal Hershfield

Ask a question or send feedbackHave you ever wondered why some people make financial decisions with ease while others constantly struggle to strike a balance between living for today and saving for tomorrow? In this episode of The Purposeful Investor, hosts Aden Wilkins and David Andrews are joined by a world-leading expert in behavioural decision-making: Professor Hal Hershfield from UCLA’s Anderson School of Management. Together, they dive deep into the fascinating intersection of money and psychology. From the "Future Self Continuity" that dictates our saving habits to the hidden dangers of "Hyperopia" (the fear of spending), this conversation provides a roadmap for successful Australian families who want to maximise their well-being without letting money become an obsession. ------Follow David Andrew:LinkedIn: DavidandrewfamilywealthadviserCapital Partners: David Andrew Follow Aden Wilkins:LinkedIn: Aden Wilkins Capital Partners: Aden Wilkins Follow Hal Hershfield:UCLA: Hal HershfieldLinkedIn - Hal Hershfield------Chapters:(0:00) Balancing a great life today with a secure future. (1:30) Meet Hal Hershfield (4:00) How small environmental changes and psychological motivations drive better decisions. (5:30) Wins of the Week(9:30) Why do you feel disconnected from the "you" of 20 years from now? (14:00) Using narratives to visualise the life you actually want to fund. (20:00) Are we born with a connection to our future selves, or is it learned? (25:30) What is Hyperopia?(30:00) How financial modelling gives families the confidence to enjoy their wealth now. (35:00) Why spending on travel and family memories creates "investment gains" for the soul. (40:00) The Optimism Trap(46:00) Hal’s latest project on understanding what truly matters at the finish line. Recorded and produced by Podwave StudiosThe Purposeful Investor Podcast is a public service provided for Australian investors wanting to make smart decisions with their money, avoid costly mistakes, look after the people they care about, and, have a great life!We draw on over 30 years of experience from David Andrew and the Capital Partners team.For more information on Capital Partners' award winning team, visit capital-partners.com.au. Have a question? Email us [email protected] episode provides general advice only. We do not consider your personal circumstances when we share this information. Always refer to your financial adviser for advice about your personal circumstances. Capital Partners Consulting Pty Ltd AFSL 227148 trading as Capital Partners Private Wealth Advisers ABN 27 086 670 788.