The Money Challenge
from Financially Well Hosted by Kevin Mahoney
In 1975, Pepsi announced the "Pepsi Challenge." The marketing idea involved a simple blind taste test to determine the best soda in the country. In this episode, Kevin Mahoney, CFP®, who specializes in financial planning for Millennials, explains why we wish our financial decisions could work like the Pepsi Challenge. No context. No peer influence or status implications. Only one variable, like sweetness, to consider. But the Pepsi Challenge revealed the importance of keeping in mind the context. In personal finance (as with soda preferences), context matters. Status pressure is real. And our financial lives are full of different variables. With money, we need more than calculations that, in theory, might maximize our wealth. We also need to understand the circumstances in which we're making these decisions. Welcome to Financially Well, the finance podcast for Millennials.
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