Episode 98

Your Future Self with Hal Hershfield

How can you connect with your future self and drive better financial decisions?

Another brilliant special guest interview – this time the guys chat with UCLA Professor, Hal Hershfield. Join them as they delve into exploring practical strategies to help connect with your future self and help drive better financial decisions. Don’t miss this insightful conversation with Hal Hershfield along with a very fashionable #tightasstommo money saving tip!

Welcomes & Introductions

100th episode is coming up in July!

Want to work with Producer Tommo and a like minded team? Come and have a chat with Ovation

Link to pre-order Chris Budd’s new book – The Four Cornerstones of Financial Wellbeing

What’s on todays podcast?

Chat with Hal Hershfield around the connection to our future self’s and the effect on our current financial decisions

No Shizzle Sherlock

Silly get rich quick tip –

Go to bed early and wake up early, the early hours are good

Jeff Bazos

Tight Ass Tommo

Come and find out more about the Financial Wellbeing Certificate at The Institute for Financial Wellbeing

Go to the back of the wardrobe and dig out those old clothes, wear them again and say you are into vintage clothing! – David Owen, Open Work Partnership

Tesco clubcard reductions and vouchers add up – consider being a little more selective in supermarket choices

Tip of the Week – Recycled tip for recycled cups at sporting event from episode 31. Always return your refundable cup, along with any others you can find along the way!

Interview with Hal Hershfield

  • connecting with our future selves
  • what got Hal into the area of future self?
  • how this led to writing his book
  • the impact on decisions after a terminal diagnosis
  • the focus on spending time on what matters
  • usefulness in explore / exploit relationships

Future self

  • why do we find it so difficult to connect to our future self?
  • saving for the future is a new concept, can’t we just adapt?
  • we are impulse driven
  • the neuroscience behind thinking about our future self
  • we are generally kind to each other
  • the bigger the time gap, the harder it is to picture the future
  • long-term thinking is harder during uncertainty around the future

What can we do about this?

  1. implement techniques to bring our future selves emotionally closer
  2. acknowledge the difficulties in trade offs between present and future
  3. stay on the path, commit

Conclusions From the Guys

  • connect with your future self and be a friend to help drive better decisions
  • commitment devices to automate doing the right thing & create good habits

Hal Hershfield is a Professor of Marketing, Behavioural Decision Making, and Psychology at UCLA’s Anderson School of Management.

His research, which sits at the intersection of psychology and economics, examines the ways we can improve our long-term decisions.

Do you have any financial wellbeing questions you would like us to answer? Or do you have a #tightasstommo money saving tip you would like to share with our listeners?

If so, let us know by going to Twitter @Finwellbeing or email – contact@financialwell-being.co.uk

If you would like to purchase a copy of The Financial Wellbeing Book please click on this link to visit Penny Brohn UK shop


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