Jenn Foster and Melanie Johnson co-owners of Elite Online Publishing, interview Joel L. Franks about his view on the psychology of money and how our emotions and thoughts about money can influence our financial decisions, and ultimately, our financial health.
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What You’ll Learn in this Episode:
- How to define behavioral economics.
- How to change your financial habits.
- How to create a lifestyle sustaining income.
“When we talk about behavioral economics, what we’re trying to say is it’s a field of study that explores how actual financial decision processes are influenced by social, cognitive, and emotional factors.” (04:12)
“It’s not just about how aggressive you are, maybe you’re someone who is more susceptible to sustainability or comfort? Because you won’t be as upset if they go down, if you know, you’re going to go for certain types of securities or alternative investments.” (12:27)
“It’s not just a learning lesson, it’s about feeling good, having these positive inferences and having a better relationship with your money.” (20:57)
About Joel L. Franks:
Joel is the founder of FinWizdom and an adult financial literacy facilitator. He is an accomplished financial content developer, educator and trailblazer in applying behavioral finance to connect with an audience. With extensive financial marketing experience in banking, investments and insurance, he offers a unique perspective to financial literacy.
In addition to consulting for financial industry pioneers and giants, Joel is the host of the FinWizdom podcast series—an exploration of how your emotions influence your ability to manage money. He uses storytelling to explain investment
concepts and various psychological biases that impact financial decision-making. His mission is to help individuals and organizations recognize behavioral risks and learn how to accommodate, not ignore, them.
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Video URL: https://youtu.be/MHs3OyS9o0I