Business
Moira Summer is an author, coach, keynote speaker, assistant professor and wealth psychologist. She joins Jared Siegel to discuss financial literacy and the psychological impact of wealth. Here are a few highlights from their insightful conversation: As a clinical neuropsychologist by training, Moira has observed that there is a profound interface between money and well-being; those who had better relationships to and with money seemed to have much better outcomes than those who didn’t. Though we generally consider ourselves to be rational beings, data shows that we may have biological predispositions to making irrational decisions. Moira believes in embracing the totality of the human experience: acknowledging that sometimes we get diverted by things outside our best interest, have trouble persisting in things in our best interest, and are influenced by things outside our conscious awareness. Jared explains loss aversion - a concept in behavioral finance which claims we are motivated to avoid things that have negative outcomes - and how it may shape conversations about marketing. Jared sees equilibrium as resource allocation rather than simply balance, and learning how to manage his time creates clarity around his financial decisions. Moira says that those born into wealth often do not hear about the struggles and sacrifices that had to be made in order to acquire it. Data shows that money can bring us sustainable happiness when we invest it in people and/or causes that matter to us. Subsequent generations enhance family businesses by being more intentional about how to use the business to hold families together. Moira has observed that third and fourth generation business owners are holistically maintaining their businesses, instead of prioritizing profit above all else. Financial literacy combines knowledge with emotional intelligence, and skills in delaying gratification. Resources Moira Somers on LinkedIn MoneyMindandMeaning.com Recommended Reads Advice That Sticks by Moira Somers Intentional Wealth by Courtney Pullen The Coddling of the American Mind by Greg Lukianoff and Jonathan Haidt When Helping Hurts by Steve Corbett and Brian Fikkert Raising Financially Fit Kids by Joline Godfrey The 3 Big Questions for a Frantic Family by Patrick Lencioni Essentialism by Greg McKeown