In this episode of Success That Lasts, Jared Siegel explores the concept of classical conditioning, discusses the power of dopamine, and talks about how bridging neuroscience and economics can enhance financial decision-making.
Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:
Here are a few highlights from this week's episode:
- Jared explains classical conditioning and its origins. “Researchers have been able to pair these insights with new technologies to dig even deeper and identify new insights in how we make decisions. I believe these insights, if applied to our lives, offer an opportunity to make more profitable financial decisions,” he remarks.
- Even though we are 99.9% unaware of dopamine release, we are 99.9% driven by the information it conveys to the other parts of our brains, research says. Neuroscientific studies have shown that human emotions are rooted in the predictions of highly flexible brain cells, which continuously adjust their connections to reflect our newest reality.
- There is a striking similarity between the brains of gamblers and the brains of cocaine addicts and morphine users. Neuroeconomics (which bridges the disciplines of neuroscience and economics) suggests that the first step to gaining better control of our financial decisions is realizing how little control we actually have.
- “Understanding how dopamine influences our financial decisions is an important first step to becoming a more predictable and profitable financial decision-maker,” Jared advises.
Resources
Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich by Jason Zweig
Inflation, Higher Taxes, and National Debt Webinar, Wednesday, June 2, 2021 | 12:00 – 1:00 PM
