Psychologists and behavioral economists share the key to changing your money habits

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Sometimes I wish I could edit myself as easily as a Google Doc. I would make my own story clearer, more coherent, engaging and focused – and use Ctrl + X to handle my fears, self-criticism and crippling doubts.

If it just could be that easy. Science has reached a point where it is much easier to manipulate a person’s DNA than their behavior. Change is not easy. And nowhere is this more true than our behavior with regard to money.

Understanding why we make idiotic decisions about money, investing, and life is important, but knowing that alone is unsatisfactory. What can we actually do about it? That is the theme of the new installment of Best New Ideas in Money.

Co-host Stephanie Kelton and I are exploring fascinating new research that makes my dream of self-editing seem a little less absurd. We speak to Katy Milkman, a professor at Wharton whose research provides a great new tool for changing yourself.

Some behavior patterns go deeper and are harder to unravel. We also hear from financial therapist Brad Klontz how to do the job of rewriting our “money scripts”.

There are no quick fixes here, but since someone is frustrated that after over four decades I am still trapped in some of the same stupid habits, the advice here is very practical and encouraging.

To learn more about how to design self-nudges to change your outlook on money and life, check out my story on the same topic:

Read: How A Self Nudge Can Help You Make Better Money And Life Choices

What do you think? Stephanie and I want the podcast to be a source of insight and optimism about how money can be a good force in the world. And we’d love to hear from you how we could improve the show. Email us your feedback, ideas for future episodes, and your own “best new ideas” at bestnewideasinmoney@marketwatch.com

In the meantime, have fun editing.

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