Scott Rick is a marketing professor at the University of Michigan’s Ross School of Business. He holds a PhD in Behavioral Decision Research from Carnegie Mellon University, where he was a National Science Foundation graduate research fellow. He has published research in premier journals spanning marketing, psychology, economics, and neuroscience. At the University of Michigan, he has won awards for both research and teaching. Rick's research has been covered extensively in outlets such as The New York Times, The Wall Street Journal, The Washington Post, and NPR. His first book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, was published in January 2024 by St. Martin’s Press.

In this episode, I talk with Scott about common financial advice myths, how money occupies more space in our lives than it should, and the psychological factors that shape our spending personalities. Scott shares his personal experiences growing up with financial disparities and how those experiences influenced his financial behavior. We also dive into the dynamics of finances in relationships, addressing how couples can navigate financial conflicts to foster healthier relationships.

In this episode:
(00:00) - Welcome to Mindful Money
(01:05) - Meet Scott Rick: Behavioral decision researcher
(02:04) - Scott’s early life and money lessons
(04:57) - Teaching kids about money
(06:30) - The story behind tightwads and spendthrifts
(10:36) - Understanding tightwads and spendthrifts
(13:02) - Psychological and neurological factors in spending
(16:17) - Can financial personalities change?
(17:43) - Navigating financial behaviors in relationships
(20:48) - Opposites attract: Advice for financially mismatched couples
(22:00) - Setting up joint and separate accounts
(23:53) - Handling financial conflicts
(29:04) - And one thing couples should stop doing
(32:16) - Final thoughts and takeaways

Get full show notes and links at https://mindful.money.

ABOUT MINDFUL MONEY:
Do you struggle with money? You’re not alone.

Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration, it becomes destructive.

The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.

Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.

If you aren’t happy with your finances, feel like money takes more time than it should, or want to place your financial decisions into the broader context of your life, this show is for you.

Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy but do NOT improve outcomes.

CONNECT WITH SCOTT:
Website: https://scottrick.com
LinkedIn: https://www.linkedin.com/in/scottianrick
Facebook: https://www.facebook.com/srick
Instagram: https://www.instagram.com/likelyshopping
X / Twitter: https://x.com/scottianrick

MINDFUL MONEY RESOURCES:
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🎙️Podcast Production by Turncast: https://turncast.com.