Finanzfluss|19. Juli
The Psychology of People Who Are Good with Money (Scientifically Proven)
1. Automate your finances
- Study „Save More Tomorrow“: Inertia prevents saving. Automation (gradual increase with salary raises) led to a higher savings rate (13.6 % vs. 8.8 %).
- Practical tip: Automate your savings plan, reinvest dividends, use dynamic increases.
- Neuroeconomic studies: A growing account balance activates the reward system (nucleus accumbens). Buying triggers a tug‑of‑war between pleasure and pain.
- Practical tip: Check your account regularly, track expenses, and enjoy watching your wealth grow.
- Study „Opportunity Cost Neglect“: Thinking about alternatives before a purchase reduces buying intention (55 % vs. 75 %).
- Practical tip: Before any purchase, ask: „What would I have to give up for this?“ or convert the price into working hours.
- Study „Penny a Day“: Small daily amounts are spent more easily than large annual amounts, even though they add up.
- Practical tip: Convert recurring expenses into monthly or yearly totals (e.g., €2 espresso = €60/month).
- Studies by Ersner‑Hershfield: The brain treats your future self as a stranger – those who imagine it concretely save more.
- Practical tip: Vividly picture your life at age 67 (where you live, hobbies, financial freedom).
- Delay discounting: People over‑discount future amounts (e.g., prefer €15 today over €50 in one year).
- Practical tip: Visualize concrete saving goals to lower your mental discount rate.
- Impact bias (Gilbert & Wilson): We overestimate how long a new purchase will make us happy.
- Practical tip: Recall your last regrettable buy; delay the purchase by 1–2 months.
- Study by Mitchell, Rousseau & Pennington: Unexpected events are harder to explain; pre‑played crises reveal vulnerabilities.
- Practical tip: Run mental simulations (job loss, market crash) and derive concrete actions (emergency fund, lower risk investments).
