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Introducing Jeff Kreisler
When it comes to money, we make absurd decisions about how to spend it all the time. Whether this is buying a £3.50 latte at Starbucks while we price compare groceries to save 10 pence on apples, bolting on a ‘special’ car cleaning kit for £250 after spending £15,000 on a new vehicle, or hopelessly overbidding on eBay auctions because we already feel attached to the item in question, we are irrational, emotional and flawed creatures. How on earth are we supposed to value things?
Jeff wrote the book Small Change: Money Mishaps and How to Avoid Them with Dan Ariely. Jeff is a qualified lawyer, stand-up comedian and now Head of BS at J.P. Morgan Chase bank. Today, we discuss what money means to us and how we treat it.
Show notes
Role of BS in shaping organisations
What does money mean to Jeff?
Jeff’s discovery of BS
Relationship between comedy and BS
Life at JP Morgan
Financial literacy, irrational decision making & the goal of BS
Mental accounting & the pain of paying
Connecting to our future selves
Sweat the big stuff, don’t obsess on the little things
Satisficing vs. maximising: expectation, anticipation and context
Rituals in money
Wealth management’s sartorial rituals
Mental accounting: Thaler vs. Taleb, casino money
Future of money
What Jeff learnt writing with Dan Ariely
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Next time with Guillem Balague
We switch gear next time as I interview football writer and broadcaster Guillem Balague, someone whose work I admire and whose commentary on the game is eloquent, thoughtful and profound.
Like me, Guillem is endlessly curious about what makes people tick, the psychology of sport, how players and coaches become successful, and also why they go wrong. Guillem has written superb biographies of some of the most iconic players in history: Pep Guardiola, Cristiano Ronaldo, Diego Maradona, Lionel Messi; and Mauricio Pochettino (who, as a Spurs fan, I have a lifetime soft spot for).
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Be well and till next time,
Daniel
Jeff Kreisler on money