How to Effectively Change Your Bad Money Habits (Episode 37)

Posted by under Mindsetting, Podcast . Updated: September 25, 2020

Listen to Episode 37:

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Episode 37 Chapters:

  • 00:52: Bad Habits and Financial Stress
  • 01:48: On Thailand and Elephants
  • 03:05: Thinking Fast and Slow
  • 04:49: System 1 vs System 2
  • 07:20: Episode Break
  • 09:11: The Habit Loop
  • 11:10: On Junk Food and Stress
  • 14:31: Changing Bad Habits

Excerpts and Highlights:


There are two ways our brains process the world around us: System 1 and System 2.

System 1 is “fast thinking,” which is associated with snap decisions and subconscious thoughts.

System 2 is “slow thinking,” which is associated with our conscious decisions and analytical thought.

System 1 is large, instinctual, and emotional while System 2 is small, rational, and logical.

An effective strategy to change bad habits is to know your triggers and then, you can either avoid those triggers or consciously change the action that follows.

Bad money habits are often the result of us ignoring the negative consequences of our actions when responding to a trigger.

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