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Episode Info:   The behaviours that predict our ability to create and sustain financial wealth, and emotional health.  Show Notes: Erica shares what is behavioral finances. [2:10] Erica’s bucket of different accounts and the theory on women and shoes. [6:12] Economic theory behind the separate accounts [7:12] Erica explains about transaction decoupling. [8:47] The story of The Witch of Wall Street. [11:53] 4 quadrants of behaviors. [14:53] Traits of each quadrant. [21:46] Behavioral coaching. [26:25] The fallacy of the whole economic theory. [35:49] Power of framing. [36:28] What is prospect theory? [36:54] Sample in some list of biases. [47:24] Erica’s advice on start moving on who wants to start moving quadrants. [50:49] Study about the behavioral finance. [52:55] Follow Erica Hall: LinkedIn – Twitter – @EricaHallAU TRANSCRIPT: DOWNLOAD   Episode 33: The science behind wealth creation and happiness with Erica Hall Erica Hall 0:00 Richest woman in America, potentially the richest woman in the world at the time has no issue in being able to afford medical care for her son, yet cannot bring herself to spend a dollar to go and get him medical assistance. Now, to be fair, what she did do is she apparently literally dressed herself up in rags went down to the free medical clinic where the doctors were volunteering their time to seek medical attention, so she didn’t completely ignore the injury. But she didn’t pay to get him the best of care and actually, his leg ended up having to be amputated. Narrator 0:58 Welcome to the Unfair Advantage Project. Unique perspectives, practical insights and unexpected discoveries directly focused on giving you the unfair advantage. Introducing your hosts Nadia Hughes and Terence Toh. Terence Toh 1:00 Welcome to the Unfair Advantage Project. I’ll be one of your co host today. I’m Terence Toh, from StrategiQ Corporation and I have Nadia Hughes with me. Good morning, Nadia, how are you? Nadia Hughes 1:06 Good morning, Terence. Terence Toh 1:08 And today. Actually, Nadia is going to introduce our very special guests today go for it Nadia Nadia Hughes 1:11 And good morning, Erica. Erica is a senior business developer from the Morningstar. Why she’s on our podcast today? You may ask her because I met her on one of the conferences and when I was listening to her presentations, presentation, I actually had goosebumps. It’s topic which everybody should know, everybody suspect it’s a case. But nobody ever can just define it, what is it about human behavior and money? And Erica actually was answering so many questions which were already sitting messing in my head and that’s why her presentation was the most enjoyable presentation in the last month for me. So thank you very much for agreeing to ...
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