Who are your financial role models? Who we choose to emulate matters, and it’s important to avoid falling into a prestige trap. We are biologically hardwired to want to copy high-status individuals, even when these people often make poor choices and don’t emulate how we want to be in the world. We’re discussing our financial role models and why we want to be more like them. We also share some cautions to keep in mind when choosing your own financial role models.
Andrew joins this week’s podcast as we talk about:
– Why we adopt the values of a role model before we ever reach their status
– Identifying the three core functions of a financial mentor: modeling behavior, representing the possible, and sparking inspiration
– Navigating the Prestige Trap and why humans are biologically hardwired to copy high-status individuals
– Redefining social capital by prioritizing high-net-worth mentors over high-spending influencers
– Why you should audit dit who currently holds “prestige” in your immediate social circle
Show References:
- Inside Out Money episode #135 – The Get Rich Quick Trap – Why Slow and Boring Wins the Money Race
- Inside Out Money podcast #155 – Willpower and Discipline Aren’t the Answer, but This Is
- Book: Warren Buffet’s Bio – The Snowball: Warren Buffett and the Business of Life
- https://nutritionfacts.org/
- Inside Out Money episode #152 – Stealth Wealth: The Ultimate Anti-Lifestyle Creep Strategy
- Inside Out Money episode #113 – The Real Reasons You’re Not Improving Your Finances
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