Podcast

Finding the Wealth of Well-Being

With Professor Meir Statman | Professor | Author

Summary:

Dr. Meir Statman shares his personal money story and the lessons he learned from his parents about saving, spending wisely, and giving. He highlights the importance of parents helping their children when they are young and just starting out, rather than waiting until they are older. Dr. Statman also explores how pain shapes our outlook on wealth and well-being and the power of acceptance in finding satisfaction in life. He distinguishes between financial well-being and life well-being, emphasizing that financial well-being is crucial to overall life well-being.

Dr. Statman discusses balancing financial stability with personal fulfillment. He stresses the need to save for the future while encouraging young people to enjoy their lives and not focus excessively on saving. Dr. Statman underscores the importance of giving generously to family, friends, and the community, advocating for giving with a warm hand rather than a cold one. He concludes by discussing the different types of capital that contribute to well-being: financial, social, cultural, and personal.

BIO:

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara University, specializing in behavioural finance. He explores how investors make financial decisions and how these decisions impact financial markets. His latest book is “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance”.

Meir’s research addresses questions about investor behaviour, cognitive and emotional errors, and their effects on saving spending, and portfolio choices. His work is widely published in leading finance journals and supported by prestigious organizations.

He serves on several editorial boards and has received numerous awards, including the William F. Sharpe Best Paper Award and the Moskowitz Prize. Meir consults for investment companies and frequently presents his research globally. He holds a Ph.D. from Columbia University and an MBA from the Hebrew University of Jerusalem.

Takeaways:

  • Parents should teach their children the importance of saving, spending wisely, and giving
  • Pain can shape our outlook on wealth and well-being, and sharing our pain with others can enhance our well-being
  • Acceptance is important in finding satisfaction in life
  • Financial well-being is a critical element of life well-being
  • Taking risks in a vocation that aligns with your emotional needs can lead to greater life satisfaction. Save for the future, but also enjoy life and don’t focus too much on saving when you’re young.
  • Give with a warm hand rather than a cold one, and support family, friends, and community.
  • Different types of capital contribute to well-being: financial, social, cultural, and personal.

Quotes:

  • “I should spend money but don’t waste it.”
  • “It’s better to give with a warm hand than a cold one.”

Links:

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