Retail therapy has been proven to make us happier, but is there a catch?
- Retail therapy is a process of shopping for the purpose of making yourself feel better.
- According to financial psychologists, there is a psychological connection between your emotions and how you spend (and save) money, which explains how retail therapy can have such a positive, uplifting effect on our state of mind.
- However, retail shopping often happens when we are vulnerable, and that is when our impulse control often goes unchecked.
It takes more than a good idea to land a shark as a business partner.
- As a successful entrepreneur, investor, and one of the stars of 'Shark Tank,' Daymond John is used to being pitched business ideas. In this interview, he shares what separates bad pitches from great pitches.
- Beyond the idea, how well (or not) he and potential business partners will work together is a big factor.
- Proof that the person did their research and some of the legwork before hand also goes a long way.
What does your money personality say about how you save (and spend) money?
- There are 5 major financial personality types: big spenders, savers, shoppers, debtors, and investors.
- Your money personality explains why you spend (and save) money the way you do in your day-to-day life.
- Knowing your money personality can help you understand how to make your money work for you, how to save more, and overall how to make smarter financial choices.
Get your finances in shape with this powerful money manager.
How reframing your emotions and changing your daily behavior can help you save money.
- There is a psychological connection between your emotions and your spending habits. Many people live in a "reactionary" mode where they spend money in reaction to the day's events.
- Living in "intention mode" can help you reframe daily financial decisions - "how will this get me closer to my future goals?"
- Financial psychologist Dr. Tracy Thomas shares her tips for harnessing the power of emotion and intent to create a healthy, financially stable life.