Menu
Sign In Search Podcasts Libraries Charts People & Topics Add Podcast API Blog Pricing

Katy Milkman

๐Ÿ‘ค Speaker
275 total appearances

Appearances Over Time

Podcast Appearances

Marketplace All-in-One
Wait...where did my retirement money go?

So we, we talked about the low level, which is, yeah, like put it on the calendar, get somebody to nag you.

Marketplace All-in-One
Wait...where did my retirement money go?

All right, let's up the ante.

Marketplace All-in-One
Wait...where did my retirement money go?

The most extreme form of commitment device is literally saying you're going to fine yourself, right?

Marketplace All-in-One
Wait...where did my retirement money go?

So basically you need to create a contract that's like, I'm going to have to give $50 to a politician's campaign who I hate if I haven't done this by next Friday.

Marketplace All-in-One
Wait...where did my retirement money go?

And now here, there's a couple ways.

Marketplace All-in-One
Wait...where did my retirement money go?

One, there are literally websites, I have no affiliation with them, that will...

Marketplace All-in-One
Wait...where did my retirement money go?

help you do this there's a website called stick s-t-i-c-k-k.com built by some economists um that will let you put money on the line choose a referee so someone who will hold you accountable and report to the site on whether you successfully rolled those over so someone who you know will be a truthful reporter uh who can check on you

Marketplace All-in-One
Wait...where did my retirement money go?

And then, you know, they take your credit card and they have a list of charitable organizations you can say your money is going to go to if you fail.

Marketplace All-in-One
Wait...where did my retirement money go?

And P.S., they actually try to choose charities on either side of hot button topics because you kind of don't want a silver lining.

Marketplace All-in-One
Wait...where did my retirement money go?

So ideally, you should commit to sending your money somewhere that would really sting if you don't succeed.

Marketplace All-in-One
Wait...where did my retirement money go?

That's insane.

Marketplace All-in-One
Wait...where did my retirement money go?

And if you don't want to have a middle man, middle person type website involved, you can just do this yourself.

Marketplace All-in-One
Wait...where did my retirement money go?

Yeah, do it with your friends, do it with your family, whatever it is.

Marketplace All-in-One
Wait...where did my retirement money go?

But the idea there is what we know from research is sometimes we need...

Marketplace All-in-One
Wait...where did my retirement money go?

a nanny state kind of situation to get something done.

Marketplace All-in-One
Wait...where did my retirement money go?

And like, you can set that up for yourself.

Marketplace All-in-One
Wait...where did my retirement money go?

Yeah, I find that sad and silly.

Marketplace All-in-One
Wait...where did my retirement money go?

Like, I think it's really smart and clever if you figured out how your operating system works well enough that you can, you know, deal with all the bugs and like get stuff done.

Marketplace All-in-One
Wait...where did my retirement money go?

And so I'm like, no, don't think about it that way.

Marketplace All-in-One
Wait...where did my retirement money go?

We've got to retrain our minds to be proud of finding the strategies that work.