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Katy Milkman

๐Ÿ‘ค Speaker
275 total appearances

Appearances Over Time

Podcast Appearances

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

Some research, and I've done some of it, looks at the carrot approach, which is like, how do I make it more fun and enjoyable to get this done?

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

This is very punitive, which, P.S., punitive can work, right?

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

But you don't have to take the punitive approach.

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

There's a carrot-based approach, too.

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

So, you know, you can self-reward, and that actually is literally the same thing, right?

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

Like, because you're imposing a treat on yourself, but only under these conditions.

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

So that's one strategy, if that, like, resonates with you more.

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

Of course, there's research showing that losses loom larger than gains.

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

Like, you know, being threatened with a fine of $10 is more motivating than being offered a reward of $10.

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

So, like, the penalty clause does tend to outperform.

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

On the other hand, you may just find it unpleasant.

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

And finding something unpleasant...

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

can be a good reason not to use it.

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

And you can also like give yourself a reward whenever, right?

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

That is true.

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

Although there's interesting research showing that we are surprisingly decent at sticking to rules when we set them like that.

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

So not as good as, you know, your boss would be or your teacher, like someone else who doesn't have the temptation of like, well, just have that ice cream anyway, but better than you'd expect.

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

Another thing you can do, though, is think about, like, setting up a situation that will make it more pleasant to get this done.

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

So I've done some research led by Rachel Gershon at UC Berkeley on tandem goal pursuit, which means, like, doing the thing that you've been putting off but with a friend.

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

And people, they find it more fun and there's someone holding them accountable when they pursue a goal with a friend.