Ted Richards

So, we need to be aware of the biases and how we make decisions, but also aware that that'll only get us so far.

So...

I think if I could provide some tips, I think we need to protect ourselves from ourselves by, where possible, and this is far easier said than done, but by decreasing the amount of our own touch points we have with money.

Yeah, because...

We will be influenced very quickly.

Some listeners may be aware, but we make decisions two ways.

There's the system one way of thinking, which is quite automated.

It's very quick.

It's very responsive.

It's been fantastic to ensure that we survive.

And that's how most decisions are made.

System two is a bit more slow, a bit more reflective.

It takes more time and more energy.

And we don't always use system two, even though that we think we're very rational and we always consider all items.

So I think being aware of that system one and that it's this instinctive decision and what can affect that.

We need to...

I guess, really reduce that opportunity for our gut instincts and things like that to kick in and decide all of a sudden we need a jet ski, you know, and we need to buy some more skis or something like that.

So by automating these things, be it setting up payment plans to ensure that

Part of your salary gets paid into something that you can't touch on a Saturday night or ensuring that you're putting aside a bit of money into an investment portfolio, be it Six Park or someone else.

This is fantastic.