Why aren’t there more millionaires? The basic formula is straightforward: spend less than you earn and invest the surplus in low-cost, diversified index funds. It’s not an exaggeration to say that if you stick to these simple steps, you could be sitting on millions by the time you retire. It’s truly that simple – but simplicity doesn’t always mean it’s easy. As it turns out, the biggest obstacle to building wealth isn’t external factors, it’s us. We are often our own worst enemies when it comes to achieving financial success – or any other goals in life. To help us unpack this idea, we’re joined by behavioral scientist Dan Egan. Dan is the Director of Behavioral Finance and Investing at Betterment, and today we’ll dive into how human psychology shapes our financial decisions, the first steps to correcting money mistakes, the power of setting meaningful goals, managing expectations, and much more!

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During this episode we enjoyed a Dale’s Pale Ale by Oskar Blues! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!

Best friends out!