How You Spend It: With Guests Joshua Fields Millburn & Cassie Mogilner Holmes

Choiceology with Katy Milkman

Charles Schwab

Behavioral Economics, Society & Culture, Social Sciences, Decision Making, Charles Schwab, Business, Science, Investing, Dan Heath, Katy Milkman

4.8 • 1.4K Ratings

🗓️ 12 September 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

“Life, liberty, and the pursuit of happiness.” A quintessentially American phrase from the Declaration of Independence. That “pursuit of happiness” takes many forms, but it turns out that some approaches are more likely to be successful, according to science. In this episode of Choiceology with Katy Milkman, we look at a way to frame how you spend your time and money that may help you lead a happier life.

Transcript

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0:00.0	We asked some volunteers to try a little thought experiment.
0:12.8	Who is someone who means a lot to you right now?
0:15.5	So his name is Zach.
0:17.8	I met him when I went traveling in Australia.
0:20.3	He was my best man at my wedding.
0:23.0	We love traveling around or just hitting a trail on hiking and perhaps going for a camp.
0:29.5	How many more times do you think you'll get to do that in your life?
0:34.7	So let's say another 50 years we see each other at least twice a year to go for a epic hike.
0:44.0	So let's say a hundred or so times that we'll be hanging out hiking.
0:49.3	Now that there's a number on it, it makes me feel like I need to call him and we need
0:55.1	to arrange a date to hang out, to go for a hike, to maybe leave distractions behind us.
1:02.2	My little sister is 18.
1:05.2	I moved away like last year and so I don't get to see her very often.
1:09.4	She's graduating, she's going away for post-secondary in a month.
1:16.1	And I see her every week once, maybe out in a second time after work or something.
1:24.1	And that would probably be like six more times, which seems very little.
1:31.6	What would you do differently now that you calculated that out?
1:35.7	Maybe just make more of an effort to go out and like, even if I'm not feeling too up
1:41.2	to it, I can invite her over here, go to my families for dinner more often.
1:47.6	Yeah, just to have time to chat.
1:52.4	You might have noticed how estimating the remaining number of opportunities for social
1:56.0	connection prompted our volunteers to reflect on the value of their relationships and the
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