• The Psychology of Spending: Behavioral Traps and How to Avoid Them

  • Dec 17 2024
  • Length: 26 mins
  • Podcast

The Psychology of Spending: Behavioral Traps and How to Avoid Them

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  • Summary

  • Welcome to Novem Nexus: Navigating Your Financial Narrative, where we explore the various topics of finance, the stories, strategies, and psychology behind our financial decisions with host Greg Wagner as we dive into the intersection between finance and the human experience.

    The financial landscape is saturated with advice and rules, Novem Nexus aims to stand out by focusing on the underlying motivations, beliefs, and emotions that drive our financial behavior. We explore not only the 'what' and 'how' of finance but, more importantly, the 'why.' At Novem Group, we believe that finance is not just about numbers and equations; it's about real people with real emotions. That's what this podcast is all about: understanding the reasons behind our financial decisions and uncovering the narratives that shape our financial lives.

    Novem Nexus is more than just a podcast. Connect with us on social media, share your experiences, and join the conversation. Together, let's navigate our financial narratives with confidence. Welcome to Novem Nexus: Navigating Your Financial Narrative.

    In Episode 3 of Season 2, "The Psychology of Spending: Behavioral Traps and How to Avoid Them," we take a deep dive into the emotional and psychological factors influencing spending habits. We explore common behavioral traps like impulse buying, the impact of advertising and social media, and the concept of retail therapy. We discuss how emotions such as FOMO, identity, and self-esteem shape financial decisions and how spending habits can become ingrained through habitual behavior.

    Our first segment outlines these behavioral traps, highlighting the role of emotional triggers and societal pressures in driving spending. In the second segment, we dive into the emotional drivers behind these behaviors, explaining how factors like FOMO and self-esteem influence spending decisions.

    In the final segment, we provide strategies for managing spending habits, such as developing a mindful spending approach, setting financial boundaries, and finding healthier ways to cope with emotions. We conclude by emphasizing the importance of self-awareness in managing finances and invite listeners to reflect on their spending habits and apply the strategies shared in the episode.

    Greg Wagner is a Registered Representative with Osaic Wealth, Inc., Member: FINRA, SIPC, and an Investment Adviser Representative with Novem Group, an SEC-Registered Investment Adviser firm. Osaic Wealth is separately owned and other entities and/or marketing names, products, or services referenced here are independent of Osaic Wealth. All opinions expressed by Greg Wagner or any guests are solely their own and do not reflect the views of Novem Group or Osaic Wealth, Inc. This podcast is for informational purposes only, and does not constitute tax, investment, or other financial advice, and is not endorsement of any securities discussed, and listeners should not rely on it for their financial decisions.

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