El invitado de hoy es una de las voces más influyentes en finanzas conductuales o behavioral Finance.

Meir Statman es profesor de finanzas en la Universidad de Santa Clara y es pionero en investigación sobre cómo la psicología influye en las decisiones financieras.

Su trabajo académico a contribuido a redefinir la manera en que pensamos sobre la inversión, el riesgo y la aplicación de la racionalidad, sobre las decisiones de inversión y la planificación financiera.

En su libro más reciente de value Wellbing, el valor de bienestar explora la compleja relación entre bienestar financiero y otras dimensiones de la vida, familia, salud, trabajo, educación, religión y sociedad.

El profesor state man sostiene que aunque el bienestar financiero es esencial, es solo uno de los componentes del bienestar general. Por lo tanto, no se trata únicamente de un libro sobre finanzas, sino de un marco para reflexionar sobre la que lo que significa vivir bien.

Profesor state man welcome.

In your book you are you that well be in rest on for types of capital financial. Social, cultural and personal, that’s a match, brother.

¿Definition of welf the must popular use to why did to just to frame well being in different types of capital and how does that change the way we think about the rol of money in our LIFE?

So when we here the work capital money well of comes to mind but the cost we on more then money capital.

How to be heive in or particular society.

When I came to the united states from from is real I did not hep that control capital of a Mirror Kind a how you dress for interview what you and sert when people as you bad your saturry for example and Soon You head personal capital.

To do Men hef greatest access with the wembley and it work an a o BC the buen and bornegen I’ll East So family by the soft mary Children and society religion and all of death all of the Citizen Ship really matters.

A Great Deal there is people goes through the long of everett two optain a marken spanish is sunship and so all this are part of capital and all of this she be part of Finance when you speaking bad people normal people.

And healthus Financial capital interactive social and or personal capital are there trade 2 amund them or can sometimes person many reduce all there forms of capital.

Well IT always Eh inter acting uh there is a same it short people look talk when this stand on a Pilot of money. Very hands man man is to track i am beautiful we money and so this are always interactions and any case and any.

You heve some a Times of capital that a looking it’s my be Apple Belong of financial capital but it my beat of satisfaction and what children or the find the society the do living and Soon.

Great, let’s now move from theory to practice, let say and a let’s toque about financial planning and how.

Four full planing can rain for sloan there will being now they is an in crising number of people are taking financial planning very seriesly they are not just think in about accumulating wells but about designing a returnment that reflex the kind of live the hope to Live.

But we know that planning is not mery about projections return or optimize financial models.

I did Square IT Confrontats with a fundamental trade off, how much to SAVE for tomorrow and all much doing Joey Today.

Um, your rights about mental Accounting and self control as key drivers of financial behavior.

So in the all days and for sunk lucky people, they head a pension that way is them.

It When When they retire but pensions are grasholy o really ravely i this a Curie and so that responsibility for planing for time and Falls on people and so we need to say in now if we going to love come to play in retainment and the way that you do that is time ploying um.

The tools the psychologic Culture of Raining and mental Accounting and self con show.

And so what you do is we move money from income, salary to capital in the form of averytimet savings, the counting in the united States.

Be have that in IR a and for one key.

I’m sure the there something a coverland to death in spain and then we used too this is so con show don’t deep in to capital and so we move money from income to capital but be don’t move money back from capital two and come and this is how in are ellieurs in a working years.

We manish to will eight with surve and retailment and that is not is it is it if we are going to take man if from are income and move it into are saving and to do it miss we can not use it for vacation of can not use it to go to reson and and and soon and so there is all is the temptation.

Unders always a problem of insuficients soft console and so people use averanty of tools like like mandatory saving sino our just just heal the employer move money the maticlee two savings now when you are repair a those same psychologic cult two.

Be come a problem because people for conscientes and head SAVE the love of money but they still for all the role this is don’t deep in to capital and so that trying to leave on a income a soy de social security for example and dividence may be and but. But they they don’t really want to touch the the principal and so people o have millions in savings really the have is if the Apple people and and if hard song and histories of people oh have flenty of money but live is the apur because there.

And for people goes through the planes to get more income out of there capital road the then it’s need to Dark deeping in to capital so we have those to problems when new or all there the problem is two spain responsable but spen to enjoy i old like and make.

Where advice but you give to this people specially when the are return they have that conflict about to mach suspending.

Where they with be by I’ve my self to do it’s done point switch so so it happened to me and my wife when be work flying from the united stays two is trail alone fly and we were on the way list.

And to be upgrading to business class and you not upgraded so we was thinking we are sefficiently all and sefictions lee well off to buy those all trages business class tickets and that is what the.

¿And that is what do you know will do?

You will, will.

We are not four.

¿Where are the will?

They will.

What we as bending it more freelly a bouth on a sales and a Children en en society Mayo never bussity en en South and.

O K The Problemly force being more confort one take in decisions when you are return you to take decisions about spain.

It’s very important to have don’t up property Finance Organization in Advanced right and.

But we know that planning along is not.

¿And if sometimes a Real Challenge Begins, will me have to start making investment decisions?

So you are, you bet we investment behaviour can damage well be not just financially but emotionally.

¿Um Interview, What is the most coastly here?

¿My sake invester smake and why is it so difficult to boy?

Training is the biggest proven that is i am i by and hold the invester of Index plans I reese then close to zero time on my on my portfolio that some reader of my God in The Wall Street Journal of that man your professor Finance.

En el SET this is why is a progressor Finance because she knows the trading is my like it to the minutes well what the them and hand it.

¿So what is the problem with trading?

The way people frame trading is the goodalent of plain tennis.

Against the Training World you know that this is it you are you just heat the world.

You saying is like real tenis with in a point on the at the side of the neat and so that a point and retence it is going to the left then an you know ready for eight and so on the at the side of the Net.

En Trading the up people have inside information that people four professionals and so and so I ask my a steens you know you going to be plain tenes the games you going to when a in not sometimes in in investment.

And like a tenis me not will never when against IT laser player’s then youco Beach.

¿But some times people do the the stranges streamings and trading in a trance to be success of because that i feel like trading i ask myself who you think is the?

The I the side of the train a any takes be very short time to say I’m like it to be the edited so I don’t stray that it.

¿Is good discussion the we hearing if it have a lot like what’s better the a posive investing or the active invest in rite?

So we use only say that brownly a combination of od.

It is a many times a a agropection, but I complee le agree with with your point, but visites financial Assets or financial investments Wich non financial investment such education hell for relations Apps ten to generate aquaring to you the high will been.

So when ice speak to my speak to by soul of.

I say IT Down Stage, you problem have very small portfolio.

So managing that portfolio and getting a say your ten thousands getting in not the presentage point on new or investment release going to make very little.

Investing an educationment thank you back your jump You’ll vocation something that is really save the this really you is really most in port and so when the go to internship in to internships and accodeing eight internships of Finance Smay.

If you going to internship and if you hate good you just learn the last in the this is not free you don’t be up just look for something that is going to be right for you a something to go to work with we financial advisor and they thing that is going to be event security analysis y know wish to be and that’s dog wat financial advistis do is promote clients will be.

Ah the they work what people the they here the people and in some of then say i love that you know I like people i like to work People I like to people a South smite will be be to me and that active in the story of my like you no hay after of finish my studys of the University Israel.

I GOT IT Your VIS a Financial I’m a List and I really boarding and so I can’t to the united stay this that if the PHD know it what a come and next black if to my eyes open and i ktsey the death is for be you know that i like teaching i like research because the clex me i go in many many directions.

It Willie Works very well to me and an I see you know in Academic rear my not be rite for you that thank you that what is rite for you don’t get Stop in a job bet is not leading to education.

I then what you said about the financial advisors and thank you that your client this.

Not an invester, but a person.

So it’s the father is a partner is a friend.

It It’s really important to have that over all you about the invester the client or the personal is behind you.

I like now to talk about sustainable responsable investing and key ifet can actually help some investures to fine.

A or turn REACH that will been that they can generate from the financial access of the maybe Invasion.

I fix so so so stand in the two work on issues of of socially responsable investing.

Ah, in the Middle of the nineteen eigthes so see, long time go and talk you, but for the years to go i will.

The problem I.

Wants one of the first I in deep academics SET eat irrational so the thing touch IT.

All soy this irnational because what do is first maximal is your retroes get the most money and then dont eight to what ever course is are do you do but i said i know people associally responsable investies and then not going to investment in sate vaca or.

Or you know for some people IT is a boution drugs you are the good touch that INI sit why you are this a not people this a not people they are normal people call i looking for investment that are consistant weather values you.

People no that that that is when people by account then look for utilitary and benefits that is beautiful you know that that that also one shows my status that that this I am reaching of to by I am a said is vence, ory bentley and there is anymotional compoint.

You know what do you by sports scare it is not the money to fix but you like that world of the engine.

You noir just just make you feel good the all the round and so when you tell people en marketing they that’s bone Product What that’s that’s.

Or anything else the people for utilitary and benefits but alls of for express IT benefits and emotional benefits they say what the do you just tell me i know that do mean diseast the basies of for the talking bad and in marketing and some how it dot make is way in to finance and thank it.

Thank you bost Stone, thank you thank you he speak he speak people in the united stays en en el Oakly Holding Spain.

It IS not o k to say i am if that and if you speak you in basement you can mention that your in to hate funds an everybody.

They if you going to be investting in heach france the many investment by peace have million dollars o for heads and million dollars so what the you just till then you that that you are REACH man but you did it in socially exceptable way i and so he feeling stalk stalks give that hope.

Of be welf be bonds give us that in motion save the everything is going to be find a event if this dont mark it goes down IUI be fine a and so when i look it invest IT Today oh Invest an away that is consistant to there us i knows a Price you know of a some people.

It IS perfect o k to be one of those ration up people who when best with out reguard the two social conses and by men then zone and ten donates money to share this of my choice.

What for some people that is not possible you know if you our member of of Nancy and Group.

Well, investing in sdogs that products abortion drugs is just just something the that when you do and so smath money Managers Create fund of The Court Companys.

That is problemy that because there’s and emotional components, some times sustainable investiers.

Usually or some of lean have longger investing uh horizon wright at but i belt like to know because you feen where heen an this read list um Bal no in about stainable investing for long time now do you think better count investors know like exactly whats suse the bullying is because we have some times the perception that.

Many investersay but sustainable investing is resisly filantropy or charity by but they don’t understand that there my be oh order shoot be you can do an análisis you understand what are the sustainable business practices of a company of then decide if you want to invest in that company or not so what’s your perception about the.

How all Investures actually see so sainable ascen.

O K so i this thing wish a What’s you call room glow that is that worm feeling that we feel when we are you to are bell use for examplex to in the Bank or school be from positive impact all with doing good for the world not just feeling good a butter sell.

This can of get confuse because because many a in save the muse of find industry a Live it the believe that buy investting in a fund that exe of they help reduce the dancer of climat change and that’s simple this not happen that is when you sell you.

You know, ecson Shears, you don’t selly to exon and take many out of there pockets you saying to want to.

Responsable Fund and feel good if you self back if you want to you good for the for the world for all the people then you hep to do something and lot more direct you really hep to stay I love it a for changes in government and changes and policy that with a comes.

Coast companies to stop using call and Energy Can see the politics in the united stays all changing and now we have in the thank and contrast two ellier policyes it with the sun to reduce use of call now a presidences yes you can use what if a call.

I want to do a to heve the positive in plant is.

And can’t be loveing I can’t be contributing to if you don’t love you self contribute to to to organizations that love it and and soon but you just can not do it by pennsy bying oh on not by but The Killers starks.

Yeah, the feely active, engaged malls, powerful tools to to to.

To make positive change.

En Companys and end the colony top.

Let’s now move on.

We have talk about financial, the capital, planning and investing.

But as you make clear through the book, welf is not just about porfolio sobre performance.

It Souls about people, social, cultural in personal capital.

I have we have been talking about um shape the quality of favor lives in ways at financial assets alone never can.

En JET many advanced societyes or experience in profound demographic in cultural shifts family size s air s Drinking bar race are falling single pers and House Souls a Racing.

So let’s explored this in mention.

¿Do you think that shrink in family scistees and change in House hold destruction can actures social capital in modern societyes or are new forms of connections?

Emergent to replace traditional.

Ones I think the new forming but sometimes there a forming to slowly and so exeli even marry you thank you bad marry there finding say the people get marry some how lose side of friends they have before merry because that so much into it y other.

For Friends and then When children come and that mix it event event mordificult and so does re and need to to find the ways to create new friendships when of the things the down notes and and you know is that now when you fly you don’t speak to the people just see you.

Like used to be that’s be for what say you know, Eh on my fly I talk to my sheet my eight and it’s me or shittles me something that was interesting use for and and soon.

You don’t do that you know now now a people just look straight they head they my something in there years to lost in the user or put cast o i there this and that is really sand and the thank you that people are ready for friendship but but somebody has to be the one who breaks to makes the first.

The first Step and and some time is the reactions all you know and be thank you but the music now and so one and that the time that going to be people hold you say that that’s interesting or at the that you mood from from talk you but general things politics for heads two to thanks to back work are the thanks to back family and you have a chance.

Two and with them of there that fly then expanded your social surcall a your social campos all and that that willie is set and end on top of death weeve you know wee weeve do social for social media where people and not.

Specially when when you or preteen and a teenager and if all this care it is pain for because your train to tours such yourself and all the people sin to want to put to down road a then and course you.

Social media is do in to teenagers good to be it a some of them comet you so side in about the a so so the score it and so i think that this are things that been head to to mother and keeping mind to head posies now some schools collector all the.

All the mobile funds away for the school Peter and Actually student thing to to a great because they no that no very all is access to to social media no very alls as going to right to back you and and and so things the changing socially.

Butter really a way to create new Communitys a New Suctions a new Just happy open to that to that possibility and be willing to make the for step to um to get to know Pipo i know that my self because I’m I’m a shine NI by then you know I’ll get to speak in for on the hundred of people.

En and not child or en so back still my wife in the supermarket will pick up conversation.

We somebody inset how you us this best there the street there that sometimes when it to go back to the good all.

Habits that we have before.

And and sometance where to fuck you so two ups test with find you capital and and we need to pain more attension to relations sips and and to social and and and en personal capital but I think you you if mention.

Um.

The problems that we have nada is you care in social media and this is very relators some how related with.

Is mega trend that we are living now recoging, digitalization and artificial intelligence.

¿How Do you see this can actually effect social capital?

Do you think that mother in digital LIFE strenght networks and access or the make all the OPS IT.

¿How do you feel about artificial intelligence one?

Artificial inteligence you know a one IT still a.

To really asist what it will you um, some people a fast and some people a slow and on of the slow people so.

So it is a wonderful wonderful two.

¿What will it do in the future?

I don’t know.

I just know that be a while before it replaces human interaction.

I think that empity.

Still something that is human i make be i make not get it mike be that interactive with a bont is going to be just is good is with a real proscent but I gunted and so you can’t see how we the bunn’s in other to be that automatic breaking sustances work the big thing that that you just sum on the break and it.

An it’s pum’s it for you and in my a support i if a get to close the count front of me it of the maticlee as slose me down and then i look it’s some course and a realized to hep not driver that that’s going that’s going to happened a in are human relations and a going to interact.

Two non humans that if this happens is going to be a while i nean why i think that is really impute for us to string then are human relations.

It is important save of angely advisor to read the technical party.

Pon in portfolious planning spread cheese in soon empectan is in with a percent really listening.

A thank really is something that is more difical.

That is the difference, they say, between a good fisution and a great fiseation.

They is good fisition street people they treat.

And I think that that that i call financial advisors Great Financial Advisors a Can’t Great like great fissations that they know of cost all there is to know bad diferencial aspecs, but the alls to know how to interact with real.

People, That’s IT.

Um We are coming to the end but before concluting I but like this casi be a that yours clean in your book of a playing well being medicine from one do main to another just segest that the strengthing one are of live can hell repare weekness in in another so what this it really mean to use social capital to is financial stress and to working’s can consolidate in one from capital.

Compensate for déficits in another.

So here actionly the ananergy to port folios invers and port folios very good soy un have the best of by portfolio ID end the cure you you find the some stones and fat when down but then up you can not you can not change let they will down and you know the head of tan you don’t know.

How we will happen the reese in you there best of because you dot know how is don’t with be have i in there for you spread you money on all of then the same have then here we take all times of freshes and Life i say the biggest was in life an in the stone market if you want real res get Mary and you want to morris Children.

And so what you do when you have the save you child you do you can not just just wallet the back and not have the child.

This child is your child um and so you can not change to that.

What you can’t change is if you hep is soul it financial see you then it is so can to post that child with out.

The miniging your own a standing and and life Science so you don’t really get in to that your for head siven betten is that that your spending all that money on the child then an in living in miserable live if you eve and the children a you are helping there is able child.

You know that event of you gone that child this going to be in hero west we move money o remove resources from one do main back money to with in the family we move from from sibling to that child.

Sometimes people Get the Bors.

You know you say fix that marrys some marrys just can not be fix and if the can’t be fix then not going to be very will if to be and and get to the force and and and look for have for and not the relax you ship I don’t know any family.

Where everything is perfect do not that down work perfect Children Perfect Mary’s a ender rest to face to move responses end what is reeling port in is to empecys that is when i tell people for example I but my this able doctore the will the menhout have the children.

That the devil tell me about something work something in the marry something else to say not only do i an the stand you can’t a few rete clee but i know what you talk you bad from i on experience and this is can’t a free you no that that is all it recours is for you to be empected for all the people an expect empecé in return.

Yeah.

Eats about to be in baset i can need to about as you have a set to balance everything in your life riden an a having a diverse five portfolio it’s key but you need to the portfolio as a hold in putting in to the portfolio your financial capital, your personal capital, social and an cultural cultural capital.

Thank you very mad for expanding how IT link about will and about Live it self.

Um what you have, sonic it financial capital matters better operate we then a wide structure of social connections, cultural belen and personal identity.

Thank you very match can for participated en this new Episode of sin orden ni concierto a podcast from fundación a 100 Million Ontiveros.