Today we are so happy to welcome the amazing Katy Milkman to the show. Katy is the author of the impressive and inspiring new book, How to Change: The Science of Getting from Where You Are to Where You Want to Be, and in this episode, we get the inside scoop from her about her work, with specific attention to how it can be applied to investment and finances. Emerging from an engineering background, Katy has a powerful and unique skillset to be tackling the social sciences, and we hear from her about how this path has impacted her thoughts on data quality and the areas she has chosen to research. Our guest shares some very interesting and sometimes surprising information on the idea of fresh starts, commitment devices, and ambitious goals, before we tackle the fascinating subjects of laziness and confidence in relation to our saving habits. Listeners can expect to come away with some renewed reasons for data-driven decisions as well as some new impetus to double down on healthy change. We cannot recommend Katy’s book highly enough, so tune in to hear what she has to say and make sure to purchase this amazing read. Timestamps: 0:00 Intro 2:13 Welcom Katy Milkman! - Fresh starts in your life 12:43 How to make saving money itself easier to adhere to 15:56 Locking your money in vs liquidity 20:17 Commitment devices 23:35 How important is it to have a big, ambitious goal? 25:37 Sticking to retirement savings 29:44 Remembering what you have to do to accomplish the thing 33:31 Laziness being used for good 37:51 Forming habits 43:19 Flexibility for financial advisors / investors 44:58 Overconfidence and underconfidence in making changes 49:33 Unsolicited financial advice for others 53:02 The company that you keep to getting the outcome that you want 54:58 Your digital communities influences 55:58 Are behavior changes permanent? 58:12 The role of the third party in initiating and maintaining change 59:21 Quality of the data while collecting it for studies 1:00:58 How do you define success in your life? Books From Today’s Episode: How to Change — How to Change: The Science of Getting from Where You Are to Where You Want to Be: Milkman, Katy, Duckworth, Angela: 9780593083758: Books - Amazon.ca Links From Today’s Episode: Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ Shop Merch - https://shop.rationalreminder.ca/ Follow us on Twitter - https://twitter.com/RationalRemind Follow us on Instagram - @rationalreminder Benjamin on Twitter — https://twitter.com/benjaminwfelix Cameron on Twitter — https://twitter.com/CameronPassmore Katy Milkman — https://www.katymilkman.com/ About How to Change - www.katymilkman.com/book Katy Milkman on Twitter — https://twitter.com/katy_milkman Choiceology — https://www.schwab.com/resource-center/insights/podcast