Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p Tightwads are more likely to hold onto their money even when there is more than enough to spend, whilst spendthrifts will drain their bank account of its very last cent. So, which one are you, and how does that impact your relationships? Joining us today is the remarkable Marketing Professor and Author, Scott Rick. Scott has just penned a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, which serves as a guide for finding happiness while steering through money and love. To kick-start our conversation, Scott summarizes the relationship that people generally have with money, followed by a deeper exploration of the terms “tightwad” and “spendthrift”. We break down the psychology of tightwad and spendthrift behaviours, how these two personality types interact with one another in relationships, the myths of financial infidelity and transparency, and how bank account structures (joint and individual accounts) dictate how money flows in a relationship. We also assess the roles of financial advisors and gift-giving within relationships before Scott shares his thoughts on marrying for money versus marrying for love, how to give your kids the best financial education, and what he hopes every reader will gain from the truly fascinating and informative, Tightwads and Spendthrifts! The Tightwad-Spendthrift Scale Form: https://umich.qualtrics.com/jfe/form/SV_55xxAQrYK0WRlY2 Timestamps: 0:00:00 Intro 0:03:34 Scott describes the relationship that people have with money 0:05:32 Scott defines the terms tightwad and spendthrift 0:10:09 How being a tightwad differs from being frugal 0:15:22 The underlying psychological mechanisms behind spendthrift and tightwad behaviors 0:21:59 The role financial advisors should play in telling people they can spend more 0:27:22 How common it is for tightwads and spendthrifts to end up in relationships together 0:32:08 How the financial situations of matched and mismatched couples tend to compare 0:38:21 The effect the structure of bank accounts has on the way that money flows through a relationship 0:42:35 Behaviors that get classified as financial infidelity 0:45:18 The downsides of total financial transparency in a relationship 0:50:37 The role gift giving should play in relationships 0:56:42 How kids learn about money from their parents 1:03:27 Based on Scott's research, whether people should marry for love, or marry for money 1:06:54 What Scott hopes people take away from his book 1:11:24 Scott defines success in his life 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/ Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/ Rational Reminder on X — https://twitter.com/RationalRemind Rational Reminder on YouTube — https://www.youtube.com/channel/ Rational Reminder Email — info@rationalreminder.ca Benjamin Felix — https://www.pwlcapital.com/author/benjamin-felix/ Benjamin on X — https://twitter.com/benjaminwfelix Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/ Cameron Passmore — https://www.pwlcapital.com/profile/cameron-passmore/ Cameron on X — https://twitter.com/CameronPassmore Cameron on LinkedIn — https://www.linkedin.com/in/cameronpassmore/ Scott Rick — https://scottrick.com/ Scott Rick on LinkedIn — https://www.linkedin.com/in/scottianrick/ Scott Rick on X — https://twitter.com/scottianrick Michigan Ross — https://michiganross.umich.edu/ Hal Hershfield — https://www.halhershfield.com/ ‘Episode 282: Dr. Jim Grubman: The Psychology of Wealth’ — https://rationalreminder.ca/podcast/282 Books From Today’s Episode: Tightwads and Spendthrifts — https://www.amazon.com/Tightwads-Spendthrifts-Navigating-Minefield-Relationships/dp/1250280079 Retail Therapy Blog — https://www.psychologytoday.com/intl/blog/retail-therapy Damon Young — https://www.nytimes.com/column/damon-young The Great Gatsby — https://www.amazon.com/Great-Gatsby-Original-Fitzgerald-Classic/dp/B0BF3P5XZS ‘The 36 Questions That lead To Love’ — https://www.nytimes.com/2015/01/09/style/no-37-big-wedding-or-small.html