In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, interviews Dr. Moira Somers, a renowned psychologist in the financial services community, about the challenges that come with giving and accepting advice!
Episode Highlights:
- 1:17 – Dr. Moira Somers introduces herself and her profession.
- 2:00 – What is Dr. Somers’ professional specialty?
- 4:00 – How did Dr. Somers start advising those in the financial services industry?
- 8:58 – Why is it so hard for humans to take preventative action?
- 14:18 – Dr. Somers talks about how different payment methods affect the different centers in our brains.
- 16:00 – What are the commonalities that will hold us back compared to the ones that will lead to success?
- 21:35 – Dr. Somers talks about the need to wear multiple hats to be successful in business.
- 25:00 – Jason and Dr. Somers discuss the human reluctance to pay attention to the important metrics.
- 32:37 – What are the first fundamental steps that people can take to start this conversation with business owners?
- 37:00 – Dr. Somers talks about her ability to create a psychologically-safe advising space.
3 Key Points
- Advice givers tend to judge those that they are advising, even blaming them for their problems, causing advisees to default to the easy thing.
- Paying with credit, as compared to cash, actually removes the pain of losing the value that comes with giving up money.
- In order to intervene before the problem becomes too bad, people need feedback or assessment.
Tweetable Quotes:
- “We all know what we have to do to be healthy...but this is a fundamental issue or concern of the human condition.” – Jason Pereira
- “Unfortunately, the hardest advice to take is also preventative advice.” – Dr. Moira Somers
- “It’s not only that we’re going to get better in spite of setbacks, it’s that the setbacks themselves will fuel us and make them stronger. That’s what it is to be anti-fragile.” – Dr. Moira Somers
- “There are definitely periods of mandatory imbalance or inevitable imbalance in a business life...I don’t know that you can start out perfectly balanced.” – Dr. Moira Somers
- “Always make a point of figuring out what is motivating a person to engage in this...what is fueling them through this...and lastly, have you worked with them to identify what’s getting in the way?” – Dr. Moira Somers
Resources Mentioned:
Transcript
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