They say that money makes the world go round, but is money making your world go round? These TED Talks on money will give your mind a boost to get your world spinning.
We’ve all been in situations with debts or expenses that we’re struggling to meet. There never seems to be enough money for everything you need, let alone everything you want! After all, that’s probably why you’re here in the first place. To make more money.
What if I told you that it all starts with your mindset? You can have what you want, what you deserve… if all you do is begin to think differently about money?
If YOU think differently about money,
YOU act differently with money.
In under a few hours, these fascinating TED talks will challenge how we think about money and give us the boost we need to different take on how to handle things in our life.
Michael Norton: How to buy happiness
In the first Ted Talks on Money, we ask… does money doesn’t buy you happiness?
Well… Yes, it does.
And Michael Norton (a professor at Harvard University) agrees. So, it must be true 😉
(Just probably not spending it how you’d think)
Duration: 10 minutes
In a breakthrough piece of research he asked how people feel when they help other people, relatives or even strangers. In giving students $5 or $20 to spend either on themselves or others, he found out that those who spent the money on other people or needy members felt happier than those who spent the money on themselves. Sharing in your success will make you happier than just buying the latest shoes or outfit you’ve been after!
In another research project he found that spending money on yourself has less performance than spending on a social project or activity.
Yes, that’s right. We’re happier and have better wellbeing when helping people out rather than just spending on ourselves. Learn to give out more than you expect to receive and you will start to have a different take on money.
Keith Chen: Could your language affect your ability to save money?
What if changing the tense we speak in could impact how much you save?
Duration: 12 minutes
Keith Chen, a behavioural economist, discovered that futureless languages speakers are 30% more likely to save in any given year, and retire with 25% more in savings. They’re also about 22% less likely to smoke and less likely to be obese.
So what exactly is futureless language?
Well, it’s not English. English grammar forces us to think about states of time; it rained yesterday, it is raining now, it will rain. And, as such this causes the future to be disconnected from the present in some way. Stay with me ladies… And it is this disconnection which causes us to behave differently with regards to things which may impact us negatively in the future.
Conversely many languages are futureless, such as Mandarin, and they have a closer connection between present and future causing them to save.
Neha Narula: The future of money
In her 2016 TED presentation, Neha Narula argued that there is no difference between a stone, a coin, and a dollar. She argues that there is a difference in value because we all have just decided to make one more valuable than the other.
Duration: 16 minutes
The fascinating implications of this is potentially a world without banks. Because we cannot precisely predict how things are going to unfold in future who knows what the next store of value or indicator of value will be. May be it will be Bitcoin or a crypto after all!
Shlomo Benartzi: Saving for tomorrow, tomorrow
Shlomo Benartzi gives one of my favourite talks. He challenges us that for most of us, struggle with the difference about saving and doing the actual act of saving.
Duration: 18 minutes
We’re all told to save at a young age, but how tangible are implications of not? With the media and celebs pushing the latest ‘thing’ I know how hard it is to not just buy them all!
Knowing to save, and the act of saving are two very different things.
After all, coffees here, cocktails there. Handbags here and fashion trends there. What is the downside of having it all?
You may think about saving or investing for your future, but… at the end of the day end up spending all of what you intended to save.
All of us need to change this mentality and start looking at saving as the backbone of our future life.
Daniel Goldstein: The battle between your present and future self
Who wins, the present self and the future you?
Duration: 16 minutes
According to Daniel Goldstein TED in December 2011, people still want to shape their future, but the current self limits them. For the majority, the current self of watching the latest Netflix binge wins at the expense of going to a gym.
Yet the result is obvious. More complaining on weight gain, not looking as they hope and feeling more uncomfortable.
So how do we change this for the future you to win?
Locking away a high-interest credit card, avoiding very expensive items of jewellery or by using visualising. These commitment mechanisms all work and they’re simple. I’m not saying easy, but simple.
Geoff Mulgan: Post-crash, investing in a better world
One of the older Ted talks on money dating back form 2009 amongst the global financial crisis, the message still holds true today.
Duration: 18 minutes
Many millennials have been in a similar position to Geoff. After his graduation he was worried if he would get a job, there weren’t many job opportunities and way too many graduates looking. In his TED, Geoff talks of the positives that can come from a crisis. The first thing you have to do is to learn through experience.
“Use the smallest possible crisis, for the biggest possible effect.” – GEOFF MULGAN
That’s why during tough times that you will deeply think about all the circumstances around you and try to come out with something beautiful to solve it.
You’ll be at your most creative, most resourceful, most committed.
All because you need to be.
Your solution will turn out to be unique and be a life-changing idea.
What was your favourite TED? How has your view on money by these Ted Talks been challenged and changed for the better? I’d love to hear!