Capital Allocators – Inside the Institutional Investment Industry Katy Milkman – How to Change (Capital Allocators, EP.199)
4 snips
Jun 14, 2021 
Katy Milkman, a professor at The Wharton School and author of How to Change, dives into the science of behavior change. She outlines eight obstacles to transformation, exploring procrastination, confidence, and conformity. Katy shares innovative strategies like 'temptation bundling' and commitment devices to combat procrastination. She discusses the influence of social dynamics on performance and the significance of fresh starts for lasting change. With personal insights, Katy illustrates how her research applies to investing and everyday life challenges.
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Temptation Bundling
- Use temptation bundling to make long-term goals more appealing.
- Link instantly gratifying activities, like listening to podcasts, with less enjoyable but beneficial ones, such as chores or exercise.
Identify Obstacles
- Successful change requires identifying the specific obstacle.
- Generic solutions like "setting big goals" fail without addressing the root cause of the problem.
Fresh Starts
- "Fresh starts," like New Year's or birthdays, boost motivation.
- These moments create a sense of a "new me" free from past failures and encourage big-picture thinking.
