Hi! I’m Adam Moelis. I'm the co-founder of Yotta Savings, a 100% free app that uses behavioral psychology to help people save money by making saving exciting. For every $25 deposited into an FDIC-insured Yotta Savings account, users get a recurring ticket into our weekly random number drawings with chances to win prizes ranging from $0.10 to the $10 million jackpot. Even if you don't win a prize, you still get paid over 2x the national average on your savings. A Freakonomics podcast has described prize-linked savings accounts as a "no-lose lottery".
As a personal finance and behavioral psychology nerd (Nudge, Thinking Fast and Slow, etc.), I was excited by the idea of building a product that could help people, but that also had business potential. I stumbled across a pair of statistics; 40% of Americans can’t come up with $400 for an emergency & the average household spends over $640 every year on the lottery. Yotta Savings was the product of my reconciling of those two stats.
As part of building Yotta Savings, I spent a ton of time studying how lotteries and scratch tickets across the country work, consulting with behind-the-scenes state lottery employees, and working with PhDs on understanding the psychology behind why people play the lottery despite it being such a sub-optimal financial decision.
Ask me anything about lottery odds, the psychology behind why people play the lottery, or about how a no-lose lottery works.
Update: Wow, I’m blown away by all of your questions, comments, and suggestions for me. I’m pretty exhausted so I’m going to go ahead and wrap this up at 8PM ET. Thanks to everyone for asking questions!
I've often said (and I stole the joke from someone) that FIRE is a combination of 5th Grade Math and PhD Level Psychology. Anyone who can achieve stable employment can, theoretically, achieve FIRE - but most don't.
I just came across this long article on the subject - https://www.collaborativefund.com/blog/the-psychology-of-money/
The author lists 20 "flaws, biases, and causes of bad behaviour". Any resonate with you - it certainly made me pat myself on the back a few times, which makes me suspect there's a few here that I'm just currently blind to in my own life!?
Earned success and deserved failure fallacy: A tendency to underestimate the role of luck and risk, and a failure to recognize that luck and risk are different sides of the same coin.
Cost avoidance syndrome: A failure to identify the true costs of a situation, with too much emphasis on financial costs while ignoring the emotional price that must be paid to win a reward.
Rich man in the car paradox. (You don't admire the man, you think people would admire you if you were the man.)
A tendency to adjust to current circumstances in a way that makes forecasting your future desires and actions difficult, resulting in the inability to capture long-term compounding rewards that come from current decisions.
Anchored-to-your-own-history bias: Your personal experiences make up maybe 0.00000001% of what’s happened in the world but maybe 80% of how you think the world works.
Historians are Prophets fallacy: Not seeing the irony that history is the study of surprises and changes while using it as a guide to the future. An overreliance on past data as a signal to future conditions in a field where innovation and change is the lifeblood of progress.
The seduction of pessimism in a world where optimism is the most reasonable stance.
Underappreciating the power of compounding, driven by the tendency to intuitively think about exponential growth in linear terms.
Attachment to social proof in a field that demands contrarian thinking to achieve above-average results.
An appeal to academia in a field that is governed not by clean rules but loose and unpredictable trends.
The social utility of money coming at the direct expense of growing money; wealth is what you don’t see.
A tendency toward action in a field where the first rule of compounding is to never interrupt it unnecessarily.
Underestimating the need for room for error, not just financially but mental
Welcome to our weekly feature, Ask Anything Wednesday - this week we are focusing on Biology, Chemistry, Neuroscience, Medicine, Psychology
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Like.. Are the people that post lonely, or are they content with their social life? Do people that post hope it will go further?
Do the people that post fantasize about what the people on the other side on the monitor will be like?
Are most of the things said while posting actually true, or are they mostly "playful exaggerations" to help gain likes and upvotes? How authentic are these posts?
Just curious. I understand that some are not okay with it, and some men only allow it if they’re involved. But those who allow their wife/gf to explore her bisexual side, why?
Edit: you know I mean by allowed.....
Disclaimer: I teach psychology but I am not a trained psychologist or psychiatrist and therefore am not qualified to diagnose anyone; these are merely my entirely amateur observations.
One of the terms that gets bandied around a lot when we talk about the housewives is 'narcissism'. Narcissism is interesting and distinct in that it can both be a personality trait and a clinical diagnosis.
According to the DSM-5, Narcissistic Personality Disorder is marked by:
>A. A pervasive pattern of grandiosity (in fantasy or behavior), need for admiration, and lack of empathy, beginning by early adulthood and present in a variety of contexts, as indicated by five (or more) of the following:
>Has a grandiose sense of self-importance (e.g., exaggerates achievements and talents, expects to be recognized as superior without commensurate achievements).
>Is preoccupied with fantasies of unlimited success, power, brilliance, beauty, or ideal love.
>Believes that he or she is “special” and unique and can only be understood by, or should associate with, other special or high status people (or institutions).
>Requires excessive admiration.
>Has a sense of entitlement, i.e., unreasonable expectations of especially favorable treatment or automatic compliance with his or her expectations.
>Is interpersonally exploitative, i.e., takes advantage of others to achieve his or her own ends.
>Lacks empathy: is unwilling to recognize or identify with the feelings and needs of others.
>Is often envious of others or believes that others are envious of him or her.
>Shows arrogant, haughty behaviors or attitudes.
It's important to note that an individual can have narcissistic traits and not have Narcissistic Personality Disorder. In order to be diagnosed with a personality disorder, an individual must exhibit the characteristics of their personality disorder in a way that disrupts and interferes with normal, everyday life (family, relationships, career, self-worth, etc.). Remember, in Greek mythology, Narcissus literally died because he couldn't stop staring at this own reflection.
I'd argue that the nature of the Real Housewives shows and Bravo shows in general appeal to a disproportionate amount of people who would score highly on the NPI (Narcissistic Personality Index). However, the amount of people who have Narcissistic Personality Disorder is very small: about 2-5... keep reading on reddit ➡
Hello! I have to write an essay for psych about a controversial issue in psychology and I was wondering what my fellow psych redditors thought!? Do you have a favourite controversial topic? do you know any? I have to choose one for my essay and I've been doing some research and thought I'd ask reddit too!
These are some examples that were given and I found! what do you think ?
What is it that drew people to Trump and allowed them to become cultish?
My mom has never been happy that I’m not Uber Christian like her and she used to have a lot of narcissistic tendencies that I honestly never thought she would be able to get past. Over the last 6 years she has though for the most part. She not only is pro mental health now but knows how to talk me out of a panic attack quickly. I got sick 5 years ago and it’s turned into multiple surgeries, many hospital visits, her having to come in to the city to help me out sometimes, her financially helping me because I’m now on disability (she an accountant so she’s super good at that shit too)
Throughout all this though she would still try to guilt me into saying god bless on the phone every time we went to hang up. Exulting that my brothers even caved into her and say it each time, but I don’t lie about anything to her about emotions, or I didn’t.
On my birthday last month my grandma passed away in the morning, my grandma was my hero, her mom. It was incredibly devastating because it happened so slow yet so quick. She had severe Alzheimer’s and she was admitted to hospital 24 hours or less before it was decided to stop life saving treatment and 17 hours later on the morning of my birthday she passed peacefully. They wouldn’t even let my grandpa in the hospital room until they decided to stop life saving treatment and I was 3 hours away, mom 6 hours away so none of us could travel or get there to be with family because of all the restrictions.
After she passed i decided to do anything necessary to help my mom grieve. My illness is terminal and I buried 7 other friends last year alone so I’m no stranger to grief and stages of death. I’m probably the best person to have in a crisis because of how well I can pull people together and let them know it’s okay to have their feelings. So, I started saying god bless to my mom on the phone and suddenly she stopped saying it all together.
I thought I was being clever and used reverse psychology and suddenly she wouldn’t bug me about it anymore.. we talked about it today though because I wanted to point out to her this change... she broke down crying and said it was because she was so mad at god. Not because grandma is with him now but because she prayed for a while to stop her pain but she never once thought it would be on my birthday. Oddly, all the female cousins in my family and me are born in December... my cousin had baby girl in December so the “trend” seems to be continuing.. but of all the days my mom was so angr... keep reading on reddit ➡
So I'm looking for some good psychology books, I want to learn more about the way people work and why we do things, etc.
I'm relatively new to reading but aware that there are a lot of "self-help" books that are best to avoid, but I'm not sure what books to trust and not trust.
so any suggestions would be great
Use positive language. It will help you immensely. Example: If you want to reduce your out to eat expenses.
Don't track how often you go out to eat. Track how often you eat all homemade meals.
Sincerely, a professional goal writer.
Nearing the end and feeling like I didn’t learn anything due to taking so many online classes. I want some podcasts that will really help me learn and understand the content I missed out on on a basic level.
Also, particularly interested in Jung/archetypes/dreams if anyone has an additional recommendation for a podcast that talks about this!
Does anyone else feel like this?
The amount of mental health damage my curriculum has put me through is enough to be tried as war crimes in my eyes. Not that I particularly hate it. The challenge has definitely made me a better person, but the stress did break me multiple times.
That's why I studied so much about mental health on the side because I know my brain in this state won't carry me through graduation. It makes me laugh though cause my girlfriend actually studies psychology and whenever she talks about her major I can say that I've actually heard about what she's studying.
FS is full of it. even the mod almighty EMS does it. i’m so sick and fucking tired of seeing it.
for anyone reading this, especially from the main sub: no, karissa is not schizophrenic and you have absolutely no fucking authority or knowledge to claim that she is. thinking that god is speaking to you is incredibly common among christians, not just fundies. i used to believe in it when i was a part of the church. when god “speaks”, it’s through your head. you hear him in your head, but it’s just your consciousness which is 100% normal to hear. please, for the love of the universe, stop fucking diagnosing fundies with debilitating, complicated mental disorders that you have zero experience with. for fucks sake.
also, fuck extra_medium_shirts and spinster for allowing and engaging in this behavior.
Hi! So, after dropping out of college (philosophy) a few years ago (because I couldn't stand the amount of people and the lifestyle involved) , I've come to grow more and more interested in studying psychology now. I am super scared of trying and/or failing.
It's been a long time since I've studied and I'm scared I may not be able to manage it. This time, I'll be trying to take a couple of subjects at a time and not attend to class (in my country we can do it).
However, I'm also really s ares of being too hypochondriac when learning about pathologies.
Any advice? Should I do it? Any opinions or experience?
I've used Lose It for a while now, but needed an extra boost so am trying the Noom free trial. It rocks as far as the psychology behind why we do what we do with food, but Noom's food database is insanely inaccurate. For example, I occasionally like to have a Sanders Dark Chocolate Sea Salt Caramel, which the package says is 75 calories. Noom's database says1 piece is 18 calories and lists a box of 8 pieces as 1 serving, which is 140 calories (see image)! Whaaaat? So I had to fiddle with the portion size to get to the 75 calories as is stated on the Sanders package. Goofy! And when I scan the bar code, it accepts it and thanks me for improving Noom, but then when I search for and use that food from the list, it comes up with completely inaccurate information. Even when I custom-add a food, some of the time it doesn't come up again, so I've wasted my time. Baffling by how the Noom people can fail so spectacularly in the food numbers aspect, but be so freaking good by providing the psychological aspect of weight loss! Noom food database is GROSSLY inaccurate! On the other hand, Noom excels as to the psychological aspect of weight loss. So until Noom decides to own up to, and fix its inadequacies, I guess we'll all just have to pay for 2 weight loss apps (Noom the the valuable psychology) and Lose It for it's superior food database. Bummer.
I'm about to turn 28 and feel like my career in this corporate job is not fulfilling at all. It's a simple job where I make a comfortable amount of money... but it isn't that challenging and it doesn't help the world in any way. After rediscovering myself and realizing how empathic of a person I am.. I would want to be in a career where I make an impact on others and help them in life. When I was younger, the best job I ever had was working at a summer camp as a lifeguard, teaching kids how to swim. I really enjoyed being active and helping kids (ranging from nursery school kids to 6th graders).
Before COVID, I was doing a lot of research on potentinal careers and was told to volunteer at places to see what I like. I was about to volunteer and help handicapped kids play basketball but then COVID happened and the event got canceled. I haven't been able to volunteer with kids because of COVID since. I like being active (not sitting down all day).
I also really love psychology and mental health is an important part of my life. I love making connections with people and making them feel comfortable. I'm super non-judgmental and treat everyone with the same respect as I would want to be treated with - no matter your past.
Anyway, after reading about the Peace Corps organization, I think it would be a good fit. The only problem with this is that COVID happened and no one has any idea when the Peace Corps will let people volunteer again/if I will even get accepted. I was hoping to join the Peace Corps to truly find myself and see what I really like. I love traveling/new experiences/helping others.. so the Peace Corps sounded amazing (I'm not scared of living in horrible conditions either, as it would be eye-opening to see how others live). I have done multiple solo trips (which I loved), so I know that I could handle it.
I guess I'm just scared of time moving forward. I'm 28, and if the Peace Corps doesn't come back for two years.. then I will be 30. Time is constantly moving forward, although I do understand that age is just a number and you can do anything with your life. I guess I'm just starting to feel the pressure on what to do. Do I continue working at my boring corporate job and wait until I can get into the Peace Corps in 2 years? Do I go back to school and become a teacher? How do i know if I will even like teaching? This is all so confusing... I just want to help others because everyone deserves happiness
I’m going into nursing. Throughout the difficult moments all I could think about was doing a job I’m excited to learn about. This math class, definitely not college level, was something I feared. I’m so proud of myself for studying so hard and thankful for tutors on YouTube.
EDIT: Thank you everyone! I also want to add to those of you who hate math as much as I do, keep going. I had to take algebra multiple times. Don’t give up! Ask questions, practice equations, do what you feel works best for you. Good luck to everyone whose repeating a math class, and to everyone whose in school. We got this! Thanks again for the encouragement, I look forward to continuing this journey.