Why behavioral econ matters to life coaching

In this episode, I chat with a former entrepreneurship classmate, Nate Andorsky of Creative Science, about where behavioral econ and life coaching overlap. 

We dive deep into a handful of behavioral econ concepts — like present bias, paradox of choice, social market theory, loss aversion, and ambiguity aversion — and how they can be understood and hacked by individuals to change their lives. 

Some key takeaways:

  • Remember that up to 95% of our thoughts and decisions are happening subconsciously. Behavioral economics and coaching both seek to bring more awareness to what’s happening below the surface of our minds. 
  • Surround yourself with supportive communities that reflect where you want to be. Things that are alike in nature attract each other.
  • Start being the Watcher of your emotions and how they affect your actions. (They always do, whether you’re conscious of it or not.)
  • Apply the theory of Ikigai — finding the overlap between what you’re good at, what the world needs, what the world will pay for, and what you love to do — for more career fulfillment.
  • Counteract self-imposed limitations by always creating new goals. As cliche as it sounds, it really is about the journey rather than the shiny reward at the end of the tunnel. 

How are some of these behavioral econ principles affecting your life currently? How might you use them to positively impact your life moving forward? 

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