Dr. Bryan Foltice Behavioral Finance Podcast

Hosted by Dr. Bryan Foltice

Business Investing Education

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Latest episode

Oct 2026

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About the show

Welcome to the Bryan Foltice Behavioral Finance Podcast, where we dive deep into the fascinating intersection of financial decision-making and human behavior. Your host, Dr. Bryan Foltice, aims to embark on this journey with you to explore the quirks, biases, and psychological factors that shape our financial choices. From understanding why we buy high and sell low, to uncovering the emotional drivers behind our investment strategies, each episode will uncover valuable insights to help you navigate the complex world of finance with clarity and confidence. So, please join us as we unravel the mysteries of personal and behavioral finance and unlock the secrets to making smarter, more informed decisions with your money.

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60 recent

October 23, 202624 min

The Urge to Splurge: Navigating Present Bias

Question, Comment? Send it Here! Present Beats Future: Understanding Present Bias, Hyperbolic Discounting, and the Knowing-Doing Gap In this episode, Dr. Bryan Foltice reflects on turning 46 and uses that perspective to explore present bias (“present beats future”) as a key driver of the knowing-doing gap in personal finance and daily habits. He explains evolutionary roots that favored immediate consumption, then illustrates inconsistent preferences through choice examples ($100 today vs. later, and $100 today vs. $110 next month) and contrasts them with delayed future choices. The episode outlines two sides of present bias—seeking immediate gratification (e.g., the marshmallow experiment and a “DoorDash booty call” impulse) and avoiding immediate discomfort (delaying saving, exercise, healthier eating)—and introduces hyperbolic discounting as an intensified form linked to addiction. He describes five ways present bias wins: immediate gratification, procrastination, scarcity, inertia, and feeling disconnected from one’s future self, citing Hershfield et al. (2011) on age-progressed renderings increasing retirement saving. He closes by advocating awareness, balance, and self-compassion, previewing next week’s topic on emotions overriding logic. 00:00 Podcast Welcome 00:24 Birthday Reflection Setup 01:55 Why Present Wins 04:18 Present Bias Explained 06:47 Two Sides of Bias 10:40 Hyperbolic Discounting 12:08 Five Ways It Shows 15:53 Future Self Connection 18:14 Research and Nordstrom Story 21:15 Finding Balance and Wrap 23:52 Outro and Subscribe Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

October 16, 202633 min

Why Do Smart People Make Dumb Financial Decisions? The Five Forces Behind the Knowing-Doing Gap

Question, Comment? Send it Here! Why do we put off saving, follow investment hype, or spend money we planned to keep—even when we know better? Understanding what to do with your money and actually doing it are two different things. In this episode, Dr. Bryan Foltice explores the knowing–doing gap through five forces that shape our financial decisions: Present Beats Future, Emotion Beats Logic, Perception Beats Reality, Social Influence Beats Independent Thinking, and The Path Influences the Choice. From procrastination and loss aversion to overconfidence, social comparison, and mental accounting, Bryan connects behavioral finance concepts to familiar money decisions. Why do we hold on to losing investments? Why does a bonus feel different from a paycheck? And how can a free consultation leave us feeling obligated to buy? These examples reveal how several forces can influence the same decision—and why more financial information may address only part of the problem. This episode introduces a framework for recognizing what gets between your financial intentions and your actions, setting the stage for a deeper exploration of each force. Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

October 9, 202625 min

Did the Reciprocity Effect Just Cost Me $100 or $10,000?!?!

Question, Comment? Send it Here! The $100 Shirt That Cost Me $10,000 | Reciprocity, Reference Points & Procrastination How does a free personal styling session at Nordstrom turn into a $10,000 mistake? In this episode of the Dr. Bryan Foltice Behavioral Finance Podcast , Bryan shares how a complimentary wardrobe consultation led him to purchase a $100 shirt he didn't really want, establish an expensive new household spending precedent, and procrastinate past his intended return deadline. Using classic behavioral finance research, Bryan explores three powerful psychological forces— reciprocity, reference points, and present bias —and explains how they influence everyday spending, investment decisions, and relationships with financial advisors. Discover why free isn't always free, how small decisions can have lasting financial consequences, and why knowing better doesn't always mean doing better. References Gouldner, A. W. (1960). The Norm of Reciprocity: A Preliminary Statement. American Sociological Review, 25(2), 161–178. | The social norm of reciprocity Regan, D. T. (1971). Effects of a Favor and Liking on Compliance. Journal of Experimental Social Psychology, 7(6), 627–639. | Experimental evidence of reciprocity Cialdini, R. B. (1984). Influence: The Psychology of Persuasion. Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

October 2, 202616 min

Real Life Simple Two-Bucket Retirement Withdrawal Strategy Discussion

Question, Comment? Send it Here! Retirement Withdrawal Rates in Real Life: Bryan Foltice’s Two-Bucket Approach Beyond the 4% Rule In this episode of the Bryan Foltice Behavioral Finance Podcast, we discuss how common retirement withdrawal rules hold up in real life and why anything above 4% can be dangerous due to sequence-of-returns risk and compounding inflation. We explore the “decumulation paradox,” where lifelong savers struggle to spend after retirement, and we frame retirement as a flexible transition rather than a hard stop at 65. We then break down a practical two-bucket strategy: a conservative 3% “ground floor” built around bare-bones expenses (often helped by paying off the house and supplementing with Social Security or part-time work), plus a “bonus bucket” that unlocks additional spending once the portfolio grows beyond a threshold (e.g., 1.5x). We also discuss trade-offs between thresholds, leaving an inheritance, and spending earlier while healthy. The full working paper can be downloaded here: Is Less More? Improving on the "Fixed 4%" Rule for Retirement Income https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7461338 Chapters 00:00 Podcast Intro 00:26 Why Revisit Withdrawal Rules 01:19 Rethinking Retirement Purpose 02:50 The 4 Percent Rule Problem 04:48 Why Higher Rates Fail 05:40 Sequence Risk and Inflation 07:19 Goal of the Study 08:07 Two Bucket Strategy Basics 10:11 Bonus Bucket Spending Freedom 11:44 Thresholds and All Out Approach 13:37 Inheritance and Living More 14:28 Q and A and Wrap Up 15:57 Outro and Subscribe Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

September 25, 202623 min

Beyond the 4% Retirement Rule: Introducing Alternative "Flexible 3" Withdrawal Options

Question, Comment? Send it Here! Retirement Withdrawals Beyond the 4% Rule: Bryan Foltice on Flexible, Inflation-Adjusted Strategies In this episode of the Bryan Foltice Behavioral Finance Podcast, we continue to explore why fixed withdrawal rate strategies like the 4% rule can fail over longer 40–50 year retirements, creating a “decumulation paradox” where retirees either run out of money or leave far too much behind. Today, we discuss proposed alternatives, including Guyton’s Guardrails and a complex optimization approach, and then focus on a simpler two-bucket framework: a “boring” 3% base for necessities plus an “all-out” flexible rule that spends portfolio value above a threshold (often 1.5x the initial amount). We show how inflation-adjusting the threshold produces zero historical failure rates across 30–50 years with higher average income, and we also review Monte Carlo results showing higher failure probabilities overall but strong relative improvements in income and failure reduction versus the 4% rule. The full working paper can be downloaded here: Is Less More? Improving on the "Fixed 4%" Rule for Retirement Income https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7461338 Chapters 00:00 Podcast Welcome 00:26 Fixed Withdrawal Dilemma 01:05 Why Fixed Rates Fail 02:49 Guardrails Too Complex 05:06 Other Alternatives Reviewed 06:43 Two Bucket 3% Base 08:23 All Out Threshold Rule 10:36 When Horizons Get Longer 11:25 Inflation Adjusted Threshold 14:28 Divide Extra By Years 17:58 Monte Carlo Reality Check 21:00 How To Use With Clients 22:25 Wrap Up And Next Steps Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

September 18, 202621 min

It's Time to Reconsider the 4% Rule and Stop Even Discussing 6% or 8% Fixed Rules!!!

Question, Comment? Send it Here! Does the 4% Rule Still Work? Inflation, 50-Year Retirements, and What the Data Really Says In this episode, we dive into the fixed retirement withdrawal rate debate and why the popular 4% rule deserves a closer look. We discuss how the rule originated from Bill Bengen’s 1994 research, then walk through Bryan and Steve Dolvin’s analysis using U.S. data from 1928–2024 across stock/bond allocations and 30–50 year horizons. We compare results with and without inflation adjustments, showing that outcomes change dramatically once inflation is included: the 4% rule fails 2.94% of the time over 30 years, 10% over 40 years, and 18.75% over 50 years, while higher rates like 6–8% show very high to guaranteed failure over long horizons. We also discuss a key overlooked issue—how often portfolios leave large amounts unspent—and preview a move toward simpler “flexible” withdrawal strategies in the next episode. The full working paper can be downloaded here: Is Less More? Improving on the "Fixed 4%" Rule for Retirement Income https://papers.ssrn.com/sol3/papers.cfm?abstract_id=7461338 00:00 Four Percent Rule Setup 02:09 Origins and Assumptions 05:22 Research Data and Method 06:58 No Inflation Results 09:45 Why Inflation Matters 14:07 Inflation Adjusted Failures 16:03 Money Left Over Problem 18:10 Asset Allocation Deep Dive 19:29 Flexible Withdrawal Teaser 20:27 Wrap Up and Next Episode Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

September 11, 202618 min

Q&A Time: The Latte Effect, Travel Sports Costs, SpaceX Valuation & Sports Hats

Question, Comment? Send it Here! In this Q&A episode, we explore four listener questions with Bryan Foltice, starting with whether he teaches the “latte effect,” where he explains he focuses more on big financial decisions like housing and car ownership while still discussing how people often underestimate spending on eating out and DoorDash and how emotional spending can add up. We then discuss the realities of youth travel sports, including escalating travel demands, “stay-to-play” tournaments, and the significant annual costs families face. Third, we cover why Bryan has not invested in SpaceX, emphasizing that a great company can still be a poor buy if the valuation is too high and future growth is already priced in. Finally, we explain Bryan’s hat choices, tied to stadium visits and longstanding sports allegiances rooted in Detroit and German soccer. 00:00 Welcome and Setup 00:33 Latte Effect Debate 04:04 Tracking Spending Habits 05:18 Travel Sports Money Trap 10:55 SpaceX Valuation Check 13:54 Why I Wear Hats 17:16 Final Thoughts and Outro Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

September 4, 202627 min

Behavioral-Based Financial Education: It's Way Easier Than You Think

Question, Comment? Send it Here! Behavioral-Based Financial Education: Bryan Foltice’s 6-Week One-Credit Class That Changes Money Habits In this episode of the Bryan Foltice Behavioral Finance Podcast, we explore the practical, behavioral-based interventions behind the encouraging results from Bryan’s one-credit and three-credit personal finance classes. We discuss how the one-credit course is structured into six weekly meetings that move quickly from personal money memories and mindset-setting to paychecks (taxes, insurance, and employer retirement match), then into monthly financial planning, expense reflection, and either student-loan payoff strategies (snowball vs. avalanche) or net worth tracking and SMART goals. We also cover a high-level, engaging introduction to investing, risk/reward, diversification, and retirement planning using simple asset-allocation rules and ETFs, ending with a “Foltice Lifetime Guarantee” to support students as lifelong financial learners. 00:00 Podcast Welcome 00:26 Why Behavioral Education Works 02:23 Course Structure Overview 03:52 Money Memories Mindset 07:03 Paychecks Taxes Reality 10:33 Build Your Monthly Plan 14:25 Debt Payoff Or Net Worth 17:10 Investing Risk Reward Basics 18:43 Retirement Plan Asset Mix 23:08 Commencement Lifetime Guarantee 24:49 Keep It Simple Repeat 26:20 Wrap Up And Next Steps 27:05 Outro Subscribe Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

August 28, 202622 min

Teaching Personal Finance: Less Equals More?!?!

Question, Comment? Send it Here! 1-Credit vs 3-Credit Personal Finance: What Actually Changes Student Behavior? | Bryan Foltice In this episode of the Bryan Foltice Behavioral Finance Podcast, we explore post-class survey results comparing a one-credit Financial Well-Being course with a three-credit Personal Finance course at Butler, using 102 student responses across business/non-business majors and online vs face-to-face formats. We discuss high engagement and applicability in both courses, strong increases in preparedness, and widespread intent to change financial behaviors immediately (84% in the one-credit course vs 80% in the three-credit course), along with a surprising edge in reported confidence for the one-credit course (62% vs 48%). We examine why “less may be more,” emphasizing stripped-down, actionable, behavior-based teaching over information-heavy financial literacy, noting research that knowledge alone rarely shifts behavior, and we reflect on improving course design, especially making the three-credit class more engaging and practical. 00:00 Podcast Welcome 00:26 New Course Experiment 03:01 Survey Goals 04:30 Who Took The Classes 05:38 Engagement To Behavior 07:33 Confidence Surprise 09:05 Major Differences 10:23 Online Class Results 11:33 Why Less Is More 13:39 Behavioral Finance Evidence 17:22 Improving The Curriculum 20:05 Final Takeaways 21:32 Outro And Subscribe Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

August 21, 202623 min

Algorithm Aversion: Fear of the Flawed Machine

Question, Comment? Send it Here! Using AI Effectively: Pairing the Machine With Your Own Brainpower In this episode, Bryan Foltice explores how AI can be used really effectively only when it’s coupled with our own brain power. We discuss how conversations about AI often lead back to this core idea, and why it helps to name and formalize a continuum for where we and others fall in our attitudes toward AI. We explore the value of understanding prior research on these perspectives, building awareness of where others might be—like blind rejection—and how we can help move toward a more skeptical, exploratory stance that still involves dipping a toe into using the technology. 00:00 AI Needs Brainpower 00:39 Mapping Adoption Spectrum 00:46 From Rejection to Skepticism 00:59 Putting AI to Work 01:01 Closing Thoughts Support the show Subscribe to our Behavioral Finance Newsletter: https://www.moneystrong.net/behavioral-newsletter Bryan Foltice Personal Website - www.bryanfoltice.com Money Strong Website - www.moneystrong.net Instagram - www.instagram.com/dr.bryanfoltice Linkedin - https://www.linkedin.com/in/bryanfoltice Disclaimer: www.bryanfoltice.com/cv

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