nudge

Nudge

Merriam-Webster defines “nudge” as “to prod lightlyurge into action”. What does the word “nudge” mean to you? Do any specific examples come to mind of someone nudging you to do something, or perhaps vice versa – where you are “nudging” someone to do something? For me, it makes me think of “encouraging” my kids to put away their clothes and toys. In his must-read book, “Nudge”, behavioral economist Richard Thaler puts a different spin on the word when we think about financial independence.

Thaler boils down the psychology of the nudge from both sides. One being the side that encourages you to take an action. The other from the interesting examples sprinkled throughout this book, such as how changing 401k participation to be opt-out instead of opt-in. This single change could “nudge” more people to save for retirement and sets them up for success down the road. You will start to recognize all of the subtle financial nudges that reside in our daily lives. This book is simple, clear, with great examples and offers a good deal of humor. Once you start reading, you will not be able to put it down.

Can you identify two or three simple acts you can undertake to “nudge” yourself towards financial independence?

Books like “Nudge” can be found in our MFF Book Suggestions, which includes many of our favorite books on money management, personal and business development, leadership skills, and real estate investment. These are the books that have helped us to grow personally and professionally – and to help us master the game of money!

A Journey to Personal Financial Independence
At Morgan Franklin Fellowship (MFF), we support the concept of financial freedom – by teaching participants how to save by paying themselves first, invest for their future and grow their net worth.

Learning how money works and how to talk about money with others are the first steps towards recognizing an individual’s lifelong financial goals. Our online courses and on-demand learning events are designed to help individuals learn the concepts, rules and vocabulary of money, finance and investing.

Becoming an MFF Fellow  
Our Standards of Financial Literacy program is engaging, full of interesting information, and easy to navigate. Adapted from the National Standards for Financial Literacy developed by the Council for Economic Education (CEE), this robust curriculum features six short lessons on such important topics as earning income, understanding the value of saving and using credit.

When completed, this program lays the foundation for becoming an MFF Fellow. Becoming an MFF Fellow is the ticket to access additional MFF programs and opportunities for mentoring, networking, internships and real-world opportunities. These are the opportunities which allow MFF Fellows to continue their journey towards personal financial independence.

Learn more at morganfranklinfellowship.com.

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