Feb 17, 2022
Goal-setting has been a divisive subject of discussion for us
here on the Rational Reminder Podcast, and today we dive a bit
deeper into the topic with the help of the amazing Ayelet Fishbach,
author of the recent book Get It Done. Ayelet is
an expert in motivation and a Professor of Behavioral Science and
Marketing at the Chicago Booth School of Business. Her focus in her
work is researching social psychology, management and consumer
behaviour, and having her on the show to share some of this amazing
insight is a real honour! In our conversation, we cover many sides
of the goal-setting process, exploring the vast array of research
that Ayelet has done and has examined. We talk about the difference
between intrinsic and extrinsic goals, the outcomes of tracking
progress, what makes an effective goal, and what is meant by a
'goal-system'. Ayelet also shares how this research can inform
tasks such as retirement planning, and the work of financial
advisors. So for this and a whole lot more that is bound to be
illuminating, fascinating, and potentially life-altering, be sure
to join us on the show.
Key Points From This Episode:
- Using goal-setting to address our inability to predict elements
of the future. [0:03:50]
- Differentiating between intrinsic and extrinsic goals.
- Ayelet lists some examples of effective goals and their
- The dangers of avoidance and unhealthy goals and how to
recognize these. [0:10:48]
- Exploring the parts of human psychology that push us to always
want more. [0:14:46]
- How quantifiable, self-set targets for goals can aid the
process of achieving them. [0:17:18]
- Weighing the benefits of creating incentives associated with
the goals you set. [0:21:45]
- The roots of intrinsic motivation and how to foster more of
- Making the pursuit of a goal enjoyable and why this is so
- How these findings on goal-setting relate to long-term
retirement planning. [0:32:10]
- Ways for financial advisors to make certain processes and tasks
more enjoyable for their clients. [0:33:36]
- The impact of tracking and monitoring progress towards a goal.
- Learning from failure and why this can be an unreliable
strategy for achievement. [0:39:36]
- Ayelet describes a goal system and its most important
- Writing out goal systems and an explanation of the chart that
is included in Get It Done.
- Prioritization and how to choose between conflicting goals.
- Strategies for keeping on track with resolutions; the role of
intrinsic motivation and the question of temptations.
- How other people and our social environment influence our
ability to reach our goals. [0:55:04]
- Ayelet responds to Ben and Cameron's tendency to avoid setting
bigger goals. [0:56:41]
- How Ayelet goes about setting goals for herself, and how she
applies her expertise to her role as a parent.
- Learning as the marker of success; why Ayelet feels that she
never left school. [1:03:42]