Say you have a colleague who is struggling to complete a project at work. You might offer them some tips and tricks based on your own experience with similar projects. And it’s reasonable to expect those tips might be helpful to your colleague. But what if it turned out that the act of giving that advice might provide a measurable benefit to you as well?

In this episode of Choiceology with Katy Milkman, we look at how giving advice can benefit the giver—as much or even more than the person receiving the advice.

We begin the episode with Mike Mangini. Mike is a talented drummer, best known in the world of progressive rock. He has toured and recorded with numerous artists, including Steve Vai and Extreme. He also spent many years teaching drums privately and at the Berklee College of Music. It was in the process of teaching that he developed a system to codify his approach to playing drums. That system helped Mike navigate an intense audition for one of the biggest progressive rock bands in the world.

From the heady world of arena rock, we move to more practical examples of the power of giving advice. You’ll hear several people offering advice on a number of challenges—and then hear them realize the usefulness of their own advice in real time.

Next, Katy speaks with both Lauren Eskreis-Winkler and Angela Duckworth about the science behind advice giving. Lauren had the initial insight into this phenomenon. She and Angela, her doctoral adviser, ran a large-scale field experiment, along with Katy and Dena M. Gromet. The study demonstrates the measurable power of the advice-giving effect.

Lauren Eskreis-Winkler is a postdoctoral fellow at the Wharton School at the University of Pennsylvania. You can read her paper on the advice-giving effect here.

Angela Duckworth is the Christopher H. Browne Distinguished Professor of Psychology at the University of Pennsylvania and the author of Grit: The Power of Passion and Perseverance.

Choiceology is an original podcast from Charles Schwab. For more on the series, visit schwab.com/podcast.

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Important Disclosures:

All expressions of opinion are subject to change without notice in reaction to shifting market conditions.

The comments, views, and opinions expressed in the presentation are those of the speakers and do not necessarily represent the views of Charles Schwab.

Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

(1019-92P1)

Your Own Advice: With Guests Angela Duckworth, Lauren Eskreis-Winkler & Mike Mangini

Choiceology with Katy Milkman