Financial Sobriety
Financial Sobriety
Episode 92: How Your Biases Impact Your Investment Decisions. Be Very Careful!
Episode 92: How Your Biases Impact Your Investment Decisions. Be Very Careful!
Episode 92: How Your Biases Impact Your Investment Decisions. Be Very Careful!
Tuesday 24th January 2023
Uncover how cognitive and emotional biases impact your investment decisions with tips from Financial Sobriety's Episode 92. Listen now!
53 minutes
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Get the buttons here!Understanding Biases in Investment: Insights from Financial Sobriety
Become that better investor by becoming aware of what's going to help you make decisions, so that you can be equipped to be more likely to stay on track with your financial plan long term.
Ever thought your investment choices are purely rational? Think again. In this episode of 'Financial Sobriety', hosts Matthew Grishman and Jim Gebhardt shine a light on how our biases sneak into financial decisions. They kick things off with a personal tale that underscores how grief and loss can cloud our judgment, making it clear that none of us are immune to these mental pitfalls. The episode then unpacks two main types of biases: cognitive and emotional.
Matthew and Jim dive into common traps like confirmation bias, attachment bias, outcome bias, self-control bias, and status quo bias, showing how each can derail your financial plans. They don't just leave you hanging with the problem; they also offer practical tips on how to spot and manage these biases. By becoming more aware of these mental shortcuts, you can make more informed and deliberate investment choices.
This episode is a treasure trove of wisdom for anyone looking to sharpen their investing skills and gain a deeper understanding of their financial behaviors. It's an eye-opener that encourages you to take control of your financial future with newfound awareness and intention.