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BIASED DECISIONS IN OUR FINANCES: Being Rational To Build Long-Term Wealth - MNO EPISODE 245
When we make financial decisions, it is far too often that we make bad decisions based on the biases that we bring to the table. I want us all to make the best, rational decisions that we can with our finances, but to do so means understanding and putting aside these biases that may be keeping us from being our best selves financially. Even the best of us, financially, can get caught up in some of these simple psychological biases. Today we will discuss:
1. Loss Aversion
2. Endowment Effect
3. Sunk Cost Fallacy
4. Status Quo Bias
5. Bandwagon Effect
6. Confirmation Bias
Begin your path to financial freedom today: https://www.youtube.com/channel/UCjyCApAbHBN0Jtw5bAehbRg?sub_confirmation=1
Don’t forget to like, subscribe, and leave comments below as I would love your feedback. Be sure to check out my website (www.mnowithdylan.com) where you can get more information on my financial coaching services and more, the podcast of these shows if you are more of a listener than a watcher, and follow the show on any social media outlet (FB, Twitter, & Instagram) @mnowithdylan (Money’s No Object with Dylan Howell) [All links in description]. Tune in for more personal finance concepts. Don’t forget to check-in every weekday (Monday-Friday) for new videos which will be uploaded each day at 6 a.m. CDT. Thank you, guys, for tuning into this episode of Money’s No Object. I’m Dylan Howell. God Bless!
Facebook: https://www.facebook.com/mnowithdylan/
Instagram Page: https://www.instagram.com/mnowithdylan/
Twitter: https://twitter.com/mnowithdylan
(Please keep in mind that I am not a financial advisor. I create these videos for educational purposes only. You and only you are responsible for the investment decisions that you make.)
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By mnowithdylanWhen we make financial decisions, it is far too often that we make bad decisions based on the biases that we bring to the table. I want us all to make the best, rational decisions that we can with our finances, but to do so means understanding and putting aside these biases that may be keeping us from being our best selves financially. Even the best of us, financially, can get caught up in some of these simple psychological biases. Today we will discuss:
1. Loss Aversion
2. Endowment Effect
3. Sunk Cost Fallacy
4. Status Quo Bias
5. Bandwagon Effect
6. Confirmation Bias
Begin your path to financial freedom today: https://www.youtube.com/channel/UCjyCApAbHBN0Jtw5bAehbRg?sub_confirmation=1
Don’t forget to like, subscribe, and leave comments below as I would love your feedback. Be sure to check out my website (www.mnowithdylan.com) where you can get more information on my financial coaching services and more, the podcast of these shows if you are more of a listener than a watcher, and follow the show on any social media outlet (FB, Twitter, & Instagram) @mnowithdylan (Money’s No Object with Dylan Howell) [All links in description]. Tune in for more personal finance concepts. Don’t forget to check-in every weekday (Monday-Friday) for new videos which will be uploaded each day at 6 a.m. CDT. Thank you, guys, for tuning into this episode of Money’s No Object. I’m Dylan Howell. God Bless!
Facebook: https://www.facebook.com/mnowithdylan/
Instagram Page: https://www.instagram.com/mnowithdylan/
Twitter: https://twitter.com/mnowithdylan
(Please keep in mind that I am not a financial advisor. I create these videos for educational purposes only. You and only you are responsible for the investment decisions that you make.)