When making a decision, do you take ALL facts into account – including your “future self?” When most people make a decision it’s hard for them to see the impact of their decision on their “future self” – but this is a critical piece of information to take into account. Professor Hal Hershfield, Associate Professor Marketing and Behavioral Decision Making at UCLA Anderson School of Management, breaks down the reasons why people make poor financial decisions. As a behavioral decision making specialist, his research covers if, and how, better decision making skills can be taught. He cites his findings that people can make better financial choices if they keep in mind their “future self” - the person you will be later on in life. Unfortunately, when the majority of investors are planning their portfolios, they very seldom consider their future self’s needs. Professor Hershfield has some insight on why it is difficult to think about the future. He also has some advice on how to make better financial decisions.

Understand why your brokerage firm sent you a “Dear John” letter

If you moved out of America, but still keep your assets in an American brokerage firm, there’s a good chance that your brokerage firm will send you a letter asking you to close your account. Doug explains why many U.S. brokerage firms are reluctant to keep accounts with international addresses. He gives action steps you can take if receive a “Dear John” letter. To learn more about Professor Hal Hershfield visit his website. You can find him on Twitter or email him. If you really want to travel through time... financially, that is, check out Doug's interview with the Financial Time Traveler himself, Nyle Bayer. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.