It’s Sunday, which means...It’s recap time! This week, we looked at behavioral finance, which is the study of the influence of psychology on the behavior of investors. You and I aren’t always rational, we have limits to our self-control, and we are all influenced by our biases - these factors influence how we make decisions with our money - for better or for worse. 

Here’s what we covered in each episode this week: 

• How Your Psychology Impacts Your Money Decisions In Retirement
• Why our emotions cause most of us to be terrible at decisions when it comes to money
• Understanding a couple of key behavioral finance concepts that if avoided will help you make better money decisions - namely loss aversion and herd behavior
• And lastly...the secret sauce of making better money decisions - awareness. 

Hopefully after listening to the One Minute Retirement Tip this week, you have that awareness of how your psychology and emotions can get in the way of making good decisions with your money, so you can apply that awareness to help you pause, think more rationally, and avoid some of the money blunders that too many of us fall victim to. 

Tomorrow, we are starting a brand new theme: One Year From Retirement Checklist

When retirement is so close that you can taste it, what are some of the essential things you’ll want to do in your last year of work before you retire? You’ve spent years saving and investing and working toward a comfortable and secure retirement, and you won’t want to transition into retirement without doing a few essential things. So what should you do in the last year of working before retirement? I’ll dive into that topic next week. 

And if you haven’t already, be sure to check out my YouTube channel - True North Retirement, where I cover a wide variety of retirement planning topics - everything from RMD mistakes smart retirees don’t make to understanding non-qualified deferred compensation plans.

That’s it for this week! Thanks for listening and I hope you have a blessed Sunday! 

My name is Ashley Micciche and this is the “One Minute Retirement Tip”.

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