Im the Problem: A Convo About Behavioral Finance
We\u2019re getting honest about how we can unknowingly sabotage our financial success. We\u2019ll break down common behavioral traps like holding onto investments because we\u2019ve already put money into them (hello, sunk cost fallacy), making decisions based on recent trends (that\u2019s recency bias), and following the crowd just because everyone else is (herd mentality). When we can recognize these behaviors, we can stop being the problem and start making better choices with our money.
In today\u2019s episode:
11:31 A super-easy way to track financial progress
16:42 Our money story and how we grew up shapes how we manage money
21:25 Recency bias affects investment decisions, cyclic trends
37:08 Sunk cost fallacy, herd mentality, and dollar-cost averaging
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