Ep 120: How Much Are Your Money Biases Costing You?

Most of us have some biases when it comes to money. Are you afraid of risk? Are you thinking far enough into the future? On today’s episode, we discuss the different types of money biases and whether they could be costing you financially.

 

TIMESTAMPS: 

1:11 – January market closing

1:39 – Morning Star study

2:26 – Key Points of study

2:50 – Present Bias

4:48 – Overconfidence

5:51 – Loss Aversion

7:17 – Low levels of money bias

10:10 – Avoiding biases with a plan

11:00 – Build speed bumps

14:00 – Setting rules

15:22 – Most common biases

17:39 – Value with an advisor

 

CNBC Article: 98% of Americans have at least 1 money bias, research finds — and it's costing them (cnbc.com)

 

ADDITIONAL INFORMATION: https://philstaxhacks.com/