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3 Behavioral Finance Traits You Should Avoid

Without a doubt, humans are emotional creatures. You could even argue that we’re drawn to negative behaviors. A large part of becoming better and more efficient with managing your personal finances is to work to control and tame that emotional behavior.

The first step in that process is understanding your blind spots and recognizing tendencies that could be working against you. Your actions and subliminal decisions can have a tremendous impact on your financial situation. In this episode, we address 3 Behavioral Finance Phenomena That Impact Your Finances, and we give you a guide to restore order to financial chaos.

We Will Uncover:

  • How buying one item may force your judgment to make you believe that you need to buy three additional items to “complete the package.” (The Diderot Effect)
  • How you can face the burdens to get your financial house in order by addressing the basics proactively, and why you spend more time focusing on the things that you have not done rather than the completed items you have already taken care of. (The Zeigarnik Effect)
  • How the things that you focus on the most are often the last things you should worry about. Find the 20% of items that are your biggest challenges financially and address them first. The other 80% of items often do not matter as much. (The Pareto Principle)

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