The Invisible Costs: Why Cognitive Biases (Not Math) Are Ruining Your Financial Decisions Creating Wealth podcast

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The Invisible Costs: Why Cognitive Biases (Not Math) Are Ruining Your Financial Decisions

7d ago 28:31

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Don't let your emotions and 'mental shortcuts' sabotage your financial future. This is the essential deep-dive into the Invisible Costs of Cognitive Biases and the behavioral finance secrets that cost millennials thousands in lost savings and poor investing decisions.

If you know the basics of personal finance but still struggle with execution, this episode is for you. We move beyond "Behavioral Finance 101" to uncover the sneaky biases that drain your net worth without you realizing it.

In this episode, you will learn:

Restraint Bias: Why relying on "willpower" is the most expensive financial strategy you have, and how to fix it.
How the power of inertia (Status Quo Bias) is costing you
How Recency Bias and Social Proof are destroying long-term asset allocation and distorting your sense of "enough."
Mental Accounting: How 'bucketing' affects your total wealth-building.
The Anti-Bias Toolkit: Actionable defense mechanisms like the Ulysses Contract, Friction Design, and automating your finances to defeat Decision Fatigue.

Your financial plan is only as strong as your psychology. Tune in and learn how to recognize and neutralize these unconscious errors to make clearer, more grounded money decisions starting today.

Special Note: It's that time of year again! We are about to record our annual gratitude episode which we've done every year since we began the podcast, and we need YOUR messages. We find it's a wonderful way to end the year and remind ourselves of what truly matters. If you've never submitted a message before, we highly encourage you to send us one this year. If you've submitted one in the past, we'd love to hear an update on how your last year has gone. You can send them to us on our social media, by PMing Anastasia or by emailing us at [email protected]. Please submit them as soon as possible – by Friday December 12th. We can't wait to hear from you!

PM Anastasia on LinkedIn

Related Episodes:

Behavioral Finance 101

How to Manage Your 401(k)

5 Ways to Limit Lifestyle Creep

148 episodes