Why Smart People Make Bad Money Decisions | Ep. 50
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Why Smart People Make Bad Money Decisions | Ep. 50
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Your calm self is not always a good judge of what your stressed self will do.
In this episode, we talk about why smart people still make poor financial decisions under pressure.
What I cover:
- Why good intentions do not guarantee good financial decisions
- How hot-cold empathy gaps affect investing, retirement, and estate planning
- Why people misjudge how they will feel during market crashes
- The difference between risk capacity and emotional willingness
- How too many options can create analysis paralysis
- Why pre-deciding rules and automating good behaviour can help protect your future self
Planning is easier before life gets emotional. Subscribe for more plain-English conversations about investing, retirement, tax planning, and better financial decision-making.
References: https://www.cmu.edu/dietrich/sds/docs/loewenstein/hotColdEmpathyGaps.pdf
https://dtg.sites.fas.harvard.edu/Gilber%20t&%20Ebert%20%28DECISIONS%20&%20REVISIONS%29.pdf
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