Even most people who do not stay abreast of the investment industry will have heard of Bernie Madoff. He was the CEO of a company that scammed millions from wealthy investors and celebrities. How did that happen? Never underestimate the power of “missing out on a good thing”. We all fall into it at some… Continue reading The Power of FOMO
Category: Money Psychology
The Urge to Help
Part of what makes us human is the wonderful urge to help others of the species when they experience difficulty. All we have to do is look at the outpouring of money to other countries – to people we’ve never met-when they experience floods and earthquakes. This is a wonderful human quality. We just need… Continue reading The Urge to Help
Money Secrets
Many couples don’t want to talk about money. The reasons run from “It will ruin the romance” to “I don’t want to rock the boat”. Love and marriage are perceived as pure, hopeful, and precious – and money is often considered dirty, callous, or controversial. Here is why this thinking is completely wrong, and how… Continue reading Money Secrets
Your Money Neuro Track
I’ve been a fan of Neuroscience for a few years now. It not only appeals to my inner geek, but it assists me in being the best coach possible for my clients. Did you know that our Amygdala, that has served us well since the dawn of time when it helped us decide on fight… Continue reading Your Money Neuro Track
A Matter of Trust…
A matter of trust is fundamental to human nature. We want to trust each other – help each other – get along. If we couldn’t trust people to stop at red lights, how could our traffic operate at all? Trust is a fine balance. There is blind trust, and there is wise trust. Here is… Continue reading A Matter of Trust…
Since When is Saving Money Rational?
Budgeting seems so rational. You merely have to calculate how much you want to have at retirement, look at the number of working years, and save a certain amount per year. Voila! Financial brochures make it look so darned simple – you must be the only one not doing it. Unfortunately, life, and the human… Continue reading Since When is Saving Money Rational?
You Spend More on Accessories When Purchased with a Big Item
We are likely to spend more money for accessories when purchased with an expensive item like a new dress, sofa, or car than if we purchased them alone. Here’s why, and how you can save money by avoiding it. My husband and I bought a new living room sofa that was a fair amount of… Continue reading You Spend More on Accessories When Purchased with a Big Item
The New Definition of Need
If we think back a few centuries, the word Need had pretty specific connotations. People needed a cow for milk. Farmers needed a good growth season to survive. And kids needed a bath once a week. They didn’t need matching dishes, or anything beyond a dirt floor. Wow have we changed. As a society, we… Continue reading The New Definition of Need
Why You Avoid Money Decisions
Not deciding – is making a decision -to do nothing. Sometimes it is because we have way too many choices. According to Statista we have 8,970 mutual funds from which to choose. It can be overwhelming! Sometimes we fear we’ll regret the choice we made. This is called Regret Aversion and is a common human… Continue reading Why You Avoid Money Decisions
More Money May Not be the Answer
I started equestrian lessons about 3 years ago because I love horses and had dreamed of doing this most of my life. Aside from landing in the dust a couple of times, and being stuck on a stubborn horse facing into the corner of the barn, I also learned about some more bad money behaviors.… Continue reading More Money May Not be the Answer