Apr 1, 2019
In episode 143 of Financially Simple, Justin looks at the various types of bias that people can have with regard to Personal Finance.
Hardly anyone is truly rational when it comes to money and investments, their emotions and the opinions of others can have an effect on how a person chooses to spend or save. Justin lists 19 different types of Bias that can influence us in our financial decisions.
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TRANSCRIPT/BLOG: How Money Biases Affect the Way You Spend, Save, & Invest Money
TIME INDEX:
00:45 - Behavioral Finance
04:12 - Money Biases
05:04 - Affinity Bias
06:02 - Anchor Bias
07:14 - Bandwagon Bias
08:04 - Confirmation Bias
09:01 - Endowment Bias
09:46 - Familiarity Bias
10:15 - Framing Bias
10:43 - Hindsight Bias
11:10 - Illusion of Control Bias
11:50 - Loss Aversion Bias
12:29 - Mental Accounting Bias
13:06 - Outcome Bias
13:24 - Overconfidence Bias
14:21 - Recency Bias
15:22 - Representative Bias
16:10 - Self-Attribution Bias
17:17 - Self-Control Bias
18:15 - Status Quo Bias
18:35 - Trend-Chasing Bias
19:47 - Identify Your Biases
20:58 - Wrap Up
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BIO:
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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