How You May Be Making Yourself Poor

  • I'm fascinated by the ways our emotions affect our financial lives. The place where psychology and money intersect. For 20+ years our mission at TDS has been to give people the tools they need to use the money they have to enjoy a fuller life. (There's a reason our motto has always been 'living better...for less'.)

     

    But too often we've seen situations where people know the right answer but take actions that will hurt them financially. Almost as if they're not in control of their actions for a short period of time.

     

    That's why I found 5 Biases That May Be Costing You a Fortune an interesting read. "Most of us have preconceived biases based on our life experience. But if you let your biases affect your finances, it could wind up costing you bigtime." They include 5 financial biases that can be harmful to your finances.

     

    I'm no psychologist. Chances are neither are you. But don't be afraid of the subject. We can understand (and benefit) from these concepts. The words might be big, but the ideas are really pretty simple.

     

    We have a number of articles on TDS that consider how our emotions affect our money choices. Among them is The Subtle Psychology of Credit Cards that explores some of the reasons why many people spend more money when they use credit cards.

     

    3 Ways Cognitive Bias Causes You to Spend Money discusses how marketers sneak by our defenses to get us to buy more. You always knew that they were sneaky. Here's a chance to peak behind their curtain!

     

    If you've ever asked yourself 'why did I buy that?' you owe it to yourself to take a few minutes to understand the answer. A few minutes now could save you many dollars in the future!

     

    Keep on Stretching Those Dollars!
    Gary


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