Deprecated: Hook jetpack_pre_connection_prompt_helpers is deprecated since version jetpack-13.2.0 with no alternative available. in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php on line 6078 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 {"id":4374,"date":"2019-03-26T11:40:05","date_gmt":"2019-03-26T15:40:05","guid":{"rendered":"http:\/\/www.decisionfish.com\/?p=4374"},"modified":"2022-07-31T19:48:17","modified_gmt":"2022-07-31T23:48:17","slug":"11-ways-to-fatten-your-wallet-with-a-little-psychology","status":"publish","type":"post","link":"https:\/\/www.decisionfish.com\/11-ways-to-fatten-your-wallet-with-a-little-psychology\/","title":{"rendered":"11 Ways To Fatten Your Wallet With A Little Psychology"},"content":{"rendered":"\n
I never could have imagined how important managing emotion, cognitive biases and behavioral hurdles is to saving enough, spending wisely and managing financial risks. For about a year, I informally coached <\/a>a woman (we’ll call her “Leigh”) in her late twenties who wanted to eliminate the $5,000 of expensive credit card debt she was rolling over each month, build a rainy day fund and begin saving for retirement. I have to admit: I learned more from her than vice-versa.<\/p>\n\n\n\n \u201cYes, the numbers need to work, but more importantly your LIFE has to work. You won\u2019t stick to a plan if it defies who you are.\u201d — Sarah Newcomb, Senior Behavioral Scientist, Morningstar<\/p><\/blockquote>\n\n\n\n Willfully ignorant of my own decision-making weaknesses, I believed that managing money was the domain of logic and math: maximize your risk-adjusted returns, match your risk tolerance, save aggressively and minimize your expenses and trading. My work with this client highlighted the behavioral psychology of money. You can use these observations to better manage your own financial behaviors.<\/p>\n\n\n\n In sum our saving, spending and investing decisions either reflect our personal values or they’re the result of behavioral challenges and cognitive biases I described above. My experience with Leigh suggests that being mindful of the psychological aspects of financial wellness can bring better results. In this case, her net worth is already well over $10,000 and she has begun investing in her retirement, putting her ahead of more than half of her peers<\/a>.<\/p>\n\n\n\n This article originally appeared on March 12, 2019 at Forbes.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" I never could have imagined how important managing emotion, cognitive biases and behavioral hurdles is to saving enough, spending wisely and managing financial risks. For about a year, I informally coached a woman (we’ll call her “Leigh”) in her late twenties who wanted to eliminate the $5,000 of expensive credit card debt she was rolling over each month, … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":4385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[2,114],"tags":[123,124,40,166,110,157,116,167,164,165,69,108,152,150],"jetpack_publicize_connections":[],"yoast_head":"\n