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So this is embarrassing: I\u2019ve been advising institutions and individuals about financial decisions for nearly three decades<\/a> and yet I\u2019ve failed many times to make good choices<\/strong> myself.<\/p>\n I want to share a list of my failures with you both so you can avoid them and as a commitment device<\/a>, so I don\u2019t keep failing (the same way). But, before I can do that, I needed to understand why just remembering them was so hard.<\/strong> If you can\u2019t even remember a mistake, what\u2019s to prevent you from repeating it?<\/p>\n Here\u2019s what I found: First, cognitive dissonance<\/a> made recall difficult: I like to think of myself as smart, savvy, skeptical and analytical (to a fault<\/a>). How could I be those things and still make such noob mistakes?<\/strong> Next, I learned how my ego reacted by rationalizing these mistakes with some choice supportive bias<\/a>. Finally, a little search on \u201cinability to admit mistakes\u201d returned \u201cNarcissistic Personality Disorder<\/a>\u201d, so at least I have that going for me.<\/p>\n Luckily, my wife offered to help me recall my errors<\/strong> (we\u2019re good to each other that way).<\/strong> In order to qualify as a bad decision for this article, it must have resulted from a faulty process, not that there was an unwanted outcome. That could be the result of bad luck. Other criteria include that the decision has cost us thousands and that it\u2019s really embarrassing to share because I should know better. Here they are:<\/p>\n Whew! I\u2019m glad that\u2019s over with!<\/p>\n There are some useful takeaways<\/strong> from this exercise. I\u2019m more vulnerable to marketing than I\u2019d like to admit. I need to try even harder to be skeptical of marketing claims and understand companies\u2019 and people\u2019s incentives. For big decisions, I just have to make the time to do the analysis required. I also need to build better habits for the many small decisions whose effects accumulate.<\/p>\n It\u2019s your turn.<\/strong> Leave a comment with a poor decision you’ve made that readers can learn from. No need to use your real name\u2026<\/p>\n PS. We’re about to release our first beta app to help support better financial decisions…please sign up here <\/a>to help us test it.<\/p>\n","protected":false},"excerpt":{"rendered":" So this is embarrassing: I\u2019ve been advising institutions and individuals about financial decisions for nearly three decades and yet I\u2019ve failed many times to make good choices myself. I want to share a list of my failures with you both so you can avoid them and as a commitment device, so I don\u2019t keep failing … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":761,"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":[115],"tags":[56,5,38,11,41,39,112,40,64],"jetpack_publicize_connections":[],"yoast_head":"\n\n