Ep 120: How Much Are Your Money Biases Costing You?
Phil's Tax Hacks
English - February 03, 2022 10:00 - 21 minutes - 29.1 MB - ★★★★★ - 4 ratingsInvesting Business News Business News Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: Ep 119: How Do Kids Factor into Retirement Planning?
Next Episode: Ep 121: Planning for the Things We Can’t Predict
Most of us have some biases when it comes to money. Are you afraid of risk? Are you thinking far enough into the future? On today’s episode, we discuss the different types of money biases and whether they could be costing you financially.
TIMESTAMPS:
1:11 – January market closing
1:39 – Morning Star study
2:26 – Key Points of study
2:50 – Present Bias
4:48 – Overconfidence
5:51 – Loss Aversion
7:17 – Low levels of money bias
10:10 – Avoiding biases with a plan
11:00 – Build speed bumps
14:00 – Setting rules
15:22 – Most common biases
17:39 – Value with an advisor
CNBC Article: 98% of Americans have at least 1 money bias, research finds — and it's costing them (cnbc.com)
ADDITIONAL INFORMATION: https://philstaxhacks.com/