If your answer is, “What psychological biases?”, keep reading.
For those of you who answer, “Not much. I’m fully aware of my biases,” keep reading.
Thanks to the fact that we are all human, we are subject to a number of surprising and perplexing biases, according research by behavioural economists. And they’re costing us a ton of money.
Consider the following questions:
How much would you pay for a hamburger?
Or a car?
How about a house?
Now let’s shift from money we pay, to money we receive. Consider these questions:
What would you do with a $200 rebate? How about a $200 bonus?
Even though the sums coming to you are the same in the two questions above, you would likely treat them differently because of your perception of the source.
Once again, your different treatment of these funds might not be in your best financial interests.
In this month’s Women’s Money Group meet-up, we’ll look at how our psychology affects our perception of various financial situations and the choices we make with our money, which could be costing us a fortune.
We’ll look at a number of psychological biases that are at play in a wide range of situations: making purchases, negotiating, saving money, investing. What should you look out for? How do they affect you? What strategies can you employ to overcome them?
We’ll also consider counter-productive behaviours that are rooted in your past experiences. Whether the bias is built-in – because you’re human – or acquired – because of your experiences – it still affects your results.
One of the best ways to counteract the negative effects of financial biases is to be aware of them. It all starts with awareness.
However, awareness isn’t enough. You need a plan to ensure that your actions are in your highest, best financial interests.
At the May 28th meeting, we’ll present a list of biases to be aware of and we’ll share some step-by-step hacks to overcome their effects. These hacks could save you tens of thousands of dollars! They’re an important component of a smart financial system.
If you’re concerned or embarrassed about the thought of having to disclose personal information, you can rest easy. This is a judgment-free safe zone where you participate only if you choose to. If you’d prefer to watch quietly and absorb the discussions, that’s perfectly fine.
Are you new to the Women’s Money Group? Then you can attend your first meeting for only $20.00 plus tax! Simply click on the registration link below.
If you’ve already participated in a meeting, reserve a seat through this page and then head over to the YFL website to purchase a membership: https://www.YourFinancialLaunchpad.com/womens-money-group. You can select a monthly membership or an annual membership, whichever best meets your needs. The website lists the many perks included in each membership.
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Book your spot today to ensure you’re on the path to keeping more of your money and making better choices!
*See* you on May 28th.