RL221 – Financial Psychology: Biases That Impact Your Life
In this episode of the Retirement Lifestyle Show, hosts Roshan Loungani and Adrian Nicholson delve into the realm of financial psychology, exploring how various psychological concepts influence retirement planning and investing. They discuss the status quo bias, heuristics, analysis paralysis, mental accounting, the endowment effect, herd behavior, and narrative fallacy, providing insights and examples to help listeners understand the impact of these biases on their financial decisions. The conversation emphasizes the importance of self-awareness in managing finances and making informed investment choices.
Chapters
00:00 Introduction to Financial Psychology
03:13 Understanding Status Quo Bias
05:58 Heuristics in Financial Decision Making
10:57 Analysis Paralysis: The Dangers of Overthinking
15:00 Mental Accounting and Its Implications
21:14 The Endowment Effect: Emotional Attachments in Finance
27:57 Herd Behavior in Investing
Official Podcast Website: https://retirementlifestyleshow.com/financial-psychology-biases-that-impact-your-life/
For more links and the full show notes keep scrolling down!
Roshan Loungani can be reached at roshan.loungani@aretewealth.com or at 202-536-4468.
Erik Olson can be reached at erik.olson@aretewealth.com or 815-940-4652.
Adrian Nicholson can be reached at adrian.nicholson@aretewealth.com or at 703-915-8905.
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Full Show Notes:
Official Podcast Website: https://retirementlifestyleshow.com/financial-psychology-biases-that-impact-your-life/
All opinions expressed by podcast hosts and guests are solely their own. While based on information that they believe is reliable, neither Arete Wealth nor its affiliates warrant its completeness or accuracy, nor do their opinions reflect the opinion of Arete Wealth. This podcast is for general informational purposes only, and should not be regarded as specific advice or recommendations for any individual. Before making any decisions, consult a professional.
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