These Biases Are Holding You Back

As we begin a new year, it’s helpful to reflect on our financial habits and the biases that may influence them. By understanding and mitigating these biases, we can make more informed decisions and set ourselves up for greater financial success. In this episode, Michael will highlight the most common cognitive biases that he sees in people, which is a topic that could reshape how you approach your financial decisions.

Here’s some of what we discuss in this episode:

• Why biases play a huge role in what we do with finances and there are actually 175 cognitive biases.
• The fear of missing out bias is amplified by social media.
• Herding bias is the phenomenon where you blindly follow what others are doing.
• Confirmation bias involves only being able to see information that supports our current position and beliefs.
• Being open to uncertainty can improve our life.

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Get in touch with Michael-

Web: https://www.westpacwealth.com/team/michael-schulte

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