Ep 7: Could a Financial Bias be Costing You?

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Are you aware of any money biases you have? How much could they be costing you?

Whether you realize it or not, most of us have some kind of bias when it comes to money. On today’s episode we are going to explore four main biases that probably impact most of us to some degree and how we can overcome these barriers.

Recency bias, could cause you to lose money when the market is volatile. With loss aversion, people are looking for less risk when they really don’t need to be. So how do we avoid these biases and make sure our plan is protected? The goal with behavioral finance is truly to understand why we make certain decisions and how these decisions will affect our finances.

 

What We Discuss Today: 

1:29 – What is behavioral finance?

2:19 – The key points of behavioral finance

4:52 – The recency bias

5:43 – Emotional decision making

6:28 – Loss aversion

8:10 – Overconfidence

8:57 – Anchoring bias

10:14 – Don’t get too caught up

12:31 – Understanding your values

13:18 – A client impacted by bias

14:43 – The first step in your plan

 

Quotable Moment: 

“These are investors who have confidence in their long-term financial plan but they tend to forget… the short-term things.” – Spiros Vassilakos

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SPIROS VASSILAKOS

For more than 20 years, Spiros has helped families and individuals, corporate executives, physicians and small business owners locally and nationally, pursue their financial goals with thoughtful, tax-sensitive investment guidance. 

Spiros is focused on helping you pursue your greatest objectives with simplicity, transparency and a disciplined process to measure your progress. His guidance is tailored to support your current lifestyle, retirement income needs and legacy goals, while making you feel comfortable at every step of the way. His passion is fueled by knowing he has made a positive difference in the lives of the families and organizations he serves.

SPIROS VASSILAKOS

For more than 20 years, Spiros has helped families and individuals, corporate executives, physicians and small business owners locally and nationally, pursue their financial goals with thoughtful, tax-sensitive investment guidance. 

Spiros is focused on helping you pursue your greatest objectives with simplicity, transparency and a disciplined process to measure your progress. His guidance is tailored to support your current lifestyle, retirement income needs and legacy goals, while making you feel comfortable at every step of the way. His passion is fueled by knowing he has made a positive difference in the lives of the families and organizations he serves.

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(727) 754-8418

AthenianPCG@Cambridgesecure.com