Do Our Biases Affect Our Financial Choices?

Investors are routinely warned about allowing their emotions to influence their decisions. However, they are not often cautioned that their preconceptions and biases may color their financial choices.

In a battle between the facts & biases, our biases may win, especially when we don’t realize we have them. If we acknowledge this tendency, we may be able to avoid making unexamined choices when it comes to personal finance. It may actually "pay" to recognize blind spots and biases with investing.

Here are some common examples of bias creeping into our financial lives.

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Comics, Collectibles, and Coping with the Market

Rare collectibles can provide an entertaining form of alternative “investment,” and might seem particularly intriguing when markets are wobblier than Aunt Gertrude’s jello salad. Comic books can sell for millions of dollars, for example, depending on their rarity and condition. We’ve seen a copy of Detective Comics #27 (the first appearance of Batman) sell at $1.5 million.

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Checklist: What Issues Should I Consider When Dealing with High Inflation?

High inflation has been on everyone’s mind, and you may be wondering what you can do to take action.

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You’re Not Too Young for Financial Planning

By Marc Shaffer

I’ve heard many young couples say their life is too simple for financial planning. They think planning is something they’ll get around to when they’re older and thinking about retirement. Have you ever felt this way? This mentality could be keeping you from building a strong financial foundation for your future.

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Passing Control to the Next Generation

By Michael J. Searcy

Let’s talk about succession planning… As much as any business owner might want to lead their company forever, the need for an “exit strategy” is essential. Its value is clear for the current owner, for current and future team members, and the individuals, families and businesses the company serves.

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Subcategories

Financial Planning

Covering topics including personal and financial goals, financial freedom (retirement) planning, estate and asset conservation, insurance and tax needs to deliver a financial plan to help you acquire, grow and preserve your wealth.

Investments

Discussing investment strategies to acquire, grow and preserve wealth, risk, investment goals, asset allocation and portfolio management (which includes securities selection, trading, performance monitoring and responding to changes in the markets and the economy.)

Physicians and Medical Professionals

Discussing topics of concern to physicians and medical professionals, including debt management, contract negotiations, asset protection, succession planning for your practice, insurance needs, and other professional and financial challenges.

Planning for the Family

Multi-generational families face financial concerns coming from different viewpoints and backgrounds, including wealth transfer, family foundation planning, and continuity while addressing emotional and psychological perspectives of family members.

Retirement Planning

We help you identify your specific retirement goals and develop a plan and strategy that can help you achieve them.

Retirement Plans

By understanding what a successful retirement plan looks like to you and your company, we will help you assess your goals to keep your retirement plan on track to benefit your business and employees. The heavy-lifting of the plan management becomes our responsibility, leaving you free to focus on the management of your business.