Behavioral Finance — Your Brain vs. Your Wallet
We are not rational economic actors. Our psychology constantly sabotages financial decisions.
Key cognitive biases:
Loss aversion — losing $100 feels twice as bad as gaining $100 feels good. Causes panic selling at market bottoms.
Recency bias — assume recent trends will continue. Buy high (after bull market), sell low (after crash).
Overconfidence — believe you can pick stocks better than professionals. Research says you probably can't.
Anchoring — fixating on a specific number ("I'll sell when it gets back to what I paid").
Herd behavior — doing what everyone else is doing. Peaks = everyone's buying; bottoms = everyone's selling.
Present bias — prefer smaller reward now over larger reward later. Spending now over saving for retirement.
How to beat your biases:
Automate savings and investments — remove decisions
Write an Investment Policy Statement — commit to strategy before a crash
Never check portfolio daily — it increases anxiety and bad decisions
Have a boring, simple plan and stick to it
Reference:
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