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Your Behavior and Why it Matters to Your Money
Common Behavior Mistakes
- Loss Aversion: The emotional theory in when people tend to feel losses much more strongly than they do gains. ‘Anchoring’ (basing decisions on events that have no bearing on an actual event) and ‘Sunk Cost Fallacy’ (holding on to something until it is worth absolutely nothing) are examples of Loss Aversion.
- Hindsight Bias: The fact that it is easy to be knowledgeable about something that has already occurred (ex: “hindsight is 20/20…”).
- Herd Mentality: When people are influenced by their peers to follow trends, purchase items and adopt certain behaviors – even in times when it is not in their best interest to do so.