We’ve all had it. That knot in the pit of your stomach, the sudden onset of panic or the throbbing headache that is triggered when we are faced with making financial decisions. Why does this happen? What causes us to have these internal reactions?
The answer is that we treat money like it is math. We think when it comes to money, we should be able to make a decision based on logic, reason and rational thinking. But, as many a behavioral finance specialist would tell you, that doesn’t often happen.
Why not? After all, it certainly isn’t that we don’t have the “how to” formula. There are thousands of books, articles, blogs and podcasts out there that tell us how. Yet, for many, it hasn’t made a difference. With financial issues being a leading cause of stress, relationship dissolution, and lack of productivity, isn’t it time to pay attention to the emotions triggered by money decisions, in an effort to better understand our own relationship to money?
Emotions are an essential part of what makes us human. We achieve some of our greatest accomplishments when we let our passions rule our faculties.
And this is why behavioral economics, which explores how psychological, cognitive, and emotional factors influence our individual financial decision making process.
To learn more about how you are behaving with your money, click on the button below, give us your email and we will send you our complementary my3B Financial Behavioral Personality Assessment.
Once you take the assessment, you will receive a report outlining your results, then our team will schedule a consultation to review the results with you.