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More Cognitive Biases That Can Cost You Money

Last week we looked at four types of “stinking thinking,” cognitive biases that can contribute to poor investment decisions. Here are six more. Monte Carlo Fallacy. This is placing too much emphasis on the likelihood of an event happening, just because it...

Cognitive Bias: How “Stinking Thinking” Can Cost You Money

“I reject your reality and substitute my own.” As youngsters, my kids used to quote this line from host Adam Savage of Mythbusters, one of their favorite TV shows. While he was being humorous, he was also describing the human condition. Regardless of the...

Will Your Health Care Directives Protect You?

For decades, financial experts like myself have implored you to have a health care power of attorney. Now, some health care experts say you don’t need one because they don’t work. “Decades of research demonstrate advance care planning doesn’t work. We need a new...
How Couples Can Handle Money Squabbles

How Couples Can Handle Money Squabbles

How Couples Can Handle Money Squabbles By: Larry Light | Mar 14, 2022 Money is one of the biggest areas of disagreement for couples. Sometimes, it’s best to enlist a neutral third party to help resolve the conflicts. Financial advisor Rick Kahler, president of Kahler...

Are You Financially Dependent on Your Advisor?

In researching financial dependence for last week’s column, I realized this money disorder shares similar characteristics with Dependent Personality Disorder as defined in the Diagnostic and Statistical Manual of Mental Disorders (DSM-5). If you think you may be...