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Covid’s Long-term Impact on Your Money Health

Two years ago, writing at the outset of the pandemic, I cited a March 2020 New York Times column by David Brooks, “Pandemics Kill Compassion, Too.” He warned that, historically, pandemics, unlike other disasters which bring communities and nations...

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...

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...

Financial Dependency: Relying On Others For Money

Do you rely on others for the bulk of your monthly income? If so, it’s possible your relationship with money may be suffering. Many people experience setbacks or life circumstances that result in temporarily relying on others for financial help. Being financially...