Too often our emotions can get in the way of our financial decisions. Although someone may have worked to create the perfect financial plan, if none of the recommendations are implemented, the time and effort were ill-spent.
Matt Greco recently wrote an article for the Financial Advisor Magazine discussing the Financial Therapy Association (FTA), a new association working to publish empirical research backing what most holistic planners have known for years: many of us can benefit from understanding the emotional aspect of how we make money decisions. Contrary to economic theory, very few people make rational money decisions in their best interest. That extends to people who have money! You can read the entire article here.