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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...
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...
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...
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...
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...
Middle-Class Millionaires Are Far From Billionaires
Suppose you have a net worth of one thousand dollars, while your friend has one million dollars. Would you consider yourselves to be in the same financial category? Almost certainly not. The...
Workaholism Is About Emotional Pain, Not Money
Are you a workaholic, or are you someone who works hard at what you love to do? Does the distinction really matter? As a recovering workaholic who loves what I do, I have to say that it does. Even...
“So Daddy Pays You?” Divorce, Money, and Emotions
Kirsten was divorced and had primary custody of her eight-year-old son, Jack, who spent every other weekend with his father. One Friday evening when her ex-husband came to pick up their son, he...
Ten Things A Financial Therapist Wants You To Know
Bari Tessler was practicing financial therapy before most of the rest of us had ever heard the term. A psychotherapist, Bari decided to go into the bookkeeping business, quickly saw the union of...
Average U.S. Salary and Your Financial Comfort Zone
What would you guess the average American worker makes in a year? This is the question Nina Strohminger, professor of legal studies and business ethics at University of Pennsylvania’s Wharton School...
Signs That It’s Time To Call a Couples Financial Therapist
The last thing in the world I would ever want to be is a couples therapist. This is despite—or perhaps because of—the fact that for 40 years most of my work as a financial planner has been with...
Failing To Make A Will: A Final Act of Unkindness
We've made it to the middle of January, that time of year that is the graveyard for so many New Year's resolutions. Even if you abandon any other resolutions you may have made, though, please...
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