Say “Yes” to Everything or Say “No” to Everything? Which Is It?

Always Say No? Always Say Yes? Which Is It? Warren Buffet is cited for the wisdom that “the difference between successful people and really successful people is that really successful people say no to almost everything.”  Over the years I’ve heard any number of snippets of advice from Mr. Buffet and I have to concede that I usually find myself nodding in agreement with his folksy, common-sense perspective. It’s hard to argue with his …
Let’s Agree to Disagree Agreeableness is a personality trait that is often overlooked or misunderstood when managing our financial lives. The field of personality psychology generally recognizes five primary personality traits that are understood to form the basic foundation of individual personality (often referred to as “the Big Five” or “OCEAN model”). These include openness to experience, extroversion, conscientiousness, neuroticism, and agreeableness. Here we take a closer look at the last trait, agreeableness. We …
Financial psychology is the study and application of psychological theories, methods, and practices to the areas of personal finance and financial services. The field takes into account two areas. First, financial psychology includes how each of us relates to and makes decisions about money. In other words, financial psychology includes what psychologists refer to as “individual differences” in money-related behaviors and decisions. Second, financial psychology covers the client-advisor relationship, that is, the application of psychology …
In a Wall Street Journal article this week, the perils of debt-supported spending by Chinese Gen Z-ers and millennials were contrasted with the potential benefits of a hyper-charged consumer economy. The upshot from a macro-economic perspective is that while some amount of borrowing can be good for an economy (leading to job creation and more productivity), it can also lead to unhealthy levels of household debt, which in turn can lead to an overall …
Imagine this: it’s the day after Halloween, and you are about to enter your local big-box store retailer. EVERYTHING about the store flashes “SALE!” Who or what is in control of your actions in this situation? Let’s consider two different mindsets and possible outcomes related to how we might approach our shopping trip in this scenario: Mindset 1: I can positively affect the wealth my household accumulates. Potential Outcome: I will shop and spend …

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