When building a financial strategy, we work hard to create an approach that plans for your longevity and allows you to live a satisfying life. But beyond helping clients prepare for a longer retirement, we are focused on addressing a key goal: Managing emotional reactions.
With all of the storm and stress of the year 2020, you’d be forgiven if you momentarily forgot that we’re due for another national election in November.
Many states will be selecting governors, representatives, and senators, while the country itself will be voting in the presidential election.
However, now that the major party presidential tickets have been solidified, we will likely be hearing more and more political discussion in the coming months.
How are you feeling these days?
One of the most well-known investors of the 20th Century, Benjamin Graham, said, “the investor’s chief problem – and even his worst enemy – is likely to be himself.”
What Graham understood – and modern research is catching up to – is the idea that we all have emotions and biases that affect our decision-making. The innate wiring built to survive premodern times can be counterproductive in our modern world, especially when it comes to investing.
Let’s take a quick look at a few of the human emotions and biases that can adversely impact sound investment decision-making.
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