November 2017 / 23 posts found

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5 Mental Traps Preventing People From Building Wealth

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“Dollars and Sense,” by behavioral economist Dan Ariely and Jeff Kreisler explains that people tend to approach money irrationally. But to build wealth, we have to out-think our emotions. To do it, we have to be aware of psychological pitfalls like¬†“opportunity costs” and the “endowment effect.” Saving money is notoriously harder than it seems. Things pop up — car repairs, wedding gifts, invitations to concerts — and suddenly our good intentions go straight out the window.¬† So if you’re trying to save more and spend less, you’d do well to stop telling yourself how important it is for your future […]