Investing State Versus Trait

If you have watched a fintech product demo that includes anything remotely related to financial psychology, you might hear the word “personality” thrown around a lot. For example, I heard one very confident salesperson recently refer to his platform as measuring “investor personality” when the tech was measuring the client’s current feelings about investing. Personality characteristics[…]

China Sees Generational Changes In Savings Attitude

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[…]

The Investing Mistakes of Millionaires (And The Rest of Us)

Sometime around 2000, I gambled some of my money away while fooling myself into thinking I was doing something very sophisticated. I wasn’t in Las Vegas: I was sitting at my computer buying shares of Krispy Kreme Donuts on eTrade. I had seen the front page of Forbes or Fortune or some other publication touting[…]

Psychological Schemas & Spending: Children’s Birthday Parties

When our first daughter was very young–not quite two years old–we attended our first-ever birthday party for a three-year-old. (I recently talked about this experience on the Afford Anything podcast with Paula Pant). We went as a family of three. It was 2:00 in the afternoon on a Saturday. We arrived and were somewhat taken[…]

Openness to Change in Personal Finance

If you’ve spent any amount of time contemplating how you might improve the condition of your health, career, finances, family, spirituality, or another important element of your life, you may inevitably reach the conclusion that a change of some kind is required. Many readers of our blog and books share a common conundrum: they acknowledge[…]