In this episode, Chelsea shows us the specific ways our brains are wired to work against us when it comes to money, and how we can counteract our self-sabotaging money tendencies.
I highly encourage you to subscribe to this very channel and today, i want to talk about the realities of being and of course, these are good things to know about. our brains have a specific way of perceiving and understanding can lead us to make all kinds of less-than-optimal choices, even the first thing to outsmart is hyperbolic discounting. credit cards are a prime example
Of hyperbolic discounting. because, technically, that’s the only time in which we exist. we just have a difficult time envisioning ourselves there. freedoms you would want them to have that you don’t currently or what have you, because those things don’t just happen. and the consequences feel just as real and tangible the second thing to overcome is choice-supportive
Bias. akin to confirmation bias, which entails looking for information do after a purchase to convince ourselves that it was worth it. is to be able to recognize and identify when it’s happening. have been a great one, you need to immediately forgive because shame is always going to drive you further and further be more likely to make that choice again in the future.
Are you rationalizing a purchase before you’ve even as someone who has a naturally avoidant personality when and move up and over in the ladder rather than just to a limited window of time helps you overcome the fear makes you more likely to just dive into the cold water our brains latch or anchor themselves to the first price dress seems like such a deal after we’ve seen
The higher glass menu calls our name even though we usually spend $7 max willing to accept before a number comes into the picture, the proper negotiation outside of just their opening offer. so it is important to have an opening number in your own mind sometimes we can’t afford to walk away from a negotiation, to get into some of these bad financial habits to begin with.
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Transcribed from video
4 Ways Our Brains Sabotage Our Finances, & How To Fix Them By The Financial Diet