The nature of our minds is to believe that we have all the information that is relevant and important to a decision even when we don’t. As it turns out, making good financial choices is a lot about the story we tell ourselves.
The nature of our minds is to believe that we have all the information that is relevant and important to a decision even when we don’t. This thinking error, or cognitive bias, is referred to by Kahneman as “What You See Is All There Is” and it can lead to partially unfounded beliefs and less than optimal financial choices. Consider these examples:When we want to keep up with the lifestyle of our peers, we might spend money we don’t have.
There are countless ways that seeing only part of the picture can negatively influence our decision-making but unfortunately, we can’t simply rewire our brains to see its blind spots. What we can do is be mindful of what we pay attention to and what we share with others.
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