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Mind Games: Cognitive Bias in Financial Choices

Have you ever tried to claim that you have no bias? It turns out that none of us can truly make that claim.

According to Business Insider, there are 20 common cognitive biases that impact our everyday decisions. Few of us are aware of these biases, but most of us are prone to them. They cause us to make assumptions that aren’t accurate or make associations that aren’t truly there. Though these biases are common, they can cause complications if they go unchecked.

This principle, of course, also applies to investment choices. Sometimes, common assumptions can cause us to rule out an option before fully investigating its benefits. On the other hand, people might assume that a particular investment is a wise choice due to popular opinion, rather than considering why another option might yield better results.

Rather than trusting popular opinion or your own internal bias, you can trust a fully-certified, independent financial advisor. Their answers aren’t tied to the interests of banks or other major financial institutions. Instead, their advice is based entirely on education, experience, and careful research. They aim to remove bias from advice, and objectively offer you the best options for your portfolio.

We invite you to explore your financial freedom outside of those biases. Instead of jumping to conclusions, allow yourself to examine every possible option. Whenever possible, try to set those biases aside. You’ll be amazed at what happens when you leave yourself open to more opportunities.

Read more about the most common cognitive biases here.

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