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The Psychology of Money

edited January 2021 in Fund Discussions
“'You can plan for every risk,' he says, 'except the things that are too crazy to cross your mind.' For that reason, 'the most important part of every plan is planning on your plan not going according to plan.' In other words, plan as if another 2020 might happen this year—or in any given year."

"As a result, we all have biases—sometimes conscious but usually not—in how we think about money. Of course, there’s nothing you can do to change your own history. What you can do, though, is to try to be aware of these unconscious biases. That, in turn, may help you to be as objective as possible in making financial decisions."



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