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PSYCHOLOGICAL MONEY TRAPS
Your Entire Financial Success is Controlled by One Giant Fault in Your Thinking
90% of your financial thinking is affected by this frustrating cognitive bias
Humans have a list of problematic quirks in our thinking as long as our arms. The decide our fate with money far more than we think. And we don’t even know it.
If we want to improve our finances, we have to identify those quirks and get them working for us, not against. A little knowledge of psychology and a few observations of your own life can set you on a new path — one that you decide, not your unconscious patterns. Choose to let the bias lift you up, not anchor you down.
There’s a well-known, well-researched thinking quirk called anchoring bias, which leads us to be helplessly and hugely swayed wherever numbers are concerned, without any idea we’ve been affected.
A quick demo of the anchoring bias
Think of a number between 1 and 10. Any number will do. Got one?
It’ll probably be number 7, but that’s just another cognitive quirk. Then think of another number, any number you like. It doesn’t have to be 1–10, but it can be.
