Have you ever wondered why people tend to make so many financial mistakes? We spend too much, save too little, and constantly serve as our own worst enemies. There is a reason for all of this, and a way that we can defeat it. Welcome to The Behavioral Finance Series where we will make you better with your decision making, your money, and even being a better doctor.
It is the time of year when freshly minted interns are about to be made, and graduating residents are about to become brand new attending physicians. So, I thought it might be helpful to outline how I created and then maintained my personal finance knowledge base during those times of transition. Specifically, this post is … Read more
The most common question that I get (in real life and online) is the following: “So, I am finished (or about to finish) training. How do I invest my paycheck?” I recognize that for many readers this question may be too basic, but I don’t want to skip it for those that are about to start their life as an attending. Hopefully, even for those that have it all figured out, they’ll find useful information in answering the question.
Politicians, media, and advertisers use the framing effect every day to their advantage. Without you even knowing it. I am here to tell you that the bias imposed by the framing effect has a major impact on your financial decisions, too. Come learn how to stop doing dumb things with your money in the first post of the behavioral finance series (BFS #1).
We all think we know what makes us happy, until we realize that studies show that humans are terrible at figuring out what makes us happy. Enter consumer regret, doubt, and adaptation to make sure our happiness is worse after we spend money than it was before. Surely, there must be a way to spend money that will make us happy. Right?