For an audio version of this post, please click on the speaker icon (top left).
Welcome to this session of grand rounds, a collection of posts I have found in the blogosphere that I found of interest and hope you do too.
I find human behavior fascinating, in fact I double majored in college with a degree in Biology and Psychology.
There are many instances where the study of human behavior and that of finance intertwine.
In “The Psychology Of Money,” the author provides 20 examples of how certain tendencies in human behavior can make for poor financial decisions.
There is also a wonderful anecdote at the beginning of this post that shows how wrong societal perceptions can be in judging two vastly different individuals on perceived vastly different steps of the socioeconomic ladder.
Continuing with the theme of human behavior, the next post, from Simple Money Man, analyzes 5 different types of human behavior and how each can influence your money decisions in “Money Personality: What’s The Downside of Yours?”
By identifying which personality you tend to gravitate towards, you can make changes to counteract the potential pitfalls associated with it.
In “Framing Your Mind For Money,” Dr. Linus, of Dads Making Cents, offers guidance on how to mentally “reframe” our line of thinking so that we can overcome inherent human behavioral biases, financial or otherwise.
With the right framework, decisions can be made that provide the greatest benefit rather than the knee-jerk reactions marketing gurus rely on to separate you from your money.
It is human nature to see how we measure up against our peers.
While there is some benefit of seeing how you stand amongst your cohort, there are traps that await you that must be navigated around successfully if you want to achieve happiness and contentment.
Like everything else, moderation is key.
Taken to the extreme, constant comparisons with others will breed insecurity and unhappiness.
There is always someone out there who is richer, smarter, more athletic (not hard to do in my case), or better looking.
If I try to measure myself up to these ideals, I will always fall short.
This is self-defeating human behavior, exemplified by Invested Wallet in the post, “Are You On Your Own Personal Finance Journey? Don’t Compare Yourself To Others.”
In, “The Cash Isn’t Always Greener,” Side Hustle Scrubs extols focusing on your own yard instead of peering over the fence as you might be sitting on an oilfield without knowing it.
And finally, the age old behavioral question of which is better, the Carrot or the Stick, can be applied to finances as well.
Attacking your debt does not have to require a monastic type life commitment.
Just like successful long term dieters who realize the benefits of a “Cheat Day,” Finances With Family proposes a similar concept in the post, “How to Stay Motivated While Paying Off Debt Using the Milestone Method.”
These periodic rewards can certainly maintain motivation and break the monotony of continued frugality without drastically prolonging the path to financial independence.
Well I hope you found these posts illuminating and help you undergo behavior modification in a good, financially sound, way.
Have a great weekend.
(and please don’t forget to subscribe to my blog. I get great satisfaction knowing that this blog is entertaining/informative enough for you to invite me into your inbox).
NOTE: The website XRAYVSN contains affiliate links and thus receives compensation whenever a purchase through these links is made (at no further cost to you). As an Amazon Associate I earn from qualifying purchases. Although these proceeds help keep this site going they do not have any bearing on the reviews of any products I endorse which are from my own honest experiences. Thank you- XRAYVSN
Thanks for including me in Grand Rounds. Building wealth is 10% math and 90% human behavior. These articles do a good job highlighting the behavior techniques that can keep you on track.
Appreciate you stopping by SHS. So much of our success depends on how we recognize our behavior patterns and potentially minimize flaws with our known tendencies
Thanks for sharing! Great theme for the Grand Rounds. I wish everything was a simple calculation but more often than not it’s our brain playing tricks.
Glad you liked the theme. Our behavioral patterns have a huge influence on how we view money
These are great reads. I definitely use your post to show me blogs what I do not often run across.
I have the docs covered by now though!
Lol. Thanks MB for the great compliment. Yes doc blogs are spreading quickly like a virus. Lol. It can be a full time job trying to keep up with them. Glad I made the cut as one of the blogs you check out (yours is on my list too)
Great roundup! I hadn’t come across Dr. Linus before, but really enjoyed his whole approach to “re-framing” your money mindset. Good stuff. Also, I don’t know how y’all in the medical field find the time/brain capacity to write, but I’m glad you do 🙂
Your comments always make me smile so thank you so much for taking the time to do so. Well I tell you sometimes it is a bit of a struggle to juggle work, a daughter, reading other people’s blogs, as well as trying to find time writing content for your own blog, but so far I think I am swimming with my head above water (it really helped that before I launched the site I had built almost 30 posts so that I never felt rushed to create a last minute post). Dr. Linus has great content (as well as… Read more »
? that whole ‘sleep’ thing does get in the way, huh? Of course; thanks for putting out content worth reading!
Sleep definitely does get in the way, lol. I can only imagine how much content is out there just waiting to be discovered. But glad I have found some great blogs to fill up my time with great content. Thanks for the compliment too. 🙂
Nice! We had the same majors and interests in university! Great roundups, I missed all of these ?
Thanks Lily for stopping by. Wild we had the same interest in biology and psych. Glad I was able to show you some great posts I found on the subject. Have a great day 🙂