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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with psychology and its impact on our views of money/finance.
We often carry a lot of financial baggage from past experiences.
Unfortunately this baggage can negatively influence future decisions.
No matter how intelligent or educated you are, you still can still fall into these behavioral traps like I did.
White Coat Investor breaks this phenomenon down in, “Behavioral Finance with Morgan Housel.”
Whether we like it or not, we are emotional creatures.
Although we try and kid ourselves and say all our financial decisions come from a rational state of mind, studies time and time again have shown that this is not often the case.
Past experiences often have a major impact on how we approach our finances which can often lead to making major mistakes.
Financial Residency tries to make you aware of some of these issues in, “The Definitive Guide On How Behavior And Finances Are Influenced.”
You never know where your inspiration can come from.
Sometimes something as innocuous as a video game can give you the keys to succeed in life, shaping your behavior and impacting your decisions.
The Female Professional demonstrates how one such video game imparted her with the knowledge to succeed in, “5 Life Lessons From Super Mario Bros. 3.”
Deep down I think everyone wants to be happy.
Life is too short to not enjoy the ride while we are still able to.
But what makes us happy?
That’s the million dollar question.
Speaking of which, does money really make us happy?
Debt Free Dr. explores this in detail in, “The Psychology Of Happiness (What’s Really Important?)”
Human potential has no limits.
As the saying goes, “You can achieve anything that you set your mind to.”
But what if your mind is the problem?
We all have had experiences where we talked ourselves out of doing it because of doubt and/or fear.
I felt that way when I did not attend a conference for bloggers (FinCon) when I first started blogging because I felt like an imposter.
[By the way, I did break through my imposter syndrome feelings and went to FinCon in my 2nd year of blogging and had a blast.]
Passive Income MD shows how our mind can be worst enemy in, “Three Limiting Beliefs Stopping You From Investing In Real Estate.”
Hope you enjoyed the reading material.
Have a great rest of the week.
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Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
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Just read Morgan Housel’s book The Psychology of Money. Amazing book. Psychology plays such a big part in our money decisions. Have a good week. XRV
Thanks VP. So much of what we do can be traded to behavioral science. Definitely a fascinating subject. Have a great day