In an ideal world, we’d all make sensible, carefully calculated decisions about our money. We’d leave aside our emotions and decide our next steps based on facts, iterative learning and the evidence placed before us.
#knowledge
There are many types of blind spot in everyday life – not being able to see the cyclist just behind your passenger side, the two glasses of wine you neglected to include in your calorie counting, the way you listen to someone else’s problems then respond by talking about yourself.
Anchoring Bias: Are you biased? No of course not. But then you would say that, wouldn’t you?
First, let’s stop talking about ‘bias’ and start talking about ‘biases’. There are many, in fact, in our new White Paper, Making Better Decisions: Know Your Behavioural Biases, we identify 17 different types of mental process that can dangerously skew your financial decisions.