'Cognitive Biases' which can be defined as:
1) Tendencies to think in certain ways that can lead to systematic deviations from a standard of rationality or good judgment, and are often studied in psychology and behavioral economics OR more simply as 2) thinking errors that we make when processing information.
This is a very important topic that relates directly to personal financial planning, as these biases impact our daily decision making. Being aware that these biases exist is the first step to learning how to minimize their potentially negative impact on our lives.
The web-page we have shared does a great job of illustrating some very common Cognitive Biases we should all be aware of in an interesting, colorful, and non-technical way.
We hope you enjoy!
As always, don't hesitate to reach out with any questions or concerns; and feel free to share this with friends and family or on Social Media!
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