Dumb Financial Decisions Americans Make [Do You?]
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 2 September 2022
⏱️ 31 minutes
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Summary
Transcript
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| 0:00.0 | dumb financial decisions that Americans make. |
| 0:03.6 | It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, |
| 0:10.4 | investing, taxing. You've got financial questions, he's got financial answers. It's Brian Preston, |
| 0:17.6 | the money guy. |
| 0:19.3 | Brian, I am so excited about this show because unfortunately a lot of times we make sub-optimal |
| 0:27.2 | decisions. I think it's been said before, if we were logical and rational and reasonable creatures, |
| 0:33.1 | we'd all be healthy, wealthy and... |
| 0:36.2 | What? |
| 0:37.2 | Is that what it is? |
| 0:38.4 | Who is it? It's just an idea. We don't have plenty of money. We don't have plenty of |
| 0:42.2 | health, but we don't, we don't operate that way. And today we're going to share some stuff that |
| 0:47.6 | we do from a financial perspective that just shows how often we make sub-optimal decisions. |
| 0:53.0 | Well, look, I think we live in this modern world where you can figure out anything with a search |
| 0:59.4 | of Google and you would think that that would make us actually better at making decisions. |
| 1:04.5 | But what I have found is not only do we have access to too much information, sometimes that it can |
| 1:09.2 | be overwhelming to know what's noise versus actionable. A lot of that information has also come |
| 1:16.5 | at the price that we have psychological limitations. There's manipulation out in the marketplace because |
| 1:23.6 | there are billion dollar industries that know how to use our humanness. I don't even know if that's |
| 1:31.3 | a word, but essentially the traits and the emotionality of us being humans to work against us. |
| 1:38.0 | So before you say, wait a minute guys, I don't fall prey to some of those tricks and trickery in my |
| 1:44.6 | brain. I feel like I'm honed in. I know how things work. Bo in his own nerdy way had this crazy |
| 1:53.9 | video that he showed the content team. Don't worry, if you miss how good standard definition looks, |
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