You can afford anything but not everything.

Every choice that you make is a trade-off against something else, and that applies not

just to your money, but also to your time, your energy, your focus, your attention, any

limited resource that you need to manage.

That leads to two questions.

Number one, what matters most to you?

What is worth sacrificing other things for?

Number two, how do you make sure that your decisions on a day-to-day basis reflect that?

Answering these two questions is a lifetime practice, and that's what this podcast is here

to explore.

My name is Paula Pant, this is the Afford Anything Podcast, and right now, the spring of 2020,

the market is incredibly volatile.

It plummeted, then it rose, some days it'll drop 4%, then it'll rise, 6%, then it'll

drop, 5%, basically nobody knows what to expect, not just in the market, but in the overall

economy, and this type of volatility can lead us to start relying more on gut feelings

and hunches and reacting more based out of our emotions when we make investment decisions,

particularly in times of volatility, we are more prone to acting out on our cognitive

biases, and that is the topic that today's two guests are here to discuss.

Dr. Stephen Wendell is a behavioral economist and the head of behavioral science at Morningstar,

the Independent Investment Research Fertone.

Samantha Lamass is also a behavioral researcher at Morningstar.

They join us today to talk about the hidden biases in our decision making and how that

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