Tag Archives: investing

Grant Cardone on Multifamily Investing and Why You Should Never Buy a House!

BiggerPockets Podcast : Real Estate Investing and Wealth Building to Help You Get Bigger Pockets : #250: Grant Cardone on Multifamily Investing and Why You Should Never Buy a House!

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Investing in Real Estate with Clayton Morris | EP220: How to Think Like a Wealthy Investor

Love all of this!
Investing in Real Estate with Clayton Morris | EP220: How to Think Like a Wealthy Investor

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Stop Fooling Yourself With These 7 Money Traps #1aDay


What are the 7 traps?

  1. Mental Accounting – Treating some money as more special than other money based on subjective criteria, such as how it will be spent or where it came from.
  2. The “Anchoring” Effect – Estimating the value of something based on irrelevant information (e.g., the “anchor”), such as the price you paid for it, the cost of something else you own, or what someone told you it was worth.
  3. Present Bias – Difficulty postponing immediate returns, or delaying gratification.
  4. Status Quo Bias – Preferring things you know over the things you don’t know, even if other options are superior.
  5. Restraint Bias – Overestimating our ability to resist temptation.
  6. Ownership Effect – Placing a higher value on the things you own, because you own them.
  7. Familiarity Bias – Gravitating toward products and investments that you know over unknown options, which may be better.

While some of them may be pretty similar I’m sure we all have a tendency to fall into one of the traps from time to time. For me, it’s probably “Restraint Bias” – especially once I’ve gotten an idea in my head that I want something. How about you? What’s your biggest trap?

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