3M - Episode 56 - a podcast by Fixed Cost Financial

NOTES

1. What is 3M

2. Meaningful Discussions - Clients

3. Focus, Aware, Ignore

4. Like, Good, Profitable, Control

5. Minting Millionaire, Mature, and Monumental Mindsets

6. Rational and irrational

7. Emotions deeply affect us

8. Emotions dominate some more than others

9. Confirmation bias

10. Looking for validation of existing actions, beliefs, and events

11. Soothe the ego

12. Seeing what we want to see

13. Our moods often govern actions

14. Disconnected from reality

15. Thinking before reacting, the big pause button not a reset button; no resent if you don't do it

16. What is really happening versus what are we feeling

17. Random and chaos cannot exist, people need meaning and order; seeking order at all cost - lockstep mentality

18. Emotions cloud our vision

19. Thaler, Financial Behavioralism, Nobel Prize, We've known this for 40 years

20. Rational investors versus irrational investors

21. Never make a decision under the cloud of strong emotions

22. Deliberative process

23. Imagine and consider all possible consequences

24. Everyone thinks they are rational

25. Rationality is not a born trait, rather it is learned over time, acquired, and needs instruction, training, and practice

26. Think for yourself rather than reacting to what others give you

27. Emotions narrow the mind

28. A wide range of options exist, evaluate the strategie

29. Focus, Aware, Ignore

30. Like, Good, Profitable, Control

31. Minting Millionaire, Mature, and Monumental Mindsets

32. Rational and irrational

Anger triggered by a prior, unrelated experience that, from an objective perspective, should not influence our current judgments or decisions can make us unreceptive to what others have to say. In related research, Scott Wiltermuth of the University of Southern California and Larissa Tiedens of Stanford University found that anger triggered by something unrelated to the decision at hand also affects how we evaluate others’ ideas. irrelevant emotions triggered by a completely unrelated event can take us off track. The next time you drink a bitter cup of coffee or have an argument with a loved one, pause to consider how your emotional reactions could linger as you enter into important task or weigh a complex decision.

LINKS

How to stop your emotions from clouding your financial judgement

Don’t Let Emotions Screw Up Your Decisions

Further episodes of Connecting Dots

Further podcasts by Fixed Cost Financial

Website of Fixed Cost Financial