{"id":15480,"date":"2024-02-18T21:06:00","date_gmt":"2024-02-18T10:06:00","guid":{"rendered":"https:\/\/bethere.p4.clientcommunity.com.au\/staging\/insights\/avoiding-emotional-bias-in-financial-decision-making\/"},"modified":"2024-02-18T21:06:00","modified_gmt":"2024-02-18T10:06:00","slug":"avoiding-emotional-bias-in-financial-decision-making","status":"publish","type":"post","link":"https:\/\/bethere.p4.clientcommunity.com.au\/staging\/insights\/avoiding-emotional-bias-in-financial-decision-making\/","title":{"rendered":"Avoiding emotional bias in financial decision making"},"content":{"rendered":"<div>\n<p><b>Our emotions colour every aspect of our lives including our financial lives. Recognising how emotions can influence your financial decision making puts your rational side back in the driver\u2019s seat and can help you to achieve positive outcomes in business and your personal finances.<\/b><\/p>\n<\/p>\n<p>So where do our feelings about our finances come from? We are the products of our upbringing, learning from and either emulating or rejecting our parents\u2019 attitudes to money \u2013 but we are also products of our environment. Money equates success in our society and your financial position strongly influences how people treat you, as well as how you perceive yourself, so it\u2019s no wonder that financial matters tend to stir up strong emotions.<\/p>\n<p>While we experience plenty of powerful positive emotions around money \u2013 think about how exuberant you feel when you receive an unexpected windfall or win a lucrative contract \u2013 it\u2019s the negative emotions we feel about financial matters that really have the potential to impact our decision making.<\/p>\n<p>Let\u2019s look at the most prevalent and powerful feelings associated with money and how to ensure that they don\u2019t adversely impact your financial position.<\/p>\n<h3>Fight the fear<\/h3>\n<p>One of the most common negative emotions around money is fear. While it\u2019s prudent to be conscious of risk in your approach to financial matters, fear can take the form of avoidance and cause you to miss opportunities. The most successful businesspeople and investors know how to take calculated risks and as we know, risk and reward tend to go hand in hand. The key is to be mindful of your fears but not let them unduly influence your decision making.<\/p>\n<p>The flip side of fear is hope and that\u2019s a powerful motivator that can be channelled into building a successful business or saving for retirement.<\/p>\n<h3>Greed is not always good<\/h3>\n<p>Greed is another common emotion that can sabotage prudent financial planning. Greed fuels get-rich-quick thinking, making you vulnerable to those that exploit the unwary. Greed can also make it harder to maintain a disciplined, long-term investment plan and makes you prone to risk taking or knee-jerk reactions when the market is volatile.<\/p>\n<p>Greed is not always bad either. It can drive you to chase ambitious goals, but the trick is in knowing when you\u2019ve got enough or reached that goal. Greed makes us raise those goal posts. That\u2019s where having defined plans and measurable benchmarks comes in.<\/p>\n<h3>Guilty as charged<\/h3>\n<p>Even more dangerous than fear and greed is guilt. While fear and greed are largely fuelled by external factors like the performance of the stock market or your SMSF or super fund, guilt is your internal conscience speaking to you and it can be insidious. People feel financial guilt about nearly everything. Spending too much\u2026 or too little, not earning enough or saving enough, or even having more than others \u2013 if it has a dollar value, we feel guilty about it. Feeling guilty can be a key factor holding you back from achieving (and enjoying!) business or personal success.<\/p>\n<p>The best way to combat money guilt is to know your triggers, foster a good understanding of where you stand financially and ensure that your fiscal management reflects your values.<\/p>\n<h3>Overcoming envy<\/h3>\n<p>It\u2019s hard not to compare your financial situation with others. There is an innate tendency to compete with friends and enjoy the same holidays they are or the cars they are buying.<\/p>\n<p>In business you must keep a regular eye on your competitors. It can be disheartening to see that someone is doing much better than you. However, there is always going to be someone more successful. By all means aspire to more, but it\u2019s important not to let envy drive your decisions.<\/p>\n<p>Emotions aren\u2019t intrinsically bad; it\u2019s how we channel and manage them that either has a positive or negative affect on our finances. Developing an awareness of what emotions drive you and what holds you back will help you achieve your version of a prosperous and successful life.<\/p>\n<p>If you need to get your finances on track, call us today.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Our emotions colour every aspect of our lives including our financial lives. Recognising how emotions can influence your financial decision making puts your rational side back in the driver\u2019s seat and can help you to achieve positive outcomes in business and your personal finances. So where do our feelings about our finances come from? We &#8230; <a title=\"Avoiding emotional bias in financial decision making\" class=\"read-more\" href=\"https:\/\/bethere.p4.clientcommunity.com.au\/staging\/insights\/avoiding-emotional-bias-in-financial-decision-making\/\" aria-label=\"Read more about Avoiding emotional bias in financial decision making\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":15481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/articlefeedsite.p3.clientcommunity.com.au\/wp-content\/uploads\/2024\/02\/Avoiding-emotional-bias-in-financial-decision-making.png","fifu_image_alt":"Avoiding emotional bias in financial decision making","footnotes":""},"categories":[5],"tags":[],"class_list":["post-15480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Avoiding emotional bias in financial decision making - BE THERE<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avoiding emotional bias in financial decision making - BE THERE\" \/>\n<meta property=\"og:description\" content=\"Our emotions colour every aspect of our lives including our financial lives. 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