In this course, we will explore the psychological and behavioral factors that contribute to irrational and biased money decision-making. We will examine the role of cognitive biases and emotions in financial decision-making, and discuss strategies for overcoming these biases to make more rational financial choices.
This course is intended for anyone interested in improving their financial decision-making skills, including individuals, financial professionals, and business owners. It will be especially useful for those who have struggled with making irrational or bia
After attending this presentation, you will be able to...
- Recognize the psychological and behavioral factors that contribute to irrational and biased money decision-making
- Identify common cognitive biases that impact financial decision-making
- Identify the role of mental accounting in financial decision-making
- Recognize the dangers of the ostrich effect in financial planning
- Use strategies for overcoming cognitive biases and emotions in financial decision-making
- Recognize the impact of present bias on financial planning
- Recognize the pitfalls of the sunk-cost fallacy in financial decision-making
- Identify the role of anchoring bias in financial decision-making
- Recognize the impact of status quo bias on financial decision-making
- Recognize the dangers of the bandwagon effect in financial planning
The major topics covered in this course include:Common irrational money decisionsCognitive biases and their impact on decision-making and ethical behaviorMental accountingThe ostrich effectPresent biasSunk-cost fallacyAnchoring biasStatus quo biasThe bandwagon effectEmotional responses in money decisions
While no specific knowledge is required to take this course, it may be beneficial to have a basic understanding of financial concepts and terminology.