How often have you found yourself making impulsive decisions about your investments based on headlines or peer pressure? Maybe you’ve even shifted your entire asset allocation because of these emotions. If this sounds familiar, you’re far from alone. Carl Richards, in his groundbreaking book “The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money,” taps into this pervasive psychology, breaking it down for us in layman’s terms. Richards coined the term “Behavior Gap” to […]
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Rewiring your financial mindset (II)
Socratic Questioning and Guided Imagery In our previous blog, we discussed how cognitive distortions can influence your decision-making, emotions, and, ultimately, your financial well-being. In this one, we’re diving deeper into specific techniques that can help you combat these distortions: Socratic Questioning and Guided Imagery. These tools not only help in mental health but can also be applied to reframe how you approach your financial life. Socratic Questioning: Unearthing Financial Illusions If you ever took a […]
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Rewiring your financial mindset (I)
The Psychology of Financial Planning Have you ever found yourself spiralling down a mental rabbit hole, arriving at a worrying conclusion about your finances without consciously deciding to ponder over it? If so, you’re not alone, and it’s not your fault. The Power of Thought Patterns Humans naturally develop schemas, or cognitive frameworks, to understand and interpret the world around us. These mental models simplify complex situations, guiding us through decision-making processes, like those involving our […]
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Entertained or educated?
Our lives are saturated with information, so it’s important to scrutinise what we consume, especially when it comes to financial news and our use of social media. The core objective of social media isn’t necessarily to make you a more informed member of society. Instead, it’s driven by the motive to capture your attention, to keep you engaged, and to sell advertising space. Indeed, our most valuable asset is our attention! Why is this so pivotal […]
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Costs, Delays, and Challenges of Estate Administration
The emotional toll of losing a loved one leaves us unprepared for the logistical labyrinth that follows: the administration of their estate. Navigating this complex process can feel like a second loss, rife with hidden costs, legal hurdles, and unexpected delays. With the insights from this blog, you’ll be better equipped to navigate these challenges. Understanding the Legal Framework First and foremost, get familiar with your jurisdiction’s laws governing estate administration. These laws set the guidelines […]
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Finding the truth in a “My Truth” world
The lines between personal beliefs and universal truths often blur, and the role of a financial planner becomes ever more critical. As we wade through the waters of modern finance, it’s easy to be swayed by popular opinion or individualised perceptions of reality. But what’s vital is ensuring that our decisions are made based on grounded truths, not fleeting trends. It’s common to encounter individuals who portray their financial situation in overly optimistic terms, perhaps even […]
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Down with debt!
Debt can be overwhelming, often feeling like a never-ending battle against numbers that just won’t budge. It’s not just your bank balance that takes a hit; it’s your mental well-being, too. If you’ve been struggling with the emotional and psychological toll of financial instability, you’re not alone—and there’s hope. In the upcoming blogs, we’re going to integrate powerful cognitive tools like Socratic Questioning and Guided Imagery with actionable financial advice. Our goal? To help you reclaim […]
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Time to think about money – Part 3
Trust is a crucial component of any successful financial relationship. Trust plays a huge role in making things work, whether it’s with your spouse, financial advisor, or business partner. And one way to build that trust is through the art of listening, which is a central idea in Nancy Kline’s Time to Think methodology. As mentioned in a recent blog, Nancy Kline is an American-born author, business consultant, and personal development coach. She is best known […]
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The significance of money scripts
It’s fascinating to see how the world of financial planning is evolving. Today, more than ever, there’s a growing acknowledgement of the role psychology plays in our financial lives. A prominent voice in this field is Dr. Brad Klontz, a clinical psychologist who’s been shining a light on what he calls our “money scripts”. Imagine you’re at a social gathering, and the topic of money comes up. Do you jump in eagerly or shy away? Do […]
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Creating a new financial narrative
In a few recent blogs, we’ve considered our money stories and how we can not only route out false narratives but work towards creating new financial stories. After exploring the emotional aspects of your financial health and understanding your money story, it’s time to create a new financial narrative that fosters a healthy money mindset. By actively working on your relationship with money and adopting positive habits, you can cultivate an empowering and emotionally balanced approach […]
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