No matter how smart or well educated you are, and no matter how successful professionally, when it comes to investing you still might not make the best decisions. Here are common mistakes to avoid.
No matter how smart or well educated you are, and no matter how successful professionally, when it comes to investing you still might not make the best decisions. That’s because you’re human, which means you’re hardwired to respond in certain ways that serve you well in many parts of your life, but tend to work against you when it comes to making smart investment decisions, according to psychologist Daniel Crosby, author of “The Behavioral Investor.
Attention bias Humans tend to pay disproportionate attention to bad news or high-drama, low-probability events . Both can distort our perception of risk. What’s more, information overload – whether from data or research or news – can lead to misguided decisions because too much information makes it hard to see the forest for the trees, Crosby noted. 4. Emotion bias Our emotions and intuition can protect us in some difficult situations, or they can help guide us.
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