7 Biases That Lose People Money

[@MakingMoneyPodcast]

Hello! We’ve put something together for you - a free guide for beginners that shows 80% of what you need to know about personal finance on 2 pages. You can get it here: makingmoney.email/80-guide-video

[@Abdul_Rahman86]

Poverty mindset is highly contagious. I’m so glad I work in finance. I used to work in the NHS and so many people there have a poor and broke mindset. And speaking of the NHS. Anyone who works with doctors will tell you that “intelligence” is highly subjective.

[@andrepoon]

Doctors appear to be a group of investors that outperform.

[@joeallen781]

One off, if not, the most educational piece you've all created.

[@MakingMoneyPodcast]

Cheers Joe, love to hear it 🙏

[@chrisballUKtoNZ]

waking up to a new video on tuesday morning is lovely!!!! have this puppy on whilst i ease myself into the workday! love it.

[@MakingMoneyPodcast]

Love to hear that Chris 🙏

[@Banthah]

Oh my god what a brilliant question. I of course went with “cannot be determined” because we don’t know if Ann is married or not. And yet, when it’s explained it’s so clear and obvious. I LOVE that! Now I’ve got the answer (I couldn’t wait), let’s rewind to the money stuff 👍

[@MakingMoneyPodcast]

Don't give it away Chris!

[@pixelezio]

Probably my favourite podcast you've done. I was reminded of a Warren Buffet quote, "If I was born with a 150iq I'd try and sell 30 points".

[@hachimaru295]

Great quote

[@alexm7310]

This excellent. So many biases - scary! Lots to be aware of 😊

[@MakingMoneyPodcast]

Thanks for the kind words - glad you enjoyed it

[@Riaan3108]

Fascinating topic and conversation this. Great work guys.

[@mariGentle]

As an older person observing i have come to my own definition of intelligence. Consequence, idiots do pay attention to consequence regardless of their IQ score. If you look at ANY situation in life and run through the consequences of your actions within it, then you make a choice that doesn't harm you or others, you're intelligent

[@carolinesaunders8603]

Hi both another really interesting video re emotional intelligence my mum had a saying "the referee see's all the game"!

[@tridau]

Fantastic and fascinating episode. Thank you! Definitely putting the book on my Christmas list. Went for cannot be determined 🤦🏻‍♂️

[@TANNERMANUK]

Another great episode Loving the variety of guests. Are there any episodes about company stock plans in the uk. ?

[@ScottDaly-y1u]

This was a really great episode 👍🏻

[@tinomutasa5371]

AMAZING AMAZING AMAZING EPISODE GUYS. I swear I am the holder whilst my stock or crypto tanks. Like nope im in for the long term. In the long term there was nothing left

[@tinomutasa5371]

lol I skipped to the end because 22 min in , I couldn't listen to anything because I needed the answer. I was right but not because of the reasoning described. More so because I was willing to assume what Ann was haha. Now to actually watch/listen LOL

[@MakingMoneyPodcast]

That's a still a win in our book!

[@garethgazz9332]

The stuff about vocabulary was really interesting. There's an acting technique known as 'actioning' which is surprisingly similar. It's all about being really specific with what you are trying to do to the person you are talking to on each line; so if the line was "You look incredible tonight", the difference between using "I love you" and "I adore you" as the action behind it is important, because it changes the feeling behind the dialogue. Never in a million years thought it could be applied to my finances!

[@sm4185]

Super interesting guest 👍🏻😄

[@theguy9067]

Sunk cost fallacy is true for trading but what about long term investing? The biggest investors saw massive dumps in markets and they didnt sell. So there is a lot of contradicting advice about this and it isnt clarified when these statements are made. There are lots of examples of buying lower or "averaging down" which have been successful, are these trades all example of falling for sunk cost?

[@theguy9067]

Further, at what point should you start to realise that you're falling for the subkncost fallacy? When the stock is down 5%? Or when it's down 50%? In my opinion people suffer from the opposite problem this fallacy implies, they sell at a loss

[@hachimaru295]

That guy was utterly fascinating As for the cocaine suitcase it does prove the the therom men have two brains and the small one always wins Not sure if theres an element of schrodinger's cat., to the married question looking at things from two sides

[@MakingMoneyPodcast]

We were gripped as well!

[@minimad8793]

cheers guys. Definitely some big words in this podcast :) quite a good one though as it opens your mind to a different take on life.

[@jcwfh]

First time listener…may I know what you call the English accent of the host? It was very different from the guest but I assume they are both English (UK) accents.

[@nathangreen6286]

Damian is brummie (from Birmingham) it's quite a unique accent lol

[@daviddawson9099]

very interesting

[@lluke18]

Where do I find his book

[@MakingMoneyPodcast]

Hey Luke - you can find it here: bit.ly/3T04h8F

[@interstellarvulpes7789]

Fastest I've quit one of these videos, plot twist george, Jack and anne are concepts in a pointless riddle.

[@philliptemple9841]

I'm 10 mins in and am distracted by the number of times he says "kind of" and "like". Interesting guy but it's a distracting bad habit. Lucky an easy one to fix. Hope a friend of his points it out. Phillip.

[@EamonCoyle]

I always put it down to my ginger hair and laziness !!

[@mariGentle]

TBF you're probably right 😂

[@christopherellis2663]

Stupid people do stupid things Clever people do too. Smart people avoid doing stupid things and probably avoid stupid people. 😂

[@henghistbluetooth7882]

The irony of ray dalio saying that everyone can state their opinion. Just finished ‘The Fund’ on Audible. Patrick Boyle interviewed the author.

[@angelagardener1234]

I'm a Astrology born and raised in a Astrology family which may I add is a Science. Astrology gets a bad rap due to a few bad people who just wanted to con people. Good thing I studied Law and Psychology is incredible. Its a natural gift of understanding Law and Astrology. I created businesses by Astrology and did a Astrology Challenge that I didn't even believe would be seen or have any woman as it aimed at women. Well, the shock I got 😂 which was fantastic! Yes, we need to help people be in tune into intuition. Intuition will keep you safe and help you navigate your decision making so you better at raising your awareness so you fare better. The power of Intuition is incredible. School and Society hammers it out of you. Our gut health is also powerful. I could go on about the connections but I do have to sleep. 😂 I am buying the book because I am a bookworm.

[@hachimaru295]

Yes it does get a bad rap . Once listening to the radio were the DJ had a phone in tlalk show amazingingly as the conversations ended he would always state that persons correct zodiac sign and never got any wrong it seemed geniuine . I hope it was .

[@pixelezio]

Sounds to me like you haven't been objective and challenged your belief in Astrology, probably because you're "Astrology born and raised". You are displaying the exact kind of cognitive bias that he is describing.

[@mariGentle]

I got a bit cross at the begining with the instant denigration of the study of astrology. It's narrow minded and boring. If people I meet are sceptics I ask them if they believe in the tides, they have to say yes, in which case they have just admitted that planets have an influence over life in earth. As most things contain water.

[@garyerrington625]

Never though Neil from the Inbetweeners would know so much about financial psychology

[@keithclunk3125]

I understand he's your mate, but the sidekick adds nothing and often becomes a negative distraction. Otherwise, a string of decent guests.

[@riddlergorshin]

Bit harsh friend. I think there’s more balance with 3 points of view.

[@Pastryarchy]

I'd guess that's an intentional dynamic yeah? Wouldn't be much of a conversation with no opposing viewpoints or stimulus for debat/clarification of ideas. I like the way their conversations work.

[@hamidking78]

Doesn’t take anything away either, so why not…

[@MrAlexanderGoff]

The point is that he is less knowledgeable about personal finance and the other topics at hand. Which is why he hits a great big red button every now and then when things get a big technical. Not everyone is going to be as fluent in this area as the presenter and guest so he helps keep the conversation accessible for a wider audience.