Five ways we commonly fool ourselves when it comes to our own finances, and techniques for correcting those foolish ways. personalfinance budget
We’re all good at fooling ourselves from time to time, especially when it comes to things that we think we can easily get away with, like skipping a session at the gym or overspending on that big-ticket item . But when it comes to something like investing, putting on those ‘rose-coloured’ glasses can be costly. We’ve listed five ways we commonly fool ourselves when it comes to our own finances, and techniques for correcting those foolish ways.
Which begs the question: when last have you looked at your retirement savings and figured out whether you’re on track to draw a decent income when you retire? By always knowing where you are, you can identify where you need to make adjustments. While everyone will have a different appetite for risk, avoiding it altogether can mean losing out on achieving your investment goals. A great example is avoiding equities because they have a higher risk profile than other types of assets.
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