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Compound interest is a mathematical concept used in finance to calculate the growth of an investment or debt over time. It involves earning or paying interest on both the initial principal amount and any accumulated interest from previous periods. The formula for compound interest is: A = P(1 + r/n)^(nt) Where: A = the future … Continue reading What is Compound Interest and Why its Implications are Hard to Grasp.
Dan Ariely, a well known behavioral economist, has written extensively on the topic of money mistakes and human irrationality. Here are ten money mistakes that individuals commonly make, based on Ariely's work and general observations: Impulse buying: Succumbing to the temptation of immediate gratification and making unplanned purchases, often driven by emotions rather than rational … Continue reading 10 Most Common Money Mistakes People Make.
Retiring confidently requires careful planning and preparation. Here are some steps you can take to help you retire with confidence: Set clear retirement goals: Define what you want your retirement to look like. Consider your desired lifestyle, financial needs, and any specific retirement goals, such as travel or hobbies. Create a retirement budget: Develop a … Continue reading Retirement Series – How to Retire Confidently
Confirmation bias Anchoring bias Availability heuristic Representativeness heuristic Self-serving bias Halo effect Hindsight bias False consensus effect Negativity bias Optimism bias Sunk cost fallacy Gambler's fallacy Base rate fallacy False dilemma Just-world bias Illusory superiority False uniqueness effect Egocentric bias Actor-observer bias False memory Illusory correlation Mere-exposure effect Backfire effect Ostrich effect Pareidolia Bandwagon effect … Continue reading 50 Most Common Biases
Eat a balanced diet: Incorporate a variety of fruits, vegetables, whole grains, lean proteins, and healthy fats into your meals. Avoid excessive sugar, salt, and processed foods. Stay hydrated: Drink plenty of water throughout the day to keep your body hydrated, which supports healthy digestion, metabolism, and overall functioning. Exercise regularly: Aim for at least … Continue reading Top 10 Health Tips
Impulse spending is something many of do for various reasons. Here are some reasons Emotions: Most times impulse spending are done when people are experiencing strong emotions, such as happiness, sadness, boredom, or anxiety. These emotions, especially the negative ones, can trigger a desire to feel better, and shopping can provide a temporary distraction or … Continue reading Impulse Spending – Why We Do It and Its Dangers.
One of the most important tasks that you must do at any age, but especially if you are approaching retirement, is to evaluate your expenses. Here are some ways you can do it effectively: Track your expenses: What you cannot measure, you cannot control. The first step to evaluating your expenses is to track them. … Continue reading Retirement Series – Evaluate Your Expenses
There are several reasons why people struggle with decision making: Lack of information: Decision making requires accurate and relevant information. The lack of necessary information to make informed decisions is the biggest source of indecision. Cognitive biases: Cognitive biases can impact decision making by causing people to make choices based on preconceived notions or flawed … Continue reading Decision Making – Why Most Suck At It.
As we age, here are some of the changes we can expect. Loss of muscle mass and strength Decreased bone density Decline in cardiovascular function Reduced flexibility and mobility Changes in vision and hearing Slower metabolism Increased risk of chronic conditions such as arthritis, diabetes, and high blood pressure. It's important to note that not … Continue reading Retirement Series – How Our Body Changes as We Age.
There is always an element of risk, but investing is good for several reasons: Possibility for better returns: Compared to merely saving money in a bank account, investing has the potential to produce larger returns. While investment returns are not guaranteed, traditionally the stock market has offered greater long-term returns than savings accounts. Investment can … Continue reading Why You Must Invest and Why Some People Don’t.
