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Nobody wants to lose money!
Psychologically, it hurts much more to lose than it feels good to win. Think about how you would feel taking $1K out of an ATM and then having it fall out of your pocket. Now think about how you would feel to learn everyone at your company including yourself were given a $1K (net of tax) bonus at work. Personally, I’d be much more upset about losing the cash than happy about the bonus.
Even though it hurts more to lose than to win, remember that in equal amounts, they have the same financial effect! Is this fear of loss holding you back when you invest?
Continue reading “The WPF Coin Flip Risk Assessment”
As I’ve mentioned in previous posts, at the beginning of this year I thought I had my financial life in good order, but I was wrong. The more I searched for ways to improve my finances, the more opportunities I found. Over the past few months, I’ve learned of a number of new ways to earn or save some money. One of my motivations to start this blog was to create an easy way to share these opportunities with family, friends and others seeking to optimize their finances.
This article is the second in a series of posts about the actions I have taken to save or earn more money. The first was about increasing the amount of interest I earn on my savings.
Winning Personal Finance Move #2
Continue reading “Procrastination is the Enemy of Winning – Save Money on Insurance”