This chapter explores confirmation bias and the concept of elevated instincts, discussing how they can lead to irrational financial behavior. It emphasizes the human instinct to care about status and the impact of social media on decision-making. The chapter also discusses the balance between the human instinct to never be satisfied and the importance of contentment in financial planning.
Dr. Charles and Dr. Brad open the show discussing how clients know what to do for the most part...but still don't do it (they even cite some interesting research related to prostitutes and health education!). They then discuss how advisors can help their client's make better decisions that are consistent with their short and long-term financial goals.