Psychology Behind Bad Money Decisions
Networth and Chill with Your Rich BFF
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The Importance of Anchoring Bias
A sales associate managed to sell one of these TVs. Why would the newest model, the flashiest screen be 30% off if there wasn't something wrong with it? The next day, this store associate was able to sell every single one of those TVs by saying, Hey, these TVs are 30% off because there is a slight scratch on the backside. So I want to tell you that story because it is really important that we focus on the psychological principles so that we don't get duped when something good has happened and we take advantage of those situations.
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