In 'Loserthink: How Untrained Brains Are Ruining America', Scott Adams explores the concept of 'loserthink', which refers to unproductive thinking habits that can trap individuals in their own biases and mental shortcuts. The book draws from various disciplines such as psychology, history, business, and global affairs to help readers spot and avoid these mental barriers. Adams provides practical advice on how to break free from these unproductive thought patterns, emphasizing the importance of logic, rationality, and objective decision-making. He also introduces techniques like 'micro steps' to overcome overwhelming tasks and suggests rules like the '48-hour rule' and '20-year rule' for a calmer internet environment.
In 'The Behavioral Investor', Dr. Daniel Crosby delves into the sociological, neurological, and psychological factors that impact investment decisions. The book is structured into four parts, starting with an exploration of the foundational biases and external pressures that affect investors. It then identifies four primary psychological tendencies related to ego, conservatism, attention, and emotion that drive investment behavior. The book provides practical measures to overcome these biases and introduces 'rules-based behavioral investing' (RBI) as an alternative to passive and active investing. Crosby emphasizes the importance of understanding human nature to make informed investment decisions and improve both financial and psychological wellbeing.
Pete Matthew believes our mindset about money shapes every decision we make with it. Without the right attitude and perspective, even the best financial plans can fall apart. So Pete, a Chartered Financial Planner and Founder and host of Meaningful Money, asks - how can we avoid making the wrong decisions?
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This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life.
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