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Search resuls for: "Financial Psychology Institute"


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That means you're likely to continue spending and saving and investing the way you always have, even if an overhaul help you get closer to reaching your financial goals. 'Make it tougher' to spend money and easier to saveYou know you have to put some money away to use later. This applies to short-term goals, such as building an emergency fund, and longer-term ones, such as retirement. If I can automate my retirement saving, I'm not even having to make a decision about that money. So people feel like they're actually spending their money, whereas if you're tapping using your phone, it doesn't feel like a real transaction," Chaffin says.
Persons: Charles Chaffin, I'm, It's, you'd, Chaffin Organizations: Financial Psychology Institute, Iowa State University Locations: Chaffin
D3sign | Moment | Getty ImagesHuman psychology and money don't mix well. Left unchecked, our psyches can easily sabotage financial decision-making, behavioral experts said during a panel discussion at CNBC's Financial Advisor Summit. "We're all crazy when it comes to money," said Brad Klontz, managing principal of YMW Advisors in Boulder, Colorado, and a founder of the Financial Psychology Institute. Additionally, feelings of shame, such as thinking we have too much or too little money, are pervasive, experts added. It's kind of like a thumbprint, so it's very unique," added Cherry, a CFP and member of the CNBC Financial Advisor Council.
Persons: Brad Klontz, Klontz, Preston Cherry, Charles Schwab, Cherry Organizations: CNBC's Financial, YMW Advisors, Financial, Institute, CNBC Locations: Boulder , Colorado, Green Bay , Wisconsin
Millionaires often stress the importance of saving money along your journey to financial freedom. "I'm just not a believer in saving money," Corcoran tells CNBC Make It. Now, whenever Corcoran obtains money, she thinks about the best potential ways to use it, she says. "I gave half of it away to family, friends, education funds, charities, because I really believe if you spend, money comes back to you." "And I don't believe in hoarding money, saving money, everything like that.
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