Bad Moves & Good Advice
When it comes to money, our minds can play games with us.
These inconsistent, irrational actions (and many more) are being uncovered by a new branch of psychology, Behavioral Economics.
If money is going to serve our long-term interests – funding college educations and retirements – we clearly need some help to think more rationally. For many people, their financial future is a real worry. Yet they don’t seem to be able to change financial course. Perhaps it’s time to get some help.
An antidote for financial worries
A recent Northwestern Mutual study surveyed 1,279 people to gauge what they knew about their personal finances and what they were doing to fashion their financial future. In general, the study found that those people who work with financial professionals –
One more thought: the more educated we become, the better we can teach our children. Our children are inheriting our financial behaviors. We have to be sure they are good ones.
Those who do not know how to prepare for the future and who don’t seek professional advice worry about the future. A Northwestern Mutual survey found that 61% say that worrying about retirement is what keeps them up at night.