1/8/2024 0 Comments Financial decisions![]() If someone tells you the offer is only good for today, run.Ģ. No matter what, wait at least a day or longer. ![]() Never make a quick decision. Though you may convince yourself you are thinking logically, you may not be. Here are a few steps to make sure you engage System 2 – slow thinking - when making any important financial decision, such as buying a stock, fund or other financial product.ġ. So given that, then the secret to making better financial decisions is to wait until your System 2 kicks in - or to force it to. The course I attended was all about getting clients to think using System 1. "System 1" is fast, instinctive and emotional, while "System 2" is slower, deliberate and logical. Kahneman explains that we have two systems of thinking. A much better wayīut perhaps there is lemonade to be made from this lemon of a course, especially when combined with Nobel laureate Daniel Kahneman's book Thinking, Fast and Slow. I felt like I needed a shower after taking this dirty course. By employing these tactics, we would be free to sell clients all sorts of products and plans. Nothing was presented logically as to why the client would be better off with any of us as their financial planner. There was a lot of psychology in that training course intended to exploit emotion and the impulse to think quickly. Get money and investment savings tips in the AARP Money Newsletter Then tell them I can get them to this new life - and then make sure they sign on before they walk out and have time to think about it. Get them to imagine and feel the immense pleasure from their new life, irrespective of whether it's volunteer work, spending time with the grandkids or even golfing every day. I was told to ask them what they would do with their lives if money was no object. The course was all about whipping up excitement with the goal of getting the prospective client to sign. Take it slow when navigating your way through a maze of financial decisions to secure your future.Īs a financial planner, I once attended a training course on how to land a new client.
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