Why Do People Do Dumb Things? Part 2 | MHFI 156

Doug and Dusti are back for Part 2 on cognitive biases and how they shape our financial decisions.

  • How a scarcity mindset can hold you back
  • Desire to be like everyone else
  • Decision paralysis
  • Default bias
  • Holding onto bad investments
  • Are we more motivated when we’re close to reaching a goal?

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0:00 Intro

2:50 Having a scarcity mindset

8:14 The ”what the hell” effect

13: 35 Social proof and the desire to be like other people

19:08 The cost of friction and decision paralysis

25:34 Default bias

37:20 Why we hold on to bad investments

45: 18 Getting more motivated at the finish line

55:12 Our favorite desserts