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3 Brain Traps That Make You Spend More

Our brains are hugely interesting yet highly complex. Although it may seem like you have everything under your conscious control, your unconscious mind can play some tricks on you. It may trap your judgment with errors called cognitive biases. Cognitive biases are flaws caused by memory, statistical, and attribution errors.

Understanding and recognizing these biases in yourself is useful when managing or spending money. Awareness of these biases is the first step!

1. STATUS QUO BIAS

As I was looking for a new laptop online, my choice leaned towards the brand that I have been using for more than 4 years – the MacBook. Its competitor had touch screen, 360 bendable monitor, and is running on the new Windows software that enables you to download countless of Apps. For its specifications, the latter was the best choice but I still preferred the Macintosh.

This cognitive bias is called the Status Quo Bias. It occurs when you prefer a product that you know and had been using for a long while even if there is clearly a better option available. It maintains the status quo and avoids change.

2. FAMILIARITY BIAS

Similar to the Status Quo Bias, Familiarity Bias exists when you prefer the products and services that you are exposed more of. Are you only buying something for this reason? I hope not. Often smaller companies that are not able to afford costly advertising provide cheaper and more innovative products.

Image Credits: pixabay.com

3. ANCHORING BIAS

Anchoring bias occurs when you rely and focus heavily on the first piece of information you receive. This can potentially dictate your spending habits.

For instance, the first “Moroccan Argan Oil 200ml bottle” you saw online was worth S$100. Without knowing that retailers spend money on ads for their premium products, you quickly established a high benchmark. You are more likely to spend more than you would have if the very first product you saw in the search engine was worth S$20 (a real bargain)!

Instead of getting sucked into the effects of these biases, use your brain to your advantage by employing tricks to spend less and save more.

Sources: Time.com and Psychology of Love, Money, & Life (eBook)

How To Get Lucky With Money And Life

Have you ever wondered why some people are lucky in love, money, and life while some are not?

Well…Mr. Bob Miglani and Dr. Richard Wiseman argues that there are several reasons and factors why people achieve success. In an article for the HUFFINGTONPOST, Bob Miglani – the author of “Embrace the Chaos”, shares some reasons why some people get so lucky in money and in life. Here are some of them:

1. PERVASIVE POSITIVITY

Start the day right by planting positive seeds as soon as you wake up. Make the conscious effort to choose good words (e.g., “Have a wonderful day!”) and positive actions (e.g., beginning with a prayer of gratitude) to overcome the limitations set by your mind. Let this positivism translate towards other parts of life by surrounding yourself with people who boost you up. Worry not about the negative people that slow you down.

2. CLEAR PURPOSE

People who are lucky set clear objectives and do their best to achieve them. Whether you want to provide well for your kids or you want to open a successful business, attract those goals to you by writing them down. Jump out of the bed each morning with a purpose as you truly have something valuable to give to the world!

3. FAILURES AND SUCCESS

Lucky people have a different perspective of setbacks and success. Although failures can be experienced by anyone, they keep on going because they know that they have the power to overcome it. This belief helps them to persevere through the failures.

Success, on the other hand, is not achieved through a straight path. Lucky people flow thru the uncharted waters and handle all the curves along the way to success.

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Aside from these reasons, Dr. Richard Wiseman – a Psychiatrist and an author of “The Luck Factor: The Four Essential Principles”, reveals that people are not born with good luck or bad luck. In fact, good luck results from a person’s good attitude. Here are ways to achieve that:

1. WINNING EXPECTATION

Expecting to win not only helps you to handle money but it also helps you to handle life. For instance: If you are going to a job interview, visualize that you have gotten the job already. As the interview commences, you will find yourself more relaxed and confident. This may lead you to performing better in the conversation and eventually landing the job.

2. NEW THINGS

Every new activity or products you try gives you the opportunity to become luckier. If you are trying to win the lottery, try entering the various types of sweepstakes to widen your range and luck. If you are trying to get a new job, try going to different places and even consider relocating overseas. Embrace new experiences and see how much you like them.

Image Credits: pixabay.com (CC0 Public Domain)

How To Beat The Fear Of Public Speaking

The place is all set, you are now standing in a room full of people with lights focused on you alone. You are about to voice out your ideas and accept the audience’s warm or cold reception. This imagery can sound nerve-wrecking to most people. Even if you prepared your notes and practiced your introduction, you can still feel nervous on stage.

Anxiety in several situations such as public speaking is completely normal. In fact, this is known as performance anxiety. Other performance anxiety examples include test anxiety and writer’s block. Fortunately, you can overcome this fear with enough preparation and continued persistence.

1. PREPARE AMAZING VISUAL AIDS

Come prepared with interactive presentation slides and eye-catching notes (to be given out to each of your guests). As the audience reads through the slides and notes, their eyes will not be solely focused on you. This will help you a lot as you giving a speech to people who are not directly looking at you is easier.

2. PRACTICE, PRACTICE, PRACTICE

Firstly, record yourself and observe the areas that need improvements (e.g., tone of speech or hand gestures). Secondly, perform in a room full of a few people whom you are comfortable with. Lastly, consider joining groups that do improvisations or public speeches.

Getting used to the pressure of public speaking through practicing several times is extremely helpful. When you know what the worst case scenario is, you are less likely to stress about it once it comes.

3. VISUALLY TRANSFORM YOUR AUDIENCE

No! I am not recommending you to visualize your audience naked. Instead, I want you to perceive them as your friends whom you have not seen in a long while. You will be more comfortable to look them in the eyes as you turn each one into your “friend”. This will also add a very approachable, friendly, and personal tone to your presentation.

4. TELL A STORY

Incorporating a story in your presentation can alleviate your nerves as messing it up is completely acceptable. As stories are meant to be told and not to be memorized, you can tell yours in the most natural way possible. People might not recall some of the main points of your presentation but they will surely recall a good story.

5. EMBRACE AWKWARD SILENCES

If your mind goes suddenly blank during your presentation because the nerves kick in, it may seem like you stopped for a long while. But it probably took less than a minute in real life. Embrace these “awkward” silences and take it as an opportunity to take slow and deep breaths. Worry not, the audience probably would not mind the pause as they try to understand what you were saying all throughout.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3

10 Wonderful Treasures That Money Cannot Buy

1. RESPECT

Genuine respect from your partner, your workplace, and yourself is something that almost everyone desires to achieve. One gains respect not by paying for it, rather it is gained through humility, hard work, and nobility.

2. WISDOM AND KNOWLEDGE

Knowledge and education are acquired through time and effort. While, wisdom comes from the knowing how little you actually know. Submitting yourself to updated books and new experiences can fuel the lifelong learning process.

3. FULFILLMENT OF DREAMS

Whether you call it dreams or passions, dedicating your life to something you love and value can help you unlock happiness. However, arriving at your true calling takes a complicated and a highly personal route of self discovery.

4. GOOD HEALTH

Although we are aware of the benefits of physical activity to our health, most of us do little of it. Instead of getting consumed by earning, lead a healthy lifestyle packed with exercise and balanced diet.

5. AFFECTIONATE RELATIONSHIPS

Since our time here is limited, we must constantly put effort into making our loved ones feel that they are appreciated. Show affection by your presence, hugs, and kisses. Help one another in the time of need as this will only keep the bond stronger.

6. SECURITY

Security is defined as freedom from risks and danger. Aside from keeping piles of wealth to secure your future, prevent the harmful attacks from people and diseases by employing overall security and preventive measures.

7. INNER PEACE

The state of being mentally and spiritually at peace is achieved when one accepts everything that life has to throw at him or her. Positivism even in the most negative circumstances are attained due to knowledge and understanding of oneself. This is one thing that I personally want to attain without the help of wealth.

8. TIME

If there is something money cannot buy, it is absolutely time! Time is one of the most important commodities on Earth. It is limited. Once it is gone, you cannot take it back.

9. CLOSE-KNIT FAMILY

The true closeness of a family cannot be bought by money even if you combine all the wealth in the world. It comes from spending quality time, giving adequate attention, and pouring unconditional love to each family member.

10. STRONG WORK ETHIC

Building strong work ethic is a matter of becoming an action-oriented person that steers to the direction of self-development. Boost it by practicing hard work, wielding self-discipline, and embracing responsibility.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, & 3

Financial Intimacy: How To Mix Love With Money

Relationships and investing are both complicated and mixing the two can either be a home run or a recipe for disaster. As Michelle Singletary, author of Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich, once said:

“Couples want to know should they have his, hers, or ours, or all of the above. They’re not sure how to manage it. And that’s where a lot of the arguments come in, especially if there is uneven income earning between the two.”

Sometimes an individual may feel like a child receiving an allowance from his or her spouse, but it turns out that the person simply cannot handle money well. The situation can be resolved if both parties begin to be accountable for their money. Aside from this, here are some tips to boost your financial intimacy:

1. INTERVIEW EACH OTHER

Upon entering a serious relationship, you must discuss about your perspectives on money, spending habits, and sharing costs. This will make talks about financial issues easier as time goes by – especially if you are planning to spend the rest of your lives together.

For couples who are about to get married, you must touch on the long-term subjects such as how to enhance your credit scores, how to address retirement, how lavish your wedding ceremony will be, and how do you plan to manage your money.

2. BE COMPLETELY HONEST

Regardless of whether you have joint or separate bank accounts, you must always be honest to your partner about your current financial situation and your ideal financial situation. Tell him or her about your purchases, debts, income, assets and other things that are in your account/s right now. As for your ideal financial situation, relay your future plans such as having annual overseas trips.

Financial intimacy entails full disclosure about your finances including knowing what documents are signed and where the records are kept.

3. SEEK OUTSIDE HELP

When it comes to marriage, you become half of a legal and financial partnership once you say “I do!” This is why Premarital Counseling incorporating a strong financial component is a great help. If you are deciding to purchase a condo or an HDB through your CPF accounts, the financial professional will guide you to good credit score and substantial amount of savings. An accountant during the first year of marriage is also helpful as your taxes can get complicated during the transition from single to married.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1,2, & 3

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