4 Ways Your Brain Tricks You Into Losing Money
Don’t fall into these mental money traps.
Your brain may be to blame for some of your bad money choices.
Our brains are capable of great things – unfortunately, they’re also capable of some mental tricks that can lose us serious money. The good news? Once you’re aware of these biases, it’s easier to not fall into their traps.
Here are four money-losing brain tricks you should watch out for.
1. Your brain treats the same amount of money differently in different situations.
Which of these will save you more money – a coupon for $25 off a $50 clothing purchase, or a voucher for $25 off a $2,000 couch?
They both save you the exact same amount of money – $25. But according to financial journalist Gary Belsky and Cornell University psychology professor Thomas Gilovich…
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