TJMS Contributor Mellody Hobson called in to the TJMS to discuss a topic we often don’t think about: the psychology of finances. Often times fear will stop us from purchasing things or even investing– both of which could lead to a better financial situation and future.
But remember, scared money don’t make money.
I’m no therapist, but I know money, and it’s really interesting that we can look at people’s behavior patterns and see pretty clearly that psychology plays no small role in people’s investment decisions. The danger is that it can lead to severe missteps that end up costing people countless dollars.
How does that happen? Do you have an example?
The most common mistake we see when people allow their heads to rule their pocketbooks is giving into FEAR. Fear is without question the primary culprit when it comes to emotions getting in the way of sound financial decisions.
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Click here to listen to the full interview.
(Source: Black America Web)