Why you need a Financial Coach
1) Much of human behavior – political, religious, financial – can be explained by the fact that we think we know the best even without having made any sincere efforts
2) When worldwide mathematical proficiency is considered, American high school students are squarely very average. However, when these same students are asked about how confident they are in their abilities, they claim to be the best.
3) James Montier reports that over 95% of people think they have a better than average sense of humor.
4)Peters and Waterman, in a book titled In Search of Excellence, found that 100% of men surveyed felt that they were better than average interpersonally
5) 94% of men felt as though they were athletically better than average.
6) We are more in love with ourselves than we should be
7) This has has dangerous implications for investment decision-making.
8)This Self Love or Illogical Self Belief manifests in 3 ways
I) We look for supporting evidence
II) We congratulate ourselves for believing as we do
III) We react violently against attacks to our worldview.
9) This is true in today’s polarized Politics and this is evident on every Social Media Platform
10) Hatred for a Political Leader can be so intense that leave alone the leader, even the perceived supporters are abused
11) Now can you imagine the implications in Personal Finance of this human trait
12) People carry such strong views against Equity Mutual Funds that they spend a lifetime collecting information supporting their dogmatic and inflexible views
13) The danger is such acts can lead to self destruction
14) At least in Money Management if people don’t gravitate towards a rational thought process, they seriously risk a fragile future of outliving their money
15) Unfortunately it is impossible to train our minds to think differently from our ingrained beliefs
16) These beliefs are like erasers. The moment your rational mind puts together a string of throughts that do not align with one’s self concept (larger Ego), it gets deleted instantaneously
17) Therefore the only way to rise above this kind of debilitating risk, is to use another person’s mind
18) Hence the need of an expert arises and unfortunately there’s no other option
19) Clearly on Health or Wealth, have an expert guide you
20) That is the best Advice and open your mind to this one guidance because that is the best decision you would have taken today