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In fact, research suggests many people often neglect their personal finances, in part, because they feel those types of decisions are too “cold,” analytical, and unemotional for them, according to Jane Jeongin Park, a doctoral candidate University of Florida and co-author of Not My Type: Why Affective Decision-Makers Are Reluctant to Make Financial Decisions.
People feel that “financial decisions are ‘not them,’ ” according to Parks, and her co-author Aner Sela, an associate professor at the University of Florida.
Given that, what might you do to make better decisions about their money?
►Think outcome, not investment decision. Mentally re-frame financial activities in terms of desired life outcomes; lifestyle goals in retirement and don’t think of them as financial investment decisions.
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