Part of being human is falling victim to cognitive biases that impact how we think and feel without us even noticing.
Understanding them does not make us immune but can help us spot them especially in other people. Part of our job at Creative Wealth Management, LLC is helping minimize the negative impacts of cognitive biases on the financial wellbeing of our clients.
This comic from The New Yorker puts a spotlight on well, 'The spotlight effect'.🔦
"The spotlight effect causes us to have an exaggerated view of our own significance to the people around us, leading us to misjudge situations and make decisions based on our overly inflated feelings of visibility."
If you want more explanations of other biases thedecisionlab.com has plenty.
#cognitivebiases #behavioralfinance #teamwork #accountability
PS One of the many reasons I'm so fortunate to work with Michael D. Kresh, CFP® is we can catch each other falling for cognitive biases, since as I said earlier they're paradoxically hard to see in yourself even if you know all about them. Accountability is key to avoiding pitfalls.
https://lnkd.in/etay2XqW
A cartoon by Mort Gerberg. #NewYorkerCartoons
See more from this week’s issue: http://nyer.cm/8SHjlSE
Digital Marketer | SEO Executive| Digital Marketer| Inbound & Outbound Marketing | Social Media Marketing | Email Marketing | Product Marketing | 6+Years of Experience in Content Writing and Digital Marketing.
2wThe New Yorker, This cartoon by Frank Cotham is a delightful reflection on human nature and our perpetual tendency to plan and scheme, no matter where we find ourselves. It captures a universal truth in a lighthearted way, reminding us how our minds are always at work, even in unexpected places. The simplicity of the drawing belies the complexity of its message, resonating with anyone who has ever been caught deep in thought, perhaps even during mundane moments. Cotham's work here is not just artistry but also a mirror to our own behavior, prompting a chuckle of recognition and a moment of introspection. It's a testament to the power of cartoons to distill profound truths into a single, humorous frame, making us smile while subtly nudging us to contemplate the quirky ways of human existence.