Five years ago I wrote about Confirmation Bias (Don’t Believe Everything You Believe). This refers to our tendency as humans to seek only information that reinforces our previously-held beliefs, and the negative impact of applying that bias to our decision-making. It’s now 2021 and we are in the midst of some of the biggest examples…
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The Black Lives Matter (BLM) movement has adopted a slogan that I believe will not serve them well. I’m referring to the “Defund the Police” catchphrase. Whenever it is brought up in some social media forum, it’s not uncommon for a proponent to feel obligated to explain to the group that it doesn’t really mean…
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COVID-19 has been devastating to Americans’ health. But it also appears to have improved their views on wealth. The Charles Schwab Corporation surveyed 1,000 Americans aged 21 to 75 to discover their perspectives on saving, spending, investing, and wealth. The survey was conducted in January (before the outbreak) and again in June. One of the…
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Every week I receive numerous invitations to attend some financial conference or webinar offered by a so-called “thought leader.” Have you ever wondered how one qualifies for this particular epithet? I searched Google for the topic “How to become a thought leader” and found dozens of articles. Most talked about domain expertise, motivational skills, and…
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I think it’s fair to say that we may be approaching another debt crisis in the U.S. According to the New York Federal Reserve, as of Q1 2018 credit card debt stood at $792 billion, auto loan debt at $1,188 billion, student loan debt at $1,453 billion, and mortgage debt at a whopping $8,982 billion…
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In a recent article in Morningstar, John Rekenthaler talked about how Ameriprise and other brokerages/custodians/advisors offer funds based on how much revenue they get from the fund companies. These so-called revenue-sharing agreements, he argues, are a way for the brokerages to hide the income they are actually earning from the advice they are providing to…
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