Think you know money? Think again!

Money has an interesting way of playing tricks on our minds and only those who are either gifted or trained will spot them!

Rabbi Naftali Horowitz reveals what EVERYONE should know.

TIME STAMPS:

00:00 Opening Remarks
02:31 Are Financial Behaviors Logic or Gut?
06:33 What is a Heuristic?
10:45 Heuristic #1: Representation Bias
15:54 Rabbi Horowitz’s Favorite Study
18:15 Investing Pitfalls
19:57 Why Affinity Fraud Happens
22:00 Racism and Stereotyping
22:56 Sponsor: Twillory
24:12 Heuristic #2: Mental Accounting Bias
30:00 The Car Dealership Trap
31:55 The 2008 Financial Crisis
34:53 The Lottery Effect
38:29 The Credit Card Trap
39:10 Sponsor: Approved Funding
40:39 Heuristic #3: Regret Aversion
44:32 Regret and Investing
49:16 Sponsor: Colel Chabad
51:04 Heuristic #4: Anchoring
54:52 Anchoring Investing Mistakes
58:04 Recap and Concluding Remarks
1:00:39 Outro

If you have questions/feedback to share on this weeks episode, please email koshermoney@livinglchaim.com

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Book Recommendations:

Predictably Irrational
by Dr. Dan Ariely

Thinking, Fast and Slow
by Daniel Kahneman

Why Smart People Make Big Money Mistakes and How to Correct Them
by Gary Belsky

You Revealed: A Torah path to a Life of Success
by Rabbi Naftali Horowitz

(Please note that this book was written predominately for an Orthodox Jewish reader. Due to high demand the book sells out quickly but is usually back in stock within one week.)

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Wealth Advisor Reveals How Money Plays Tricks on Your Mind (Feat. Naftali Horowitz) | KOSHER MONEY

Money. It’s a subject that often elicits strong emotions and can even drive people to act irrationally. But have you ever stopped to consider how money plays tricks on your mind? Naftali Horowitz, a renowned wealth advisor, sheds light on this intriguing phenomenon and offers insights into how we can better understand and navigate our relationship with money.

In today’s fast-paced world, our minds are constantly bombarded with advertisements, social media posts, and news stories that glorify the idea of wealth and success. It comes as no surprise that money has a significant impact on our well-being and sense of self-worth. But what many fail to realize is that money’s influence on our minds goes beyond the superficial desire for material possessions.

According to Horowitz, one of the most deceptive tricks money plays on our minds is the illusion of security. We are led to believe that having a large sum of money stashed away in our bank accounts will provide us with peace of mind and protect us from life’s uncertainties. However, as Horowitz warns, this false sense of security can hinder our ability to take calculated risks and reach our full potential.

Another psychological effect of money is its ability to create a cycle of comparison and envy. When exposed to the extravagant lifestyles of the wealthy, we often fall into the trap of comparing our own lives to theirs, leading to feelings of inadequacy and dissatisfaction. As Horowitz puts it, “Money becomes a measuring stick for success, and if we don’t measure up, we feel as though we have failed.”

But how do we break free from the grip of these money tricks? Horowitz emphasizes the importance of shifting our mindset from a scarcity mentality to an abundance mentality. Instead of viewing money as a limited resource, we should focus on its potential to create opportunities and make a positive impact in our lives and the lives of others.

One practical way to overcome the negative effects of money is through conscious spending. Horowitz suggests that we align our financial decisions with our values and goals, rather than succumbing to impulsive purchases driven by societal pressures. By doing so, we can regain control over our financial well-being and lead a more fulfilled life.

Moreover, Horowitz stresses the significance of financial education. Understanding basic financial concepts and learning to manage money wisely can empower individuals to make informed decisions and protect themselves from financial pitfalls. As Horowitz eloquently puts it, “Financial literacy is the antidote to money’s tricks.”

It is important to note that Naftali Horowitz’s insights on money and the mind are grounded in his extensive experience as a wealth advisor. His words serve as a reminder that our relationship with money is complex and multifaceted, and it’s essential to develop a healthy perspective to avoid falling victim to its tricks.

In conclusion, money plays an intricate role in our lives, and it has the power to influence our thoughts, emotions, and behaviors. By understanding and being aware of the psychological tricks money plays on our minds, we can take control of our financial well-being and lead a more fulfilled life. Naftali Horowitz’s expertise serves as a guiding light, reminding us that our relationship with money should be a mindful and purposeful one.