Mastering Personal Finance: Cognitive Biases

Summary
In this episode, Michael Sayre, a financial advisor at CUI Wealth Management, discusses the importance of personal finance and the fundamental principles that can help individuals make better financial decisions. He emphasizes the significance of understanding behavioral finance and the cognitive biases that can lead to poor investment choices. The conversation covers biases such as loss aversion, anchoring, and the winner's curse, providing insights into how these psychological factors influence financial behavior. 

Contact Information 

 Address: 7730 S Union Park Ave, Suite 250, Midvale, UT 84047 
 Phone: [phone]
 Learn More: ⁠⁠www.cuiwealth.com⁠

Disclosures 
Securities and investment advisory services are offered through Osaic Wealth, a member of FINRA/SIPC. Osaic Wealth is separately owned, and other entities and/or marketing names, products, or services referenced here are independent of Osaic Wealth. 

Takeaways
 The average American spends a significant portion of their life working.
 Understanding personal finance is crucial for making informed decisions.
 Small changes in financial habits can lead to significant results over time.
 Behavioral finance combines psychology and economics to explain financial decisions.

 Loss aversion can prevent individuals from making beneficial investments.
 Anchoring bias affects how we perceive value in financial decisions.
 Herding behavior can lead to market bubbles and crashes.
 Mental accounting can distort our perception of financial information.
 Hindsight bias can lead to overconfidence in financial judgments.
 Recognizing cognitive biases is the first step toward better financial decision-making.

Disclosures
Securities and advisory services are offered through Osaic Wealth, member FINRA and SIPC, and a Registered Investment Advisor. Insurance services are offered through CUI Wealth Management, LLC, which is not affiliated with Osaic Wealth. Neither Osaic Wealth nor its representatives offer tax or legal advice.

This communication is strictly intended for individuals residing in the states of (Arkansas, Utah, Colorado, California, Delaware, Michigan, Minnesota, New York, Utah, Wyoming, Idaho, Maryland, New Mexico, Nevada, Hawaii, Mississippi, and Oregon). No offers may be made or accepted from any resident outside the specific state(s) referenced.

Contact Information

• Address: 7730 S Union Park Ave, Suite 250, Midvale, UT 84047
• Phone: [phone]

Social Links

• Website: https://www.cuiwealth.com/
• Facebook: https://www.facebook.com/CUIWealth
• LinkedIn: https://www.linkedin.com/company/cui-wealth-management/
• X: https://twitter.com/CuiWealth
• YouTube: https://www.youtube.com/...