Negativity bias, a cognitive phenomenon where negative experiences have a greater impact on our thoughts and emotions than positive ones, plays a significant role in influencing human behavior, including financial decision-making. This article explores how negativity bias can affect individuals' financial choices, leading to suboptimal outcomes and potential long-term consequences.
As you approach retirement age, it's essential to start thinking about your financial security. One critical factor that can impact your retirement is debt. It's crucial to prioritize paying down debt before you retire to ensure a comfortable and stress-free retirement.
Here are some reasons why paying down debt before retirement is important:
In our client meetings, the term “wealth” is often tossed around somewhat loosely. We talk about building wealth, managing wealth, enhancing wealth, and preserving wealth as if the concepts are universally understood. But what exactly is wealth? It’s such a vague term that every person has a slightly different meaning.
There are over 30 million small businesses in the United States. Many people start their own businesses in order to become their own boss and take control over their schedules, career goals and finances. It can be incredibly rewarding to start and own a successful small business. But one thing that many small business owners may not think about is a retirement plan.