What if we told you there is an entire category of words that can be used to manipulate your financial decisions? After all, one of the major components of marketing is being able to persuade people to buy a product or service. But what happens when these same marketing tactics are used in financial services?
Here at the Money Guy Show, we believe that knowledge is power. We always want to share the best information that can equip you to reach your financial goals, and that includes making you aware of manipulative sales strategies in financial services.
Join us for today’s episode as we share the manipulation tactics that are commonly used that can lead to bad financial choices.
Here’s What You’ll Find Out in this Episode:
- How the Diderot Effect can lead you on a path of continual buying
- Understanding how to be disciplined with your finances
- The importance of building a cushion to prevent overspending
- Why the development of a full financial plan can protect you against a negative situation
- How time can be a very important asset when making financial decisions
- What the Zeigarnik Effect is and how it impacts financial decisions
- Why you should keep a list of financial accomplishments
- How the Pareto Principle serves as the foundation of the 80/20 rule
- What the Hedonic Treadmill is (or Hedonic Adaptation) and how it gives the ability to adapt rapidly
- Why you should create a time release of your resources if you come into a windfall of money
- Why you should spread out your wins when it comes to your financial picture
- The types of spending that actually brings happiness
Resources Mentioned in This Episode and Related Episodes
- Regrets From My Old Dressing Gown
- Financial Order of Operations: How To Prioritize Your Financial Goals
- David and Goliath: Underdogs, Misfits, and the Art of Battling Giants by Malcolm Gladwell
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