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Five Things We Need to Know About Ourselves

WE MAKE ALL KINDS OF FINANCIAL ERRORS, but three mistakes loom especially large: We use money in ways that hurt our own happiness, we derail our portfolio’s performance, and we spend too much and save too little.

Why do we make these mistakes? Here are five things we need to remember about ourselves:

  1. We’ll never be satisfied
  2. We’re social creatures
  3. We are too focused on today
  4. We’re overconfident
  5. We hate losing

In many situations, these traits can be enormously helpful. But when handling money, they often lead us badly astray. Want to learn more? Check out the five sections in the money guide’s big picture chapter.

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