10 Behavioral Finance Tips

10 Behavioral Finance Tips

I find the field of behavioral finances intriguing. So when I was asked to contribute a guest post to ESI Money, I was eager to focus on 10 tips that we can all use to better manage and grow our money.

Read the article.

Of the ten tips, here’s the one with the greatest super power – Don’t Follow the Herd. While this tip usually refers to jumping into stocks when everyone else is buying (and the price is high), this advice carries over to all aspects of becoming financially independent. When your family and friends tells you it’s time to buy a house or get a new car or blow your bonus on a vacation, that’s herd mentality. To build financial independence, you have to go against the herd by living below your means. It’s really just a matter of aligning your spending with your values and priorities. And if you do that one thing, you will hit a point in which you have enough money saved up to do whatever you want – even quit your job – while your friends are struggling to pay their mortgage and car loans.

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About the Author Brenda

Dr. Brenda is a financial coach, educator, researcher, and sociologist. In addition to blogging at The Five Journeys, she is the founder of the Gutsy Women Club. Her passion is guiding people on their journey to financial freedom through coaching at DrBrendaMoneyCoach and online courses at DreamBigMoneyAcademy.com.