Biases
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We believe that we are rational decision-makers but little do we realize that it is also influenced by our biases. The human brain quickly categorizes new information with the experiences of the past, Once grouped it responds to the same ways it does with other things in the category-leading to bias. finance unlike physical sciences it is affected by one's behavior and gives different results to different people according to their temperament be it wealth creation or financial debacles. To overcome financial debacles we should see things as they are without our biased lens. To let go of our biases we should constantly challenge our beliefs by engaging in debates and discussions who have a contrarian view( just to hear the other side) but confirm with the facts available. Here is the list of biases researchers have warned that we may fall for. Anchoring Bias: Over-reliant on the first piece of information. Availability Bias: Overestimate the importance of the information available