Wealth Advisor Reveals How Money Plays Tricks on Your Mind (Feat. Naftali Horowitz) | KOSHER MONEY

Think you know money? Think again! Money has an interesting way of playing tricks on our minds and only those who are either gifted or trained will spot them! Rabbi Naftali Horowitz reveals what EVERYONE should know. TIME STAMPS: 00:00 Opening Remarks 02:31 Are Financial Behaviors Logic or Gut? 06:33 What is a Heuristic? 10:45 Heuristic #1: Representation Bias 15:54 Rabbi Horowitz's Favorite Study 18:15 Investing Pitfalls 19:57 Why Affinity Fraud Happens 22:00 Racism and Stereotyping 22:56 Sponsor: Twillory 24:12 Heuristic #2: Mental Accounting Bias 30:00 The Car Dealership Trap 31:55 The 2008 Financial Crisis 34:53 The Lottery Effect 38:29 The Credit Card Trap 39:10 Sponsor: Approved Funding 40:39 Heuristic #3: Regret Aversion 44:32 Regret and Investing 49:16 Sponsor: Colel Chabad 51:04 Heuristic #4: Anchoring 54:52 Anchoring Investing Mistakes 58:04 Recap and Concluding Remarks 1:00:39 Outro If you have questions/feedback to share on this weeks episode, please email koshermoney@livinglchaim.com ✬ SPONSORS OF EPISODE 57 ✬ ► TWILLORY: Get $18 OFF your first purchase of absolutely comfortable clothing for today's casual professional look. Use code CHAI (which means 18 in Hebrew) at https://Twillory.com/KosherMoney - Limited Time Offer, On a $139 Purchase. ENJOY! ► COLEL CHABAD: Please help Israel's neediest! Visit https://www.ColelChabad.org/KosherMoney to make a much-needed donation! ► APPROVED FUNDING: Looking to purchase a home? Looking to get involved in real estate? Speak to Shmuel Shayowitz at https://approvedfunding.com/Shmuel/ to make sure you do it right. Book Recommendations: Predictably Irrational by Dr. Dan Ariely https://tinyurl.com/396zu2zd Thinking, Fast and Slow by Daniel Kahneman https://amzn.to/3OFLzQa Why Smart People Make Big Money Mistakes and How to Correct Them by Gary Belsky https://tinyurl.com/yc6r9cj8 You Revealed: A Torah path to a Life of Success by Rabbi Naftali Horowitz https://amzn.to/36fxXbK (Please note that this book was written predominately for an Orthodox Jewish reader. Due to high demand the book sells out quickly but is usually back in stock within one week.) ✬ Donate and Inspire Millions (Tax-Deductible) ✬ Your generous donation enables us at Living Lchaim to share uplifting messages globally, enrich lives, and foster positive change worldwide! Thank you! 🙏 ➡️ https://www.livinglchaim.com/donate ____________________________________ Follow Kosher Money on social media: TikTok - https://www.tiktok.com/@koshermoneypod Instagram - https://www.instagram.com/koshermoneypod Follow Living Lchaim on social media: TikTok - https://www.tiktok.com/@livinglchaim Instagram - https://www.instagram.com/livinglchaim/ Facebook - https://www.facebook.com/livinglchaim LinkedIn - https://www.linkedin.com/company/living-lchaim ____________________________________ Free call-in-to-listen feature: 🇺🇸 USA: (605) 477-2100 🇬🇧 UK: 0333-366-0154 🇮🇱 ISRAEL: 079-579-5088 Need financial guidance? Get help from our awesome friends at https://LivingSmarterJewish.org/ WhatsApp us at 1-914-222-5513 - we love feedback, legit! For bonus content on our episodes, visit http://Mishpacha.com or pick up a new Mishpacha magazine weekly! Subscribe to our YouTube channel for more great content! :) Oh, and again: all investment strategies and investments involve risk of loss. Nothing contained in this episode or any of our episodes and videos should be construed as investment advice. #Money #Podcast #psychology #moneytips #economy