Heuristics and Fallacies we Think about Money

Purpose

• We pride ourselves as humans in being rational! Our logic and capacity to reason after all does set us apart from animals and crustacea.
• However, in reality when making decisions about Money – whether spending, saving or investments – quite often we humans fall into a “mind trap”. We may follow irrational (even illogical) thinking and choose a Fallacy about Money. Let’s be very clear: this is your personal choice!
• Science has studied such odd human behavior and now provides us with an
  explanation. Thus, these flashcards are a simple roadmap for you to
  ➢ identify the main Fallacies we Think about Money
  ➢ reflect on the potential dangers to our finances in persisting with this way of Thinking
  ➢ suggest possible alternatives or steps to take in avoiding such Money “mind traps”
• These flashcards are a practical method for self-learning – Heuristics – for Teens and Parents alike. Our aim of iwealth.org is to guide you in making daily clear headed decisions about Money.