Smarter Investing using Behavioral Finance with guest, Daniel Folkinshteyn, PhD

Behavioral Finance Strategies to Overcome Financial Mistakes: Interview with Rick Lehman

In this episode of the Personal Finance CEO Podcast, host Steve Boorstein is joined by Richard Lehman, adjunct finance professor and author, to delve into the world of behavioral finance. They discuss the importance of understanding investor behavior for long-term success, revealing why emotions often lead to poor financial decisions. Lehman emphasizes the benefits of using financial advisors, the impact of behavioral finance across various personal finance areas, and introduces his new venture, Climate Economics, highlighting the financial implications of climate change. Tune in to discover how recognizing and managing behavioral patterns can enhance investment performance and personal financial decisions. 00:00 Introduction to Decision-Making in Investments 01:13 Welcome and Guest Introduction 01:42 Understanding Behavioral Finance 02:13 Historical Context and Evolution of Behavioral Finance 03:42 Emotions and Decision-Making 06:41 Practical Implications for Investors 11:41 Advisors vs. Individual Investors 16:06 Behavioral Finance Tools and Techniques 30:56 Climate Economics and Future Ventures 43:54 Conclusion and Contact Information   ⚡️Interested in exploring how a comprehensive flat-fee relationship with a Personal Financial CEO can help you you achieve your goals, guided by your values? Our comprehensive financial planning services are provided for one, all-inclusive flat-fee that includes all planning, coordination, organization, accountability, investment management and advice. Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry [https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry] ⚡️Check out our free guide: 'The Truth About Retirement: 8 Essential Steps to Financial Freedom for Life!' https://mailchi.mp/rockcrestfinancial.com/8-essential-steps-to-financial-freedom [https://mailchi.mp/rockcrestfinancial.com/8-essential-steps-to-financial-freedom] Connect with us! ============================= ➡︎Website: https://rockcrestfinancial.com/ [https://rockcrestfinancial.com/] ➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast [https://rockcrestfinancial.com/podcast] ➡︎Facebook: https://www.facebook.com/RockCrestFinancial [https://www.facebook.com/RockCrestFinancial] ➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/ [https://www.linkedin.com/in/stevenaboorstein/] ➡︎YouTube: https://www.youtube.com/@PersonalFinanceCEO [https://www.youtube.com/@PersonalFinanceCEO] ➡︎Instagram: https://www.instagram.com/personalfinanceceo/ [https://www.instagram.com/personalfinanceceo/] IMPORTANT, PLEASE READ! Yes we are financial planners, but unless you are our client, we are not YOUR financial planner! The information presented in this podcast is intended for informational and educational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Any graphs, charts, or calculations used are for illustrative purposes only. RockCrest is a state registered investment adviser in New Jersey and Pennsylvania, principally located in Somers Point, NJ. Registration does not imply a certain level of skill or training. Opinions of hosts and guests on this podcast do not necessarily reflect the opinions of RockCrest Financial LLC, and are independent of RockCrest's opinions and practices. Investments discussed are not a recommendation or solicitation to purchase any securities mentioned. Check out our full disclosures at: https://rockcrestfinancial.com [https://rockcrestfinancial.com] #PersonalFinancelCEO #StevenBoorstein #RockCrestFinancial Our mission with The Personal Finance CEO podcast is to help educate the public to help them reach the best financial health of their lives and stay that way forever.

Smarter Investing using Behavioral Finance with guest, Daniel Folkinshteyn, PhD

Steven Boorstein, PharmD, CFP® discusses with Professor Daniel Falkenstein, PhD, behavioral finance practical examples of how it impacts personal finance decisions. They explore various cognitive biases that affect human behavior, such as overconfidence bias, gambler's fallacy, and status quo bias. They also discuss the importance of early savings and the benefits of index fund investing. The conversation highlights the need for education, coaching, and planning to overcome these biases and make sound financial decisions. #behavioralfinance #cognitivebiases #personal finance #overconfidencebias #gamblersfallacy #statusquobias #indexfundinvesting #planning Takeaways -Human behavior in personal finance is influenced by cognitive biases, such as overconfidence bias and gambler's fallacy. -Early savings and index fund investing are key to help creating the foundation for long-term financial success. -Education, coaching, and planning can help individuals overcome biases and make sound financial decisions. -Setting defaults and automating savings can help overcome status quo bias. -Avoiding concentrated stock positions and making big mistakes is crucial in financial planning.   Chapters 00:00 Intro 01:45 Cognitive Biases 03:27 Overconfidence Bias 04:15 Gambler's Fallacy 06:24 Flea Market Analogy 07:12 Everyday examples of Behavioral Finance(BF) in Personal Finance 08:45 Can investors gain an edge using BF? 11:56 Daniel's take on chart patterns 15:30 Other ways to use BF to improve personal finance decisions 25:25 Can you overcome cognitive biases? 27:00 Having a plan 28:48 Daniel's big mistakes to avoid 31:14 Potential benefits of a financial planner 33:34 Daniel's personal finance book recommendations 35:53 Closing   ⚡️Interested in exploring how a comprehensive flat-fee relationship with a Personal Financial CEO can help you you achieve your goals, guided by your values? Our comprehensive financial planning services are provided for one, all-inclusive flat-fee that includes all planning, coordination, organization, accountability, investment management and advice. Visit us at: https://mailchi.mp/rockcrestfinancial.com/prospective-client-inquiry ⚡️Check out our free guide: 'The Truth About Retirement: 8 Essential Steps to Financial Freedom for Life!' https://mailchi.mp/rockcrestfinancial.com/8-essential-steps-to-financial-freedom [https://mailchi.mp/rockcrestfinancial.com/8-essential-steps-to-financial-freedom] =========================== Connect with us! ============================= ➡︎Website: https://rockcrestfinancial.com/ ➡︎Podcast/Newsletter: https://rockcrestfinancial.com/podcast [https://rockcrestfinancial.com/podcast] ➡︎Facebook: https://www.facebook.com/RockCrestFinancial [https://www.facebook.com/RockCrestFinancial] ➡︎LinkedIn: https://www.linkedin.com/in/stevenaboorstein/ [https://www.linkedin.com/in/stevenaboorstein/] ➡︎YouTube: https://www.youtube.com/@PersonalFinanceCEO [https://www.youtube.com/@PersonalFinanceCEO] ➡︎Instagram: https://www.instagram.com/personalfinanceceo/ [https://www.instagram.com/personalfinanceceo/] IMPORTANT, PLEASE READ! Yes we are financial planners, but unless you are our client, we are not YOUR financial planner! The information presented in this podcast is intended for informational and educational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Any graphs, charts, or calculations used are for illustrative purposes only. RockCrest is a state registered investment adviser in New Jersey and Pennsylvania, principally located in Somers Point, NJ. Registration does not imply a certain level of skill or training. Opinions of Steven Boorstein, Aiden Boorstein and guests on this podcast do not necessarily reflect the opinions of RockCrest Financial LLC, and are independent of RockCrest's opinions and practices. Check out our full disclosures at: https://rockcrestfinancial.com [https://rockcrestfinancial.com]

The Personal Financial CEO Trailer

Welcome to The Personal Financial CEO podcast. My name is Steven Boorstein. My plan in creating this podcast is to discuss personal finance and financial strategies to help live your best life. I am the CEO & Founder of RockCrest Financial, which is a comprehensive financial planning firm in Somers Point, NJ. I am both a Certified Financial Planner™ professional and a Doctor of Pharmacy, so financial planning to me is about not only financial health, but the positive effect that optimizing your finances can have on both physical and mental well-being. Every month, we will choose a specific personal finance theme and explore different topics surrounding that theme in each podcast session that month. We’ll discuss clear-cut, actionable strategies, without all the financial jargon . Feedback is important to the success of this podcast, so please consider liking topics that you want to see more of, and posting comments and suggestions for specific topics you would like to see covered in the future. Upcoming episodes will cover topics critical to personal finance, like:  * how to create a solid, measurable financial plan; * tax strategies for affluent families, entrepreneurs, and real estate investors; * estate planning from basic, easy to implement strategies through more complex asset protection strategies; * risk mitigation including the role that insurance should play, as well as when there are instances you may want to avoid it; * managing your investments, including protecting yourself from market downturns and the role that alternative investments may play in the portfolios of high-net worth investors; * behavioral ("do's and don'ts") finance mindset that could mean the difference between successfully executing your plan, and not succeeding to the level you expect even though the plan itself is solid and sound. In short, whether you are in the process of building lasting financial freedom, or you have already built a significant level of wealth, this podcast will explore topics specifically designed to help you make smarter financial decisions on your path to success. Your participation will help shape how we craft future podcast episodes. I realize that your time is valuable... so my goal is to add as much value and relevance to your life, as possible, through the educational efforts of this podcast. You can find this podcast on all major podcast sites, like Apple podcast, Spotify, Google podcast, Amazon and Youtube. You can also subscribe to our newsletter and get alerts about upcoming episodes and more at RockCrestFinancial.com [https://rockcrestfinancial.com/podcast].  Thank you for your interest in the Personal Financial CEO podcast and personal finance! -Steven A. Boorstein, PharmD, CFP® The information presented in this podcast is intended for informational purposes only and does not purport to be investment advice or an offer of investment advice, an offer to buy or sell any security or a recommendation of any investment strategy or course of action. Website & Social Website: https://rockcrestfinancial.com/ Podcast/Newsletter: https://rockcrestfinancial.com/podcast [https://rockcrestfinancial.com/podcast] Facebook: https://www.facebook.com/RockCrestFinancial [https://www.facebook.com/RockCrestFinancial]  LinkedIn: https://www.linkedin.com/in/stevenaboorstein/ [https://www.linkedin.com/in/stevenaboorstein/] Youtube: https://www.youtube.com/@PersonalFinancialCEO [https://www.youtube.com/@Personal_Financial_CEO] Instagram: https://www.instagram.com/personalfinancialceo/ [https://www.instagram.com/personal_financial_ceo/] Twitter: https://twitter.com/StevenBoorstein [https://twitter.com/StevenBoorstein] #PersonalFinancialCEO