• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Roots of Wealth

Roots of Wealth

Roots of Wealth Blog with Dan and Maureen Crimmins

  • Home
  • About
  • Events
  • Firm Website
  • Free Guide
  • Videos
  • (201) 785-7660
  • Email

Welcome to Roots of Wealth. A financial blog focusing on life, planning, and interesting information worthy of sharing with you.
Roots of Wealth is proudly managed by Crimmins Wealth Management Located in Ramsey, NJ.
Visit Our Website

Seven Ways to Fool Yourself

June 16, 2014 by Maureen Crimmins Leave a Comment

There are many ways that we like to fool ourselves, generally as an act of self-perseverance. Sometimes it is just easier to believe those things that we choose to while ignoring those things that we rather not deal with. It is kind of like the elephant in the room…you know it’s there but it is easier to ignore and walk around it. Spoken from someone who actually believes that the Mets will win a championship every year come April!

Investors need to not fool themselves about the decisions that they make. [highlight]The philosopher Ludwig Wittgenstein once said that nothing is as difficult for people as not deceiving themselves. [/highlight]But while most self-delusions are relatively costless, those relating to investments can come with a hefty price tag. 

There are a number of reasons that we delude ourselves, but one main reason is the need to protect our own egos. We would rather believe what we choose to believe and dismiss the facts that are evident.

Jim Parker of Dimensional Fund Advisors has written an article about the delusions that are evident among many investors every day and are often encouraged by the media. These delusions can be quite harmful in planning for your future.

To read Jim’s full article which includes the seven most common ways that investors try to fool themselves, click here:  Jim Parker – “Seven Ways to Fool Yourself”

Overcoming self-deception in investing is not impossible. It just starts with recognizing that, as humans, we are not wired for disciplined investing. We will always find one way or another of rationalizing an emotional reaction to market events.

Have A Wealth Management Question? Click Here To Ask Dan

As Jim states in the article,

 “But that’s why even experienced investors engage advisors who know them, and who understand their circumstances, risk appetites, and long-term goals. The role of that advisor is to listen to and acknowledge our very human fears, while keeping us in the plans we committed to at our most lucid and logical.”

So, you don’t need to be alone in planning for your future.  Contact a financial advisor to help you stick with your plan. We are here to help.

If you enjoyed this article,  CLICK HERE to subscribe to free updates from “Roots of Wealth”.

 

 

Share this:

  • LinkedIn
  • Twitter
  • Buffer
  • Email
  • Print
The foregoing content reflects the opinions of Crimmins Wealth Management and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that the statements, opinions or forecasts provided herein will prove to be correct. Past performance may not be indicative of future results. All investing involves risk, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful.

About Dan Crimmins

Dan Crimmins, co-founder of Crimmins Wealth Management, is a financial coach and fee only financial planner. Have a financial question? ASK DAN

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Join Our Newsletter
Top Financial Advisor Blogs And Bloggers – Rankings From Nerd’s Eye View | Kitces.com

Topics

Footer

1000D Lake Street
Ramsey, NJ 07446

Phone: (201) 785- 7660
Email: dan@crimminswm.com
or maureen@crimminswm.com

  • Home
  • About
  • Events
  • Firm Website
  • Free Guide
  • Videos
  • (201) 785-7660
  • Email

Important Consumer Disclosure from Crimmins Wealth Management

Copyright © 2021 Roots of Wealth | Site Design by 3200 Creative

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.