Behavioral Grooves

Better Financial Decisions Mug

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Those who are smart with money keep this mug on their desk as a constant reminder to avoid the pitfalls of mental accounting - you should too.

Mental Accounting is the idea that we tend to mentally allocate money into “accounts” or “buckets” for specific purposes. While allocating funds is important for budgeting purposes it can also limit us if we become to emotionally attached to those specific buckets (which is almost a guarantee because money = emotions).

To avoid the negative side of mental accounting - remember that money is fungible (mutually interchangeable) and that some flexibility - so long as it is controlled - is good. Prime your brain to focus your financial decisions on what is currently best for your short and long-term needs. Financial decisions should evolve WITH you. Be intention - look at it every time you make a trade, every time you invest, and every time you make a financial plan.