General Principals

Question 1

financial Infidelity

Answer 1

not honest with partner on finances
biggest way to deal-
open communication

Question 2

anchoring

Answer 2

stay locked in on a price with an investment

Question 3

attachment bias

Answer 3

emotional attachment
(it belonged to the family)

Question 4

endowment

Answer 4

emotional attachment
psychologically you feel like it is worth more

Question 5

enmeshment bias

Answer 5

kids are still dependent on parents

Question 6

confirmation bias

Answer 6

you accept information based on your preconceived position/opinion

Question 7

herd behavior

Answer 7

Mimic actions of larger group
FOMO

Question 8

Analysis Paralysis

Answer 8

engineers
question everything- wont make up their mind

Question 9

loss aversion and risk taking

Answer 9

losses hurt a lot more than gains

Question 10

over-weighting the recent past

Answer 10

recently bias- worried too much about the last 24 months

Question 11

money avoidence

Answer 11

you think it is bad, you dont want it

Question 12

money vigilance

Answer 12

you want to save, cautious with your money

Question 13

money status

Answer 13

self worth with net worth

Question 14

money worship

Answer 14

when they buy stuff they feel better

Question 15

fincancial advice

Answer 15

one step

Question 16

financial planning

Answer 16

all the steps

Question 17

fee only

Answer 17

no commissions
ANYWHERE- anybody at the firm gets it you are fee based

Question 18

fee based

Answer 18

get commissions, AUM
12 b-1
trailing commissions
transaction fees
revenue sharing
solicitor fees