Anchoring to an Arbitrary Dollar Amount

The behavioral and emotional side of financial planning takes precedence when planning for our future.

I see this play out frequently in the form of anchoring to a perceived value we’ve grown accustomed to, based on prior experience.

This “value”; however, can unfortunately lead to decisions that damage the success of our financial plan.

Outline of This Episode

• [1:40] Anchoring to a dollar amount is what we’re used to
• [5:56] Are you stuck on your stock prices?
• [10:25] Your retirement number needs to have a basis
• [15:20] What are you sacrificing to reach your number?
• [16:13] Don’t limit your tax thinking
• [20:25] Gain confidence with a financial plan

Resources & People Mentioned

• BOOK - Wild Problems by Russ Roberts

Connect with Chad and Cameron

• https://www.financialsymmetry.com/podcast-archive/ 
• Connect on Twitter @csmithraleigh @TeamFSINC
• Follow Financial Symmetry on Facebook

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