There are many factors that lead to financial success, and there are factors that are barriers to our success.  

As humans we rely a lot on our emotions and instinct to make decisions. Often times though, when making financial decisions, relying on emotions leads to poor choices.  

When making financial decisions, processing available information to make a logical and informed choice, more often than not, leads to better outcomes.

Becoming aware of how the brain works and impacts financial decision making is a step in the right direction towards reaching our long term goals.

Check out these behavioral biases that can be barriers and obstacles to you having financial success.  

Availability Bias

Our thinking is strongly influenced by what is personally most relevant, recent, or traumatic.

Present Bias

We often overvalue immediate rewards at the expense of long-term goals.

Home Country Bias

We tend to favor companies and products from our home country or region.

Herding

We follow the crowd because we fear making mistakes or missing opportunities.

Working with Planner…Add to Your Wealth

Much of this info was compiled by  Franklin Templeton Investments.  If you your interested in reading more, check out their work here.