When it comes to financial decision-making, there are endless ways we can get in our own way. Psychological barriers to optimal decision-making are part of human nature. Mission Wealth’s Brad Stark and Joey Khoury have spent the last year aggregating the top 100 concepts in behavioral finance and applying them to all aspects of financial planning.
In this discussion, Brad and Joey highlight the top 5 common psychological barriers that prevent us from making good decisions in our financial lives and beyond.
This application helps people make better decisions regarding investing, retiring, setting up estates, minimizing taxes, choosing insurance, and building realistic budgets. These concepts apply beyond the financial realm and into daily living, family matters, health choices, career decisions, intellectual pursuits, and more.
Eva Haller Interviews Joey and Brad on the Psychology of Wealth
In October of 2022, Brad and Joey were invited to participate in a live broadcast, directed by Eva Haller for the Eva Haller Salon Series. They highlight the top 5 common psychological barriers that prevent us from making good decisions in our financial lives and beyond.
Please watch the full podcast in the video below.
What is the Psychology of Wealth?
There is a lot of talk about the psychology of wealth, behavioral finance, and the way your mind impacts your money. The basic definition of the psychology of wealth is the study of our behavior with money. Success with money isn’t about knowledge, IQ, or how good you are at math. It’s about behavior, and everyone is prone to certain behaviors over others.
Understanding those behaviors is taking the philosophy a step further. There are about 100 most common problems that humans make when it comes to decision-making. Joey and Brad have connected all 100 to areas of financial planning that Mission Wealth services, providing solutions to any road-blocks our brains may auto-create for us.
Mission Wealth on Upcoming Eva Haller Salon Series
Eva has invited Brad, Joey, and Kieran Osborne (Mission Wealth’s Chief Investment Officer) back to her podcast for April 1, 2023. The team will discuss the current economic reality, including the SVB banking crisis, the overall banking sector’s health, and related investors’ emotions.
To join and listen live, please follow the below link.
Is this 2008 All Over Again? A Look Into the Banking Crisis (Facts, Events, Actions, and Emotions)
Saturday, April 1, 2023
2:00 PM PT / 4:00 PM CT
Zoom Meeting ID: 812 3854 9997
About Eva Haller and the Salon Series
Eva Haller is a Hungarian-American philanthropist, Holocaust survivor, and activist. With a life dedicated to philanthropy, activism, and mentorship, Eva makes a positive impact around the world. Eva has mentored countless people to build successful organizations for social change. Eva’s magnanimous heart, positive spirit, and zest for life are truly inspiring.
Eva’s Salons bring together artists, scientists, and media makers from around the globe. The Eva Haller Salons take place virtually every Saturday at 2:00 PM PST. Click here for more information on her podcast series.
Meet Mission Wealth’s Experts on The Psychology of Wealth
Brad Stark, Founder and Chief Strategy Officer
Brad Stark is the founder of Mission Wealth Management, recognized by Barron’s and Forbes as one of the Top 100 investment advisory firms in the country. Brad was an adjunct professor for the Cal State University system where he taught finance at the MVS School of Business and Economics at CSUCI.
A graduate of UCSB in business economics, he has also earned his master’s degree in the field of finance as well as numerous professional designations. Brad is also an author of hundreds of articles and he has also been a sought-after speaker by firms such as Charles Schwab and Fidelity Investments.
Joey Khoury, Client Advisor
Joey S. Khoury brings behavioral economics to the forefront of financial decision-making. Joey attended Cornell University, where he received his B.A. in Economics with Minors in Philosophy, Law, and Society. He also graduated from Harvard Business School’s Behavioral Finance Executive Education Program and is an ongoing lecturer at UCSB.
His full-time role is as a Client Advisor with Mission Wealth, coaching clients through financial decision-making at every stage of their lives. Joey is a board-certified financial planner (CFP®) and holds four additional designations including the Applied Behavioral Finance (ABFP®) certification.
Maximize Your Impact. Inspire Future Generations.
We help our clients create their charitable mission, develop their areas of focus, and utilize our Strategy Team to make recommendations on tax and estate-efficient strategies. We also introduce clients to potential nonprofit partners in their field of interest and implement the plan to achieve their mission. Talk with a Mission Wealth charitable planning advisor about incorporating charitable giving into your financial plan.
Please visit our website at missionwealth.com or call us at (805) 882-2360 to speak with a wealth management professional.
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Mission Wealth is a Registered Investment Adviser. This commentary reflects the personal opinions, viewpoints, and analyses of the Mission Wealth employees providing such comments. It should not be regarded as a description of advisory services provided by Mission Wealth or performance returns of any Mission Wealth client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data, or any recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Mission Wealth manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
