As a follow-up to our conversation last week, Quiyan and Michael welcomed Gilbert Siew to the podcast. Gilbert has a degree in Psychology and employs his expertise as a psychologist at Hive Up as it relates to investing and securities trading.
As a psychologist, Gilbert believes that one’s financial life is a very personal endeavor. We discussed in depth how one’s psychological makeup impacts your investing and how it drives engagement with one’s financial advisors.
We wondered whether people have distinct personalities at home and at work… and how that effects one’s relationships. We also talked about cognitive dissonance and how investing sometimes forces you to rationalize the discomfort around having more than one set of beliefs. Could cognitive behavior therapy actually make you a better investor?
Gilbert also noted that it takes much less effort for humans to believe IN something than it takes to REFUTE something in which they already believe. Consider the impact this has on getting out of a bad investment…
Finally, we considered the idea of teaching all investors how their psychology influences their financial life…
