How many of your financial choices are based purely on logic?

It could be fewer than you think.

That’s because most of us make money decisions with our emotions in play.¹

With that, certain biases can follow. When they do, those biases can lead even the smartest, best-intentioned investors astray.

Here’s how to recognize three common biases - hindsight bias, fear of missing out (FOMO), and survivorship bias - and avoid their traps.

The Allure of High-Performing Stocks

Over the past two decades, companies like Amazon, Apple, and Tesla have become household names, largely due to their staggering market success. Investors who bought into these companies early and held on saw incredible returns. That can make it tempting to look at these success stories and think, if only I had invested back then…

This mindset is typically fueled by hindsight bias, a way of thinking that can mislead us into seeing past events as more predictable than they actually were at the time. With that, we tend to sideline or even forget the uncertainty, risks, and competing narratives that existed back when those decisions had to be made.

What’s the first thing you think of when it comes to money?

Are your thoughts more positive or negative?

Whatever’s natural to you can speak to your money mindset.¹

And that money mindset can shape your financial views and habits. It can also reveal more about your values and beliefs, not just about finance but about life in general.¹

With that, understanding your money mindset can start to highlight where it may be weaker — and what you may be able to do to improve it and leverage it better.

What Is a Money Mindset?

A money mindset is the set of beliefs and attitudes an individual has about money and financial matters. Everyone has a distinct money mindset, and that can impact how each of us thinks about earning, saving, spending, and investing money.

Typically shaped by past experiences, cultural influences, and personal values, your money mindset can shape your financial habits and, by extension, your financial life.

How much do you really know about retirement benefits?

If you’re like most Americans, it’s not that much. In fact, most of us have fairly poor “retirement literacy,” especially when it comes to the finer points of retirement benefits.¹

That may not seem like a big deal, but it can give rise to all sorts of landmines in the future, possibly derailing your retirement plans and goals. It could also impact your quality of life and your opportunities to live your best life in retirement.²

To minimize the risks of that happening, this guide to retirement benefits and pensions breaks down the ins and outs of various types of income for retirees, covering key points, including:

• What are retirement benefits?
• Types of retirement benefits
• Advantages of pensions
• Disadvantages of pensions
• Tips for choosing a retirement plan

This guide to retirement benefits can get you up to speed with some fundamentals in less than 10 minutes.