Wealth Advisor Reveals How Money Plays Tricks on Your Mind (Feat. Naftali Horowitz) | KOSHER MONEY
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Published 2023-08-30
Money has an interesting way of playing tricks on our minds and only those who are either gifted or trained will spot them!
Rabbi Naftali Horowitz reveals what EVERYONE should know.
TIME STAMPS:
00:00 Opening Remarks
02:31 Are Financial Behaviors Logic or Gut?
06:33 What is a Heuristic?
10:45 Heuristic #1: Representation Bias
15:54 Rabbi Horowitz's Favorite Study
18:15 Investing Pitfalls
19:57 Why Affinity Fraud Happens
22:00 Racism and Stereotyping
22:56 Sponsor: Twillory
24:12 Heuristic #2: Mental Accounting Bias
30:00 The Car Dealership Trap
31:55 The 2008 Financial Crisis
34:53 The Lottery Effect
38:29 The Credit Card Trap
39:10 Sponsor: Approved Funding
40:39 Heuristic #3: Regret Aversion
44:32 Regret and Investing
49:16 Sponsor: Colel Chabad
51:04 Heuristic #4: Anchoring
54:52 Anchoring Investing Mistakes
58:04 Recap and Concluding Remarks
1:00:39 Outro
If you have questions/feedback to share on this weeks episode, please email [email protected]
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Book Recommendations:
Predictably Irrational
by Dr. Dan Ariely
tinyurl.com/396zu2zd
Thinking, Fast and Slow
by Daniel Kahneman
amzn.to/3OFLzQa
Why Smart People Make Big Money Mistakes and How to Correct Them
by Gary Belsky
tinyurl.com/yc6r9cj8
You Revealed: A Torah path to a Life of Success
by Rabbi Naftali Horowitz
amzn.to/36fxXbK
(Please note that this book was written predominately for an Orthodox Jewish reader. Due to high demand the book sells out quickly but is usually back in stock within one week.)
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#Money #Podcast #psychology #moneytips #economy
All Comments (21)
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I’m not Jewish but I have found sound much value in subscribing to this podcast. This is episode was especially insightful and I’m grateful for the content you guys are sharing. Thank u.
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Naftali is such a great teacher. I love listening to him
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we need more of Naftali. May Allah bless him and bless you all for sharing knowledge
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I would like to express my heartfelt gratitude to your channel and for the opportunity to listen to Naftali Horowitz for his captivating and enlightening presentation. Thank you for sharing your wisdom.
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The field of behavioral economics is fascinating. Great talk.
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the words of wisdom from Mr.Horowitz outshines any financial gurus out there!
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I know it would be probably hard and near impossible for Naftali to have a podcast channel or make more Youtube videos due to all the work he does at JP Morgan Chase but it's always amazing to watch and hear him speak.
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Absolutely brilliant!!! I can’t get enough of his teachings!!!
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Wow, Naftali Horowitz is simply the best I feel privileged to listen to his teachings and one of the best episodes ever! Thank you so very much Indeed!
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I love how he gets more "Brooklyn" as the program progresses! Blessings to Naftali and thank you for sharing your wisdom!
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I enjoy learning from my Jewish brothers. Very insightful.
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Let's assume the cost of the ball is represented by "x" in dollars. According to the given information, the bat is $1.00 more expensive than the ball. So, the cost of the bat would be "x + $1.00". Together, the bat and the ball cost $1.10. Therefore, we can set up the equation: x + (x + $1.00) = $1.10 Simplifying the equation: 2x + $1.00 = $1.10 Subtracting $1.00 from both sides: 2x = $0.10 Dividing both sides by 2: x = $0.05 Hence, the ball costs $0.05.
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I listen to all of Naftali’s video 20+ times - every time I learned something new! I’ve only found about 5 videos on YouTube of him speaking - would love more. keep teaching!!!
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GREAT video, Naftali is a legend indeed. I learned so much from this episode, thank you for all your hard work!!!
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0:14: 🧠 The speaker realized that studying finance did not prepare them for the irrational behavior of investors and decided to learn about behavioral finance. 6:53: 😮 Our perception can be easily biased, leading to incorrect judgments and decisions. 14:24: 🤔 Representation bias is a common cognitive bias that influences decision-making based on what is visually represented or perceived. 22:08: 💰 The concept of mental accounting and how people make decisions based on different scenarios involving money. 29:26: 💰 Mental accounting affects people's decision-making when it comes to spending money and investing. 35:59: 😳 People often make irrational decisions when it comes to money, prioritizing emotions over logic. 42:26: 💡 Regret plays a significant role in investment decisions, causing people to avoid taking action and leading to missed opportunities. 49:07: 📊 Anchoring effect can lead to biased decision-making based on irrelevant numbers. 55:12: ✅ The speaker discusses cognitive biases that can affect financial decision-making. 1:01:39: 📢 The host thanks sponsors and promotes their products, asks for feedback, and mentions upcoming episodes in Israel. Recap by
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success comes down how you think
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Naftali thank you for your guidance. We appreciate you greatly!
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I am glad I found this video.. Thanks a bunch..
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You all are awesome and I always learn so much from Neftali. I appreciate you for bringing this to us
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Amen for the blessings. Thank you, Rabbi. Impactful!