Wealth Advisor Reveals How Money Plays Tricks on Your Mind (Feat. Naftali Horowitz) | KOSHER MONEY

Think you know money? Think again!

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

✬ SPONSORS OF EPISODE 57 ✬

► COLEL CHABAD: Please help Israel's neediest!

Book Recommendations:

Predictably Irrational
by Dr. Dan Ariely

Thinking, Fast and Slow
by Daniel Kahneman

Why Smart People Make Big Money Mistakes and How to Correct Them
by Gary Belsky

You Revealed: A Torah path to a Life of Success
by Rabbi Naftali Horowitz
(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.)

✬ Donate and Inspire Millions (Tax-Deductible) ✬

Your generous donation enables us at Living Lchaim to share uplifting messages globally, enrich lives, and foster positive change worldwide! Thank you! 🙏


____________________________________

Follow Kosher Money on social media:

Follow Living Lchaim on social media:

____________________________________

Free call-in-to-listen feature:
🇺🇸 USA: [phone]
🇬🇧 UK: 0333-366-0154
🇮🇱 ISRAEL: 079-579-5088

WhatsApp us at 1-914-222-5513 - we love feedback, legit!

Subscribe to our YouTube channel for more great content! :)

Oh, and again: all investment strategies and investments involve risk of loss. Nothing contained in this episode or any of our episodes and videos should be construed as investment advice.

#Money #Podcast #psychology #moneytips #economy

[hoopchowder]

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.

[drsgopi]

the words of wisdom from Mr.Horowitz outshines any financial gurus out there!

[kevinbarr]

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!

[tavarisjones]

The field of behavioral economics is fascinating. Great talk.

[keonhercules]

I love how he gets more "Brooklyn" as the program progresses! Blessings to Naftali and thank you for sharing your wisdom!

[estherhersh]

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!!!

[michaelzurek]

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.

[alex]

Naftali is such a great teacher. I love listening to him

[ambition]

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 Tammy AI

[edumendes]

Absolutely brilliant!!! I can’t get enough of his teachings!!!

[otjuve]

we need more of Naftali. May Allah bless him and bless you all for sharing knowledge

[nadiaMendizza]

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.

[ManolosJourney]

I enjoy learning from my Jewish brothers. Very insightful.

[YitzchakHorowitz]

Anchoring has a big effect on people salaries. Often when asking for a raise or changing jobs we ask for an amount based on what we are currently making instead of asking for as much as we think we can get.

[georgeleles]

This is the best speech on money that I have ever heard.

[gragolawncarepatrick]

Naftali thank you for your guidance. We appreciate you greatly!

[Jiggysaw]

GREAT video, Naftali is a legend indeed. I learned so much from this episode, thank you for all your hard work!!!

[aaronjennings]

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.

[njabulompofu]

Glad you brought back the video, l have been looking for it

[MTN]

Shalom to you all brothers and sisters. Mr Naftali is the real deal and I can attest and relate to everything he said. I have learned to hard way but over the years my mindset about the value of money vs time completely shifted. And until you get that Ahah moment the easiest and simplest things to do are oftern the hardest things to do however all worth it at the end. Good luck to you all and God bless. Shalom