- Confirmation bias can be an easy thing to fall prey to and happens often when it comes to investing.
- There are three things to prevent you from succumbing to confirmation bias: take a second look, seek expert advice, and know your risks.
- When we get distracted from our goals in life, it’s important to have a system to help us continually progress.
- There are three simple sets to use to help you progress: Goals, Types of Days, and Action Items.
- When tackling important items for the day, always start with the hardest item first thing in the morning.
- In 2009, a new form of currency called cryptocurrency was created, and Bitcoin was the first of its kind.
- Cryptocurrency is a digital asset medium of exchange that is private, decentralized, and controlled by the number of units that are created.
- Unlike traditional forms of currency, cryptocurrency works like a commodity in that it is very volatile and you can make a lot of money one day, and lose a lot the next.
- There are 4 money corners to think about: save, spend, tax, and invest.
- If you save 15% of your income first, then look at spending on your needs, then your wants last, you will be in good financial shape.
- Diversifying your investments will ensure you are able to better handle an economic downturn.