Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
By Staff Reporters
***
***
Envy / Jealousy: This bias also relates to the contrast and social proof biases. Prudent financial and business planning and related decision-making are based on real needs followed by desires. People’s happiness and satisfaction is often based more on one’s position relative to perceived peers rather than an ability to meet absolute needs.
The strong desire to “keep up with the Jones” can lead people to risk what they have and need for what they want. These actions can have a disastrous impact on important long-term financial goals.
According to colleague Dan Ariely PhD, clear communication and vivid examples of risks is often needed to keep people focused on important financial goals rather than spurious ones, or simply money alone, for its own sake.
COMMENTS APPRECIATED
Subscribe and Like Today
***
***
Share this:
Filed under: "Doctors Only", Career Development, Ethics, Experts Invited, Financial Planning, Glossary Terms, Investing, LifeStyle, mental health | Tagged: bias, Cognitive Biases, Dan Ariely PhD, decisions, Envy, envy bias, Finances, jealousy, jealousy bias, jones, love, mental health, prudence financial, Relationships, social proof biases | Leave a comment »
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 