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Do Three Men Still Make a Tiger?

Moral Suasion, Investing and the Corona Pandemic

Courtesy: http://www.CertifiedMedicalPlanner.org

By Dr. David E. Marcinko MBA

People will believe anything if enough people tell them it’s true.

This thought comes from a Chinese proverb that if one person tells you there’s a tiger roaming around your neighborhood, you can assume they’re lying.

LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html

If two people tell you, you begin to wonder. If three say it’s true, you’re convinced there’s a tiger in your neighborhood and you panic.

MORE: https://www.omsj.org/science/three-men-make-a-tiger

INVESTING: https://www.caseyresearch.com/daily-dispatch/three-men-make-a-tiger/

MONEY PSYCHOLOGY: https://medicalexecutivepost.com/2018/09/19/money-beliefs-and-luxury-lifestyle-tv/

INVESTING: https://medicalexecutivepost.com/2013/04/24/more-on-money-psychology/

Assessment: Your thoughts and comments related to the Corona Virus Pandemic, Money and Investing psychology are appreciated.

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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

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THANK YOU

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The Yerkes-Dodson Law, Management, Investing and the Corona Pandemic?

Performance Increases with Anxiety and Excitement to a Point

By Dr. David E. Marcinko MBA

Courtesy: www.CertifiedMedicalPlanner.org

The Yerkes–Dodson law is an empirical relationship between arousal and performance, originally developed by psychologists Robert M. Yerkes and John Dillingham Dodson in 1908.

LINK: https://www.springerpub.com/dictionary-of-health-economics-and-finance-9780826102546.html

The law dictates that performance increases with physiological or mental arousal, but only up to a point. When levels of arousal become too high, performance decreases. The process is often illustrated graphically as a bell-shaped curve which increases and then decreases with higher levels of arousal.

LINK: https://juniperpublishers.com/gjidd/pdf/GJIDD.MS.ID.555606.pdf

MONEY: https://medicalexecutivepost.com/2018/09/19/money-beliefs-and-luxury-lifestyle-tv/

INVESTING: https://medicalexecutivepost.com/2013/04/24/more-on-money-psychology/

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PODCAST: https://www.bing.com/videos/search?q=YERKES-DODSON+LAW&&view=detail&mid=6ACB86065FA362A3AC1D6ACB86065FA362A3AC1D&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3DYERKES-DODSON%2BLAW%26FORM%3DHDRSC3

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Assessment: Your thoughts and comments related to the Corona Virus Pandemic, Investing and Money Psychology are appreciated.

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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

Product DetailsProduct DetailsProduct Details

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Why is it SO DARN difficult to talk about money?

The SCREAM?

[By Rick Kahler MSFS CFP®]

Do you have difficulty talking to people about money? Specifically, about their money or yours?

Here’s a quick test that will give you an amazingly accurate answer to that question:

Ask the next five people you see how much they make and what they are worth, then share with them the same information about yourself. If you can do that with ease, you probably don’t have difficulty talking to people about money.

Of all those to whom I have suggested this test, hardly anyone has reported back that it was easy. Actually, most people encounter intense emotions just imagining doing the test. Very few complete or even attempt it.

That includes financial professionals. Many people will admit they find it difficult to talk about money, but few financial professionals will. After all, their profession is all about money, so how could they have trouble talking about it? Yet they do, when the money is theirs.

Research

Research finds that most people have such difficulty talking about their money that they will pay to keep their salary a secret. According to an October 16, 2018, article by Jacob Passy in Market Watch, researchers at Harvard Business School and UCLA found that 80% of those surveyed would be willing to pay money to stop coworkers from receiving an email containing their salary information.

“Employees may be afraid to ask coworkers about their salaries because that may force them to reveal their own salaries, which they dislike,” the researchers said.

Why, regardless of our profession, do we dislike telling people what we make or how much we are worth?

Net worth

To find out, try this quick exercise. Imagine asking the next five people you see to reveal their earnings and net worth and sharing your earnings and net worth with them. Then write down all the one-word feelings you can identify that this brings up. Next, write down the thoughts, beliefs, or reasons that come to mind that would keep you from asking or answering these financial questions. Don’t censor your responses, and keep writing until you have nothing else popping up.

You should now have a really good list of why you dislike talking about what you or other people earn and are worth financially.

***

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Some of the common feelings are terror, panic, embarrassment, shame, guilt, shock, surprise, and anxiety.

Some of the thoughts are: 

  1. If I ask that, people will reject me and think I am a nutcase.
  2. If people find out what I am worth, they will shame and reject me.
  3. It’s too vulnerable to share financial information, I would rather talk about my sex life.
  4. I am afraid of being hurt, rejected, and shamed if I ask someone about their finances
  5. If people find out I don’t have much money, they’ll lose respect for me and take advantage of me.
  6. If people find out I have a lot of money, they’ll lose respect for me and take advantage of me.
  7. If they make more or are worth more than me, I will feel small and insignificant.
  8. If they make less or are worth less than me, I will feel guilty and unworthy of having more.
  9. People don’t like people who make more money or are worth more money than them.
  10. A person’s net worth is equal to their self-worth.

Assessment

Given the emotional weight of money as a topic, at your company Christmas party you may want to stick to talking about politics or religion. If you do want to spice things up and ask “The Money Question,” I would be interested to know about your experience.

Conclusion

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On Money Anxiety?

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Even … While the Housing and Market Indicators are Recovering!

By Rick Kahler MS CFP® http://www.KahlerFinancial.com

Rick Kahler CFPTwo economic indicators suggest that the US economy is recovering from the recession.

The housing market is almost back to 2006 levels in most areas of the country. We’ve also seen record highs for the Dow Jones stock index.

The Money Magazine Survey

Yet, according to a recent survey by Money magazine, many people still feel anxious about their finances. They may be more optimistic about their own current circumstances, but still worry about their future or about the economy in general.

This continued anxiety despite a rosier economic outlook may not seem logical. When you take a closer look, however, it makes perfect sense.

Why the Anxiety?

For one thing, people who suffered job losses, foreclosures, or other financial setbacks during the recession haven’t necessarily recovered emotionally even if they have recovered economically. Like other traumatic life experiences, painful financial experiences can leave lasting emotional damage.

In addition, even those not directly affected financially by the recession were affected emotionally by the alarming economic headlines. Our brains have evolved to react to threats with immediate action, so these news reports triggered a fearful urge to “Do something now!” Unfortunately, some investors panicked and “did something” by selling out of the stock market at the bottom. This may have reduced their anxiety in the short term, but it increased anxiety in the long term as they wrestled with when to get back into the market. Even some who did nothing still experience a lingering sense of anxiety and stress.

Still Filled with Angst

Now that the news is better, though, why aren’t we over all that angst?

For one thing, our brains don’t respond to good economic news in the same immediate way they do to fear-inducing news. A headline like “Dow hits record high” doesn’t give our brains a jolt of happy hormones equal to the shot of fear we get from “Dow hits new low.”

What we do relate to personally are changes that affect us directly, like cash in our pockets, a pay raise, or an observable increase in our purchasing power. Many people aren’t necessarily seeing those affects right now.

Example:

To illustrate this, two of the most significant economic indicators—the housing market and the stock market—don’t affect the vast majority of us on a daily basis. Unless you are buying or selling a home, you don’t really notice or care about real estate values. Gas, food, and consumer goods prices affect the average household the most.

The same is true for the stock market. Some 53% of Americans don’t have any money invested in stocks at all. Even if you do, an increase in the overall value of your retirement account isn’t likely to change your immediate cash flow. And if you haven’t received a raise in several years or can’t find a good job, your reaction to news of a record stock market high is likely to be, “So what? Things still aren’t that good for me.”

To reduce anxiety, then, what we really need is an improvement in our personal circumstances. That change may be a tangible financial one like finding a better job or getting a raise.

***

Money Anxiety

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Assessment

It also can be a change in focus. You might choose to pay less attention to things you can’t control, like news reports about the economy. This gives your brain less exposure to information that feeds its fear. Another option might be to focus on what you can do: building up an emergency fund, paying down debt, or cutting spending in order to contribute more to a retirement account. In that way, you can turn anxiety in your favor, using it as a motivator to improve your financial situation.

Related:

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

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By Rick Kahler MS CFP® ChFC CCIM http://www.KahlerFinancial.com

Rick Kahler CFPAnyone who sent a check to the IRS this month certainly doesn’t need to be convinced that there is a relationship between money and feelings. I can personally attest that paying a hefty tax brings up a great deal of painful emotion.

Unification

The case for the union of money and psychology is overwhelming. Almost everyone experiences fear, sadness, grief, anger, or happiness around money events. Large life events like divorce, death, bankruptcy, losing a job, and selling a home clearly involve money and evoke emotions.

We may be less likely to notice the psychological aspects of smaller money events. Yet even acts like paying monthly bills, buying birthday gifts, or shopping for groceries have an emotional component.

The Research

Researchers like psychologist Daniel Kahneman PhD (who won the Nobel prize in economics) find that 90% of all financial decisions are made emotionally, not logically. Even the seemingly cold and calculating world of investing is driven by emotions. Economic theory is being set on its head as economist are slowly coming to realize that, regarding money, consumers often don’t make rational decisions that are in their best interests.

Yet 18 years after a small group of pioneering financial planners and therapists first met to explore the relationship of emotions and money, the field of financial psychology is still in its infancy. It’s really no wonder.

The Money Side

On the money side of the equation, we have institutions like large brokerage houses, insurance companies, and banks. Like all businesses, they need to be profitable. Any concern these institutions may have about the union of finance and psychology is likely to focus on ways to manipulate customers’ emotions in order to sell more of their goods and services.

The Emotional Side

On the emotional side, psychologists and therapists rarely mention money issues. When they do talk about money, it’s often in the context of their own fees. Their training doesn’t address the idea that both they and their clients may have emotional issues or beliefs around money that could be destructive.

Tax

The Gap

This leaves a big gap. In the middle of it are consumers who don’t know how to develop healthier patterns of behavior around money. They may overspend to relieve stress, feel overwhelmed by credit card debt, be unreasonably fearful about financial security, be overly trusting or overly suspicious, or give or lend too much to family members.

Some of these consumers have at least some idea that their destructive financial patterns are psychological. They may realize they need more than financial facts to change those patterns. Yet they may have no idea where to find the help they need.

More:

The Financial Planners

The one group of professionals that is moving to fill that need is client-focused financial planners. Unlike advisors who sell financial products, client-focused financial planners receive no commissions but charge fees for their advice. By law, they must act as fiduciaries and advocates for their clients.

Historically, financial planners have not embraced the notion of money psychology. Obtaining the Certified Financial Planner® designation still requires no formal training even in client communications or conflict resolution. Yet a small but growing group of client-centered financial planners is seeking out training in psychology and communication. A few even partner with financial therapists.

Assessment

The challenge for consumers is how to find these professionals. One source is the Financial Therapy Association, which has a list on its website at http://www.financialtherapyassociation.org.

Gradually, more consumers as well as professionals are realizing that it’s possible to combine financial knowledge and psychology to create more balanced relationships with money. This awareness is sure to increase the demand for financial psychology services. It will be exciting to watch this infant profession as it grows.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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