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Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the New Science of Behavioural Economics
 
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Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the New Science of Behavioural Economics (Paperback)

by Gary Belsky (Author), Thomas Gilovich (Author)
5.0 out of 5 stars  See all reviews (13 customer reviews)
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Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the New Science of Behavioural Economics + Predictably Irrational: The Hidden Forces That Shape Our Decisions + Irrationality
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Product details

  • Paperback: 224 pages
  • Publisher: Simon & Schuster; Fireside ed edition (26 April 2000)
  • Language English
  • ISBN-10: 0684859386
  • ISBN-13: 978-0684859385
  • Product Dimensions: 21.1 x 13.7 x 1.5 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon.co.uk Sales Rank: 46,563 in Books (See Bestsellers in Books)

    Popular in these categories:

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Product Description

Amazon.co.uk Review

Why do so many otherwise rational individuals make irrational decisions when it comes to money? Financial journalist Gary Belsky and Cornell University psychology professor Thomas Gilovich contend the answers can be found--and the deficiencies remedied--with help from a relatively new science called behavioral economics. Still largely unknown outside academic circles, the field can be traced to research on the impact of rewards and punishments on human judgement and decision-making that first were undertaken at Jerusalem's Hebrew University some 30 years ago. In Why Smart People Make Big Money Mistakes, Belsky and Gilovich update this pioneering work and show readers how to understand exactly why they invest, spend, and save as they do. More importantly, using examples that everyone can identify with and language that anyone can understand, the authors offer dozens of workable suggestions that can help readers manage their money better. "We believe that by identifying the psychological causes behind many types of financial decisions," they write, "you can effectively change your behaviour in ways that will ultimately put more money in your pocket and help you keep more of what you already have." --Howard Rothman, Amazon.com --This text refers to an out of print or unavailable edition of this title.


Product Description

Offers financial advice.

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Customer Reviews

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15 of 16 people found the following review helpful:
5.0 out of 5 stars BAD THINKING HABITS "STALL" YOUR ECONOMIC PROGRESS, 10 April 1999
By A Customer
This review is from: Why Smart People Make Big Money Mistakes & How to Correct Them: Lessons from the New Science of Behvioral Economics (Hardcover)
WHY SMART PEOPLE MAKE BIG MONEY MISTAKES is full of examples of decisions you might have to make. You get to choose an option, and then the authors tell you what you should have chosen. This is a great learning technique to bring home the lessons of this superb book. The authors point out several biases that most people have about money (such as it's okay to blow certain money, but not other money -- all money is really the same), themselves (people always overrate their abilities and get taken as a result), and circumstances (even people who got an A in statistics will usually misanalyze the risks they take). Since money is ultimately about math, a lot of your lifetime income and earning potential is lost in the process of following these biases. This book could make or save you a million dollars. You cannot afford not to read it. I was reminded of a parallel book on the same sorts of problems about bad thinking habits as they apply to work situations called "The 2,000 Percent Solution" which you should also read. If you use the lessons of both books, you will be enormously better off financially in your lifetime. It'll be like owning the casino, instead of losing money in it. Good luck!
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11 of 12 people found the following review helpful:
5.0 out of 5 stars I'll never make decisions quite the same way again, 21 Mar 1999
By A Customer
This review is from: Why Smart People Make Big Money Mistakes & How to Correct Them: Lessons from the New Science of Behvioral Economics (Hardcover)
I am a "debt elimination specialist" - a financial consultant who teaches people how to pay off their debts and achieve financial independence quickly. Every day, I see smart people who have made big money mistakes, so the title caught my eye. I read the book thinking that it would be useful in helping me to understand my clients better. It did that AND MORE. I was surprised at the self-revelation that I received. At several points, I thought to myself, "These guys must have been reading my mail!" I'll never make any decision (financial or other) in quite the same way as I used to. I highly recommend the book.
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8 of 10 people found the following review helpful:
5.0 out of 5 stars Nonrational Economics Explained, 27 May 2004
By Professor Donald Mitchell "Jesus Makes Me a P... (Boston) - See all my reviews
(TOP 10 REVIEWER)      
This review is from: Why Smart People Make Big Money Mistakes & How to Correct Them: Lessons from the New Science of Behvioral Economics (Hardcover)
People don't act like computers when making economic decisions. This book is full of examples that show why people make miseconomic decisions. The basic point is that we have rules of thumb learned in daily life that we apply to economic decisions, and the results are costly.

This book reminds me of Robert Cialdini's excellent book, Influence, that explains the psychological biases that harm us as consumers and how to protect ourselves against unethical sellers. If you read and apply them both, you will have much more prosperity in your life.

Here are some examples: We are all more careful about saving money in some areas than in others. For instance, I'll go to great lengths to save money on air travel, but frequently buy expensive wines in restaurants (not a great value).

Most of us are more concerned about avoiding losses than in making gains. This often translates into holding stocks with losses, rather than selling them, even if there is not much chance of a rebound. I know I'm guilty of this.

Another example is assuming that we have knowledge that we really don't have. Someone who is good in math may not take the time to mathematically evaluate the choices. For instance, a 15 year mortage on your home is only a little more costly per month than a 30 year mortgage. The different in the cost of the total interest you pay is enormous, yet almost everyone gets a 30 year mortgage. Almost everyone has the skill to compare the two choices, but few take the time to do so. This kind of stalled thinking can be irresistible, and your wallet will inevitably be lighter as a result.

When you discover that you have a weakness in one of these areas, you can then be more cautious in avoiding your biases in the future. This book is very helpful in this regard because each chapter explore one bias and begins with a question to test your instincts. In answering that question, you will probably find (if you are like me) that you make the wrong choice.

This book will return its cost in time and money hundreds of times over the rest of your life. Be sure to read and apply it!

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Most Recent Customer Reviews

5.0 out of 5 stars Ravi
Most readable introduction to Behavioural Economics that I have read. I had also read "Nudge" by Richard Thaler and Cass Sunstein before I read this book and I found this more... Read more
Published 1 month ago by Ravikumar Cherubala

5.0 out of 5 stars my personal barometer.....
this one is a keeper. I learned from it and shifted my attitude to cash (with the exception of bookbuying). Read more
Published 7 months ago by karen bennett

5.0 out of 5 stars Excellent Stuff from Gary & Tom
I have recently been introduced to the area of behavioral finance and I should admit that I have been thoroughly impressed so far by whatever I have read. Read more
Published 22 months ago by R. Jain

5.0 out of 5 stars Jaded Prudence with money
This is a very readable book on the new study of behavioral economics. Gilovich and Belski starts off where Peter L. Read more
Published on 1 May 1999

5.0 out of 5 stars So good that I didn't buy it!
This book mainly teaches you to think sensibly about money -- for example, not to make purchases with a credit card that you wouldn't if you had to pay cash instead. Read more
Published on 18 Mar 1999

5.0 out of 5 stars Must be good if G. Belsky wrote it.
The one-line review says it all. by Labels Fables
Published on 4 Feb 1999

5.0 out of 5 stars Proust has nothing on Belsky.
Proust has nothing on Belsky. This book has changed my life amd how I deal with the greatest unknown variable: money. This one is brilliant and essential. Read more
Published on 20 Jan 1999

5.0 out of 5 stars Usable, sensible, indispensable!
Unlike most books on investing and personal finance, which breathlessly offer the "secrets" of how to get rich quick, this book tells us the honest truth: It doesn't... Read more
Published on 20 Jan 1999

5.0 out of 5 stars A Masterful Money Lesson
Belsky and Gilovich are true masters in writing. If a person is looking for a good book, this is it. It's money tips are invaluable.
Published on 11 Jan 1999

5.0 out of 5 stars Great book to learn about yourself and money
This is a really good book, that is worth the money you pay for it. The authors are one economist and one psychologist and they take you to discover this new science, behavioral... Read more
Published on 5 Jan 1999

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