Our biases have the unparalleled ability to stop us from getting the most out of our finances.
After all, it is very easy for us to fool ourselves and very hard for us to change our minds. Some common biases include confirmation bias (dismissing any information that doesn’t agree with an idea you really like) and overconfidence (how could I possibly be wrong?)
We can be aware of our biases and study them, but that doesn’t mean we will catch ourselves when acting on them.
Having an accountability partner is the best way to keep your biases out of your finances. Someone to notice patterns in your behaviour that are either hurting you or causing you to miss out on good opportunities. It’s easy for us to lie to ourselves but a lot harder to successfully lie to someone else who cares.