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Five Cs of Credit

Whether you agree or disagree with President Biden’s Student Loan Forgiveness Plan, it is useful to think of it in relation to the usual ways that credit is granted, and the expected payback of loans. That is why we posted the "5 Cs of Credit," one of the 74 essential concepts in Your Total Wealth. Because financial advisors and bankers…
John Drake
September 14, 2022
Confirmation-BiasBlogFinancesFinancial Literacy

CONFIRMATION BIAS: FINANCIAL ADVISORS AND INVESTORS SHOULD REMOVE THEIR BLINDERS

Confirmation Bias is the third article in our trilogy of behavioral finance biases affecting financial advisors and their clients.  Indeed… that is one of the reasons Smart People Do Stupid Things...  Feel free to download copies for yourself, your colleagues and your clients.   CONFIRMATION BIAS A BEHAVIORAL FINANCE BIAS AFFECTING ADVISORS AND THEIR CLIENTS David Dubofsky, PhD, CFA Lyle Sussman,…
HSF Publishing
August 15, 2022
Financial OverconfidenceBlogFinancial Literacy

OVERCONFIDENCE: A Behavioral Risk For Both Financial Advisors And Their Clients

David Dubofsky, PhD, CFA and Lyle Sussman, PhD The increasing interest in decision making biases affecting the financial world can best be documented with this metric: A Google search of the phrase “Behavioral Finance” yields over 5 million hits.  A cursory scan of a sample of those links highlights overconfidence as a significant bias affecting both investors and their advisors. Overconfidence…
David A. Dubofsky
August 1, 2022
BlogUnderstanding Debt

Federal Reserve

Clients of Financial Advisors and Wealth Managers hear a lot today about the Federal Reserve. Unfortunately many of those clients, and people in general, may not know what it does and how it affects their daily personal finances. Here’s a sample of "Central Bank," one of the key terms we explain in our book, "Your Total Wealth," to help you…
David A. Dubofsky
July 21, 2022
BlogFinancial LiteracyFinancial Planning

Smart People Doing Stupid Things: Decision Making Biases of Both Clients and Their Advisors

Financial advisors know that their clients often make investment decisions that may not be purely rational. But because both are human, those advisors are subject to the same cognitive and psychological biases, and irrational decisions as their clients. However, because of their professional training and status, advisors may believe they are immune from irrational biases. This FPA Knowledge Circle Presentation…
David A. Dubofsky
May 31, 2022
BlogFinancial Literacy

Your Total Wealth: The Heart and Soul of Financial Literacy

Thanks again to Brian Adams for hosting a podcast in which we discussed the importance of combining Financial Literacy with Life Literacy—i.e., Total Wealth. To listen to our discussion, click on: If someone asks you what wealth means for you, what would your response be? The first thing people always associate this term with is money, however, wealth can also be translated into freedom, opportunities, and…
David A. Dubofsky
May 27, 2022
BlogUnderstanding Debt

2022 Student Money Survey

Attending college can be exciting but also at times scary, especially when you consider that most students aren't taught much about personal finance. Students’ fears have only been intensified recently by soaring inflation and other economic troubles, which threaten to make higher education less affordable. Many students also still have yet to recover from the impact of the COVID-19 pandemic.…
David A. Dubofsky
May 16, 2022
Stephen R. Covey - The 7 Habits of Highly Effective PeopleBlogFinancial LiteracyFood For Thought

5 Prescriptions to Bridge the Communication Gap with Clients

Lyle Sussman and David Dubofsky “Seek first to understand, then be understood.” This fifth of seven habits of highly effective people, as laid out in Stephen Covey’s bestselling book, is crucial for financial advisors who aspire to communicate effectively with clients and to obtain client referrals. But although many advisors implicitly accept the power and wisdom of this habit, they…
David A. Dubofsky
April 12, 2022

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Your Total Wealth is the ideal read. It is the most unique and accessible financial advice resource I’ve ever seen and goes well beyond how to make money - Kiplinger
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