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The Most Dangerous Phrases In Personal Finance

Happy Friday!

To start off the final day of the work week, I wanted to point to a quick and short post that packs a punch. It comes from Thomas Kopelman, a financial advisor and blogger, and highlights the dangers of some types of (financial) self-talk.

Oftentimes, we fall into these traps without even realizing it and, hopefully, this post can highlight some of those thoughts so you can catch them before they take hold.

The Most Dangerous Phrases In Personal Finance [The Long Game] – “Most people convince themselves that what they are doing is okay. Here are some of the most dangerous phrases people tell themselves that lead to poor financial decisions that you should avoid:

1. “I deserve this.” This is something people often say before they make a spur of the moment, huge purchase. Instead, take a week before you make any huge purchases, this will help you avoid splurging on things you don’t actually want.”

The Spectacular Collapse Of Cryptokitties, The First Big Blockchain Game [IEEE Spectrum] – “Today, CryptoKitties is lucky to break 100 sales a day, and the total value is often less than $10,000. Large transactions, like the sale of Founder Cat #71 for 60 ether (roughly $170,000) on 30 April 2022, do still occur—but only once every few months. Most nonfungible fur-babies sell for tiny fractions of 1 ether, worth just tens of dollars in July 2022.”

And before we glide into the weekend, here’s a fun short film – One-Minute Time Machine (some language and adult themes, but really funny):

Enjoy the weekend!