Northwest Indiana Private Wealth Consultants

Northwest Indiana Private Wealth Consultants

Few want to admit it, but human behavior does impact investing. Our minds trick us, so we think that we find patterns in how well or how bad a stock is performing and believe that the stock will continue on that pattern for a while. There is no pattern, and it really is the theory of probability, and it is often illustrated when a coin is flipped to show heads or tails. If the coin is flipped and it comes up heads ten times that does not mean that it will come up heads again on the 11th flip.

It is in your best interest to talk with one of the best Northwest Indiana wealth consultants. At Harvest Financial Planning, LLC, their team of private wealth consultants put your goals first every time. They are keenly aware of how human behavior creeps into investment strategies and will remind you of this phenomena when it happens to you, which it will at some point or another.

How to Get Yourself Out of the Way When It Comes to your Private Wealth

Since your goal is to invest wisely, it is smart for you to get out of your way when you are on your journey to create your private wealth. Often we are our obstacles when it comes to investing our money. Here are a few blind spots that Nobel Prize-winning economist Daniel Kahneman has written about that you need to avoid if you want your portfolio to perform optimally. They are:

Anchoring. Anchoring is a term used to describe what happens when you get stuck on a specific data point and will not let go of it.
The Gambler’s Fallacy. The gambler’s fallacy is the belief that if something continues to beat the odds, it will not happen again. Here is another example of the theory of probability too.
Confirmation and Hindsight Bias. Confirmation and Hindsight Bias occur when investors only pay attention to data that agrees with their hypothesis about a stock.  You can also think of this as wishful thinking, which many of us have taken part in when things are not looking too good for us.

Let a private wealth consultant help you with your investments. You don’t want to sabotage your finances.

Contact One of the Best Northwest Indiana Private Wealth Consultants Today

Your emotions do play a part in your investment options. Now that you are aware of your human tendencies, why not make an appointment with one of the best Northwest Indiana private wealth consultants? Contact the financial planners at Harvest Financial Planning, LLC in Northwest Indiana today. Getting in touch with us is easy. Just send us a message on our website or phone us directly at 219-864-5050. We are here to work with you as you build your financial portfolio.

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