Over my years as a planner, I’ve learned that understanding a bit of psychology is just as important as understanding cash flow or asset allocation. This is particularly crucial for me since I work primarily with caregivers.
In my profession, and in my life, I keep running into the aptly-named Ostrich Effect. This is the tendency for individuals to “bury their head in the sand” when faced with difficult or complex problems. As advisers, we need to be aware of this bias and be prepared to tackle tough situations with clients. It's our job to help them thrive.
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