Brian Ford (00:05):
Welcome to Money and Mindset with Bright and Brian, where we like to boost your personal finances and your mental wellbeing. En cada episodio analizamos temas que pueden ayudarles a estresarse menos y sentir más confianza con respecto a la administración de su dinero.
(00:18):
I'm Brighton Ford, and I spend my days helping people improve their financial wellness. Estoy aquí con mi amiga y colega, mi copresentadora, Bright Dickson, experta en psicología positiva, quien se dedica a ayudar a otras personas a encontrar y vivir de acuerdo a su propósito. ¿Cómo estás hoy, Bright?
Bright Dickson (00:33):
I was already feeling pretty good, but after that very lovely intro, I'm feeling great. Así que gracias, Brian. ¿Cómo estás tú?
Brian Ford (00:40):
Realmente estoy muy bien. Gracias. Estoy listo para el episodio de hoy. We're going to be talking about the field of behavioral finance. Starting with an important question. What in the world is behavioral finance anyway? Bueno, en términos simples, es el estudio de cómo nuestra psicología y nuestras emociones afectan nuestras decisiones financieras. Analizaremos un par de teorías clave dentro de las finanzas conductuales, incluida la idea de que el exceso de confianza a veces puede meternos en problemas con nuestro dinero. Pero más allá de eso, también exploraremos cómo las emociones y el dinero en realidad pueden combinarse bien y cómo podemos usar nuestras emociones para ayudarnos a avanzar hacia nuestros objetivos financieros en lugar de que se conviertan en un obstáculo.
Bright Dickson (01:20):
Oh, sounds like we have some unpacking to do here. ¿Comenzamos?
Brian Ford (01:24):
Empecemos.
Bright Dickson (01:31):
Brian, acabas de mencionar lo que son las finanzas conductuales, pero, ¿ podrías explicarles con más detalle a nuestros oyentes este concepto de las finanzas conductuales y cómo lo podemos usar?
Brian Ford (01:42):
Yeah. So I want to start by laying out an idea that is not supported by behavioral finance, which is the idea that as individuals, we make rational decisions based totally on objective facts. So we all like to believe that when we're making important decisions, we can be super rational and leave emotions out of it. Think of somebody like Spock on Star Trek, just this totally logical scientific character who takes a look at all the data before making a decision with hardly any emotions considered.
Bright Dickson (02:14):
You always like to call yourself a finance nerd, but I think this is the first time you've ever mentioned Star Trek on the podcast. So, nerding out, I'm here for it.
Brian Ford (02:23):
Yes, big shout-out to our Trekkie listeners. So now a lot of us want to think that we can be Spock when it comes to managing our money, but the truth is that none of us are Spock. We know that from research and experience, we cannot make decisions completely independent of our emotions. We're not always rational. We don't always have self-control, and we're not always consistent with our decisions. Incluso si fuéramos seres completamente lógicos y racionales, no tenemos el tiempo ni el ancho de banda suficientes para absorber todos los datos que necesitamos para tomar buenas decisiones. Y de eso se tratan las finanzas conductuales. Es una forma de estudiar y analizar todos los factores emocionales y psicológicos que pueden influir en nuestras decisiones monetarias.
Bright Dickson (03:07):
And Brian, I want to highlight that part of what you laid out there, which is that we all want to believe that we're that, and it's part of self-awareness coming to terms of being human to understand that no, we're not always based on pure ration. También somos seres emocionales y eso es normal, es humano. También quiero transmitir un pequeño descargo de responsabilidad. Las finanzas conductuales son un gran campo de estudio dentro de un campo aún más grande denominado economía conductual. So if you start researching the subject, which I really hope you do, there's a lot, a whole lot out there. It can get pretty deep and it can get pretty populated. Hay muchísimos principios e ideas específicos que se pueden estudiar dentro del campo de las finanzas conductuales. We're going to cover just a few of them today. So this is just a little appetizer of behavioral finance and there's much more to this meal.
(04:06):
Así que, si realmente les interesa el tema y se sienten inspirados por el episodio de hoy, los alentamos a seguir investigando al respecto. No permitan que el tema los intimide. No necesitan ser psicólogos ni economistas ni nada de eso para entender las conclusiones clave al aprender acerca de finanzas conductuales. And really just having this awareness that we're not always rational. And yes, you too, my friend and me too, us, all of us, we're not always rational. Having that awareness that your emotions can influence your financial decisions, it's huge. It's not a positive, it's not a negative. It just is. And we need to know, understand, and work with that.
Brian Ford (04:47):
Yeah, I think that's an important note, right? Gracias. Lo que hablaremos hoy realmente puede ser un punto de partida hacia un mayor aprendizaje y progreso. So you touched on another point that I want to mention. Gran parte de la investigación disponible acerca de las finanzas conductuales analiza cómo nuestras emociones impulsan nuestras decisiones sobre inversión y cómo eso afecta el mercado de valores en general. But while much of the research and behavioral finance is done in the context of investing, I think it's also handy to keep in mind when you're making everyday decisions about your personal finances. Otra de las cosas que dijiste, Bright, también es algo clave: la importancia de la conciencia. Conocerse, conocer sus emociones y conocer algunos de estos principios psicológicos les ayudarán a implementar sistemas útiles para ustedes mismos y a forjar hábitos que les ayudarán a aumentar su confianza financiera.
Bright Dickson (05:39):
Absolutely, Brian. And I think there's this element of humility involved here too. This mindset that we've really got to acknowledge is that I'm not always right, and I hate to say that because I truly believe that most of the time I am, and I have a bit of a reputation for that. But here's the thing, we're not always wrong either, and sometimes we're neither right nor wrong. It's just a complicated soup out there. Pero por cómo funciona nuestro cerebro, desarrollamos muchos atajos mentales que pueden ahorrarnos tiempo, ahorramos energía, pero que también tienen un costo en términos de precisión y, a veces, eficiencia. So you and I have talked about on the show before this idea of negativity bias, which is a great example of one of these shortcuts, and it comes up in behavioral finance too.
(06:36):
So negativity bias is that we are drawn more to negative information than positive information. We tend to focus on threats and what's out of our control more than we pay attention to opportunities and what is in our control and negativity. Bias means that we don't just focus more on the negative intention, but that it's more meaningful to us than positive information and we're more inclined to act on it, which can be a problem. But again, it's not like we're not making this consciously. It's a way that our brains are wired. It's a shortcut for processing information. Lo que necesitamos hacer es ser conscientes de esto.
Brian Ford (07:20):
Yeah. Oh, Bright. I love that because sometimes when I think of the word bias, I sometimes shut down emotionally. I don't know why.
Bright Dickson (07:28):
Sí.
Brian Ford (07:29):
And the fact that you just said, look, bias is just a shortcut and it's just a way that our brain functions and it's normal and it's okay. So we don't have to just shut down. When we think of the word bias, we just want to listen, kind of see how that applies to us so that we can better manage our money. Me parece fantástico que menciones el sesgo de la negatividad. A menudo uso el ejemplo de cómo los medios lo aprovechan en su cobertura de las noticias económicas. So if we read too much about a down market, for example, we risk getting lost in this kind of negativity bias spiral and potentially making bad decisions about our investments like selling before the market recovers.
Bright Dickson (08:09):
Or just sort of shutting down completely. That's another thing we can get is that there's too much. And so we sort of go into survival mode and shut down completely. And we are wired with these mental shortcuts. Son parte de nuestro cerebro. Y básicamente lo que dicen estos sesgos, estos efectos o como sea que se los llame es que prestamos atención a cierta información mientras ignoramos otra información. Son distintas versiones de la misma cosa, ¿no? Prestar atención a cierta información y no a otra información.
Brian Ford (08:45):
Así es. Fascinante.
Bright Dickson (08:47):
It's something that's unconscious, it's unintentional, but it's still there. So this is one of the places where I like to make this distinction. It's not our fault, but it is our responsibility. It can still affect our problem solving. It affects our decision making in major ways and in minor ways. And negativity bias, for example. It's not necessarily good or bad, it's got these two sort of loaded words in it, but once you understand what it is, you work around it. Necesitamos ser conscientes de ello y del modo en que pensamos y nos comportamos, incluso de lo que sentimos. Necesitamos analizar el tema e intentar ver las cosas con un poco más de claridad.
(09:27):
Una forma de hacerlo es hacer preguntas y buscar una perspectiva externa. So acknowledge that negativity bias. Then try to get whatever sort of information you might be missing because of it so that you can move away with more of the facts. And that's true of all of our emotions, all of our cognitive biases, it's kind of just a good way to operate day to day.
Brian Ford (09:53):
I was taking notes. I didn't expect to be taken to school today. Awesome. Seriously, I was kind of taken back with some of the things you were saying, and I was like, "Wait, I think it's my turn to chat again." Estuve ocupado tomando notas, pero lo que dijiste es muy bueno. So awareness is half of the battle. ¿Y qué hay de la otra mitad? A continuación, hablaremos más sobre el rol de las emociones en la administración de su dinero y profundizaremos en más teorías sobre finanzas conductuales.
Bright Dickson (10:28):
As we keep this conversation going, now's a great time to open up the old inbox. As a reminder, you can always reach us at askbrightandbrian@truist.com. We're looking for anything you want to share, be it your questions, comments, feedback, and especially any stories you have about your own money and mindset challenges or even better your wins. We are here for it all. We want to hear about it, and we love talking about your stories and questions on the show.
Brian Ford (10:55):
Absolutamente. Ahora quiero hablar sobre una pregunta que surgió hace poco sobre un consejo frecuente que probablemente todos hayamos oído y que se relaciona a la perfección con nuestro tema de hoy. Sometimes emotions get a bad rap when it comes to managing our money, it's sort of a common idea that emotions and money don't mix. Y, por lo general, creo lo mismo. But the question is, Bright, so we'll kind of talk about this. The question is, can emotions ever be good for making financial decisions?
(11:31):
Y comenzaré diciendo que la mayoría de los expertos financieros diría que no. Most financial experts would say that emotions can get us into trouble, and we'll be talking about that today. So we'll get to that. Sin embargo, en algunos casos nuestras emociones son algo bueno. Por ejemplo, sus emociones deberían motivarlos a actuar ante conductas financieras importantes. In fact, if your financial goals are independent of your emotions, you might not have the grit to stick to them.
(12:08):
El dinero puede ser un medio para un fin mucho más significativo. So if you're living good financial habits because you know this will help you hit your goals and be happier, well, that's positive emotional motivation. That's a good thing that can be really powerful. But now I will say that once you're actually taking steps toward those goals, whether it's investing or saving for a vacation or whatever the case may be, you do want to be careful that you're still making decisions based on good financial systems. En otras palabras, sea cual fuere la emoción que los motive, siempre deben asegurarse de que sus decisiones se basen en información confiable.
(12:47):
Let me give you another simple example, Brian. So if a trustworthy financial planner tells you that you're not on track for retirement, you should be saving a little bit more. Maybe this can feel scary in the moment. Sin embargo, si tu reacción es aumentar tus contribuciones a tu 401(k), aunque solo sea en un pequeño monto, entonces ese sentimiento horrible se usó de forma productiva. In that case, even an unpleasant emotion, that twinge of anxiety about your retirement can motivate a positive financial outcome, but only because it was based on solid rational input from a financial advisor that you trust.
(13:26):
So I would say normally emotions can get us into trouble. However, sometimes they can be a motivating factor to get going in the right direction.
Bright Dickson (13:37):
Yeah. I mean, we've got to be sort of rational about our emotions too. Brian, me gusta pensar en que las emociones son información. They're how our brains interpret our body's reactions to our internal and external environments. Es una especie de bucle de retroalimentación. Your emotions are trying to tell you something. Tienen un mensaje para ti. Whether what they're saying to you is accurate or not, that's a different issue. And that's where this kind of stuff can be really helpful. Behavioral finance can be really helpful in helping you sort out what's accurate and what's not. Ahí es cuando entran en juego la lógica y la racionalidad.
(14:22):
Emotions are important and we shouldn't ignore them no matter what they are because they're trying to tell us something about ourselves and how we're processing our internal and external environments. Actuar o no en consecuencia es otro tema. And then how you act on them is another part of this. But this sort of black and white emotions are good, emotions are bad, that's not a rational way of thinking, frankly. It's so dependent. And that's the work of understanding your own mind and how you think. And that's a huge part of both money and mindset, right?
Brian Ford (15:00):
Nice. I really like that idea. Emotions are information, emotions are feedback. Me vienen muchas personas a la cabeza, y me incluyo en este grupo, que se sienten orgullosas de tomar decisiones muy calculadas con base en datos. Y en ese sentido, si lo piensas así, las emociones son casi el enemigo. Pero como acabas de explicarlo, Bright, las emociones son solo otra fuente de datos. So for everyone out there who loves logic, who loves making informed decisions, I think we would do well to remember that we have to collect all the data we can, and that may include our emotions.
Bright Dickson (15:45):
And I think we have this sort of view that logic and emotions are on separate sides of a spectrum, and they're not right. They're not sort of like enemies, like they're opposite ends of your brain ready to charge at each other. That's not how it is. Emotions are a part of the decision-making process. La economía conductual afirma que, en cierto modo, preceden a la racionalidad. So part of being rational and a really important part of being rational is factoring in your emotions, acknowledging them, understanding where they're coming from, why they're there, what kind of message they're sending you, and using that as part of the way that you're making a decision or processing information. And we don't have to make this totally about Star Trek or anything, but just to use that reference, the emotional Captain Kirk needs Dr ... Is it Dr. Spock? No, Dr. Spock is someone else. I'm not super familiar with Star Trek-
Brian Ford (16:48):
Oh, vaya.
Bright Dickson (16:48):
I just want to ... but I do have a William Shatner story.
Brian Ford (16:51):
Aha.
Bright Dickson (16:51):
Anyway. But that more emotional Captain Kirk needs Spock and vice versa, right?
Brian Ford (16:58):
Aquí tienes.
Bright Dickson (16:59):
There's a reason that they're there together, right?
Brian Ford (17:01):
Sí.
Bright Dickson (17:01):
Los necesitamos a ambos y no es algo inteligente excluir a uno u a otro.
Brian Ford (17:09):
Agreed. And before we reach the final frontier of our conversation today, just going to give that a moment so our Trekkies can appreciate it.
Bright Dickson (17:18):
All right. Next we're highlighting a few helpful key concepts from the world of behavioral finance. Así que transpórtanos al siguiente segmento, Scotty.
(17:41):
So, Brian, I thought we could start talking about some specific concepts within behavioral finance by looking at one, some of our listeners may have already heard of in a different context. So this concept of herd behavior. What's herd behavior and how can it influence our financial decisions?
Brian Ford (18:00):
Bueno, el concepto describe lo que implica el nombre. So herd behavior is when people stop acting as individuals and start following the crowd, it's pretty common for us to look around and say, what is everybody else doing and then possibly just going along with that. Sin duda se aplica a nuestra vida financiera, pero también se relaciona con nuestra vida en general. But when it comes up, particularly in finance, it usually comes up in the context of investing in the stock market. Cuando el mercado está en alza, todo va bien. El rebaño quiere redoblar sus esfuerzos e invertir más en un mercado que posiblemente esté sobrecalentado. And when the market's not doing well, it's falling. The herd's reaction is to pull its money out or stop investing altogether. Oftentimes, we shouldn't be doing either of these things. And when it comes to investing, going against the herd, maybe what you should be doing instead.
Bright Dickson (18:55):
And Brian, it makes me think of that whole phenomenon of meme stocks from a couple years ago when people were investing all this money, there was all of this talk about these, what seemed to me to be kind of random stocks. And it was because of hype on social media and online forums, and not necessarily because of the profitability or outlook on the companies themselves. What was up with that?
Brian Ford (19:24):
Totally. Great example. Pero me gustan los ejemplos aún más viejos. La historia está llena de ejemplos de este tipo. And one that comes to my mind, one of my favorites is called Tulip Mania, which is just ... yeah, it's a fantastic name. A principios del 1600 en Holanda, los tulipanes eran el último grito de la moda. Y debido a su popularidad, el precio de los tulipanes se disparó. Así que cada vez más personas compraban estas flores sumamente populares hasta que muchas de ellas usaron crédito para comprar más bulbos de tulipán de los que realmente podían pagar. Sounds crazy, I know. But this was real.
(20:01):
And a little later on, less than a year after the whole craze kicked off, prices of tulip bulbs started to fall back to normal, surprise, surprise, and a ton of tulip bulbs, crazed buyers, they lost their shares. Este es un ejemplo de antaño de lo que llamamos burbuja financiera, un término que hemos escuchado varias veces en referencia al mercado de valores. También es un excelente ejemplo de mentalidad de rebaño: personas que miran a su alrededor y siguen ciegamente lo que todos los demás están haciendo, en este caso, comprar bulbos de tulipán.
Bright Dickson (20:35):
I mean, it's like that fear of missing out. So you see people buying tulips or meme stocks or whatever, and they seem to be benefiting from that, right? In extreme ways. And so, of course, why shouldn't you join up? Why shouldn't I be a part of that? And it's a case of your emotions, and in this case, a type of fear or a type of, I would say irrational optimism. Totally overpowering the more rational part of your decision-making process, right?
Brian Ford (21:11):
Sí. Es exactamente así. Y es por eso que hago tanto énfasis en desarrollar sus propios buenos hábitos o sistemas para mantenerse encaminados sin importar lo que pase en las noticias. Have a good financial plan, work with a good financial planner, and then stick to that plan even in tough times. When it comes to investing, don't sweat those short-term ups and downs in the market. And remember the importance of dollar cost averaging. Simplemente coloquen una cantidad fija de dinero a intervalos regulares en el tiempo.
Bright Dickson (21:37):
And maybe if it sounds too good to be true, maybe it is, and I can't look inside the heads of those Dutch tulip buyers from 400 years ago, but I'd be willing to bet that at least some of them also fell victim to what's known as overconfidence bias.
Brian Ford (21:55):
Well, look, I'm not really a betting dude, but if I were, I would not take that bet, right? Because I think you're right.
Bright Dickson (22:07):
Well, maybe we can just bet in tulip bulbs from now on, Brian.
Brian Ford (22:11):
¡Oh, cielos!
Bright Dickson (22:11):
I mean, I think we can say that with some confidence that overconfidence bias is there. And so again, like we talked about earlier, all of our brains are wired with various shortcuts. Some of us are more prone to fall into some and others, others, but we've all got this system. It's the way we're wired. And you can probably get the idea of overconfidence bias from the name. But overconfidence bias is this notion, this phenomenon that we tend to be way more confident in our knowledge and abilities than the actual objective facts would allow.
(22:45):
So my favorite example of this is that there've been a few surveys of drivers, people who drive motor vehicles, and like 80% of people said that they were above average drivers, which mathematically that isn't possible. The math doesn't math there. No puede haber tantos conductores por encima del promedio.
Brian Ford (23:09):
Sí, pero estoy casi seguro de que estoy dentro del porcentaje de quienes realmente son mejores conductores.
Bright Dickson (23:15):
Yeah. And here's the thing, Brian, I also deeply believe that I am a better driver than most people. So we'd both be in that 80%, but we can't all be right, can we? So because of our mental wiring, it's really hard for us to be objective and have a totally objective self-analysis of our abilities and a lot of different things about ourselves. And this kind of bias can get a lot of people into trouble financially.
(23:46):
If you really overrate your knowledge as an investor or even as a borrower when using credit, for example, and I don't mean to pick on bad drivers, although maybe a little or our tulip mania friends, but because again, all of us have these biases, and as educated as you and I are Brian, and as smart as our listeners are, our brains simply just do not take in all the information there is. And that's why you mentioned you've got to have systems in place and have conversations and maybe tough conversations with people who disagree with you. You've got to be open to being wrong. Y esa es una excelente forma de mantenerse seguros o, al menos, protegerse de algún modo de sus propios sesgos cognitivos.
Brian Ford (24:41):
Así es. Excelente información. Creo que la mentalidad de rebaño y el sesgo de exceso de confianza son excelentes ejemplos de las teorías que estudian las finanzas conductuales. I mean, there's a lot more, we talked about it, you can jump into this, but I want to talk about just one more today. And that's the concept of mental accounting. So we tend to create separate mental accounts for our money, meaning we treat money differently depending on which account or bucket or compartment, whatever you want to call it. We put it in. You think about the money you make at your job, probably differently than the money you get on a gift card you got for Christmas, for example. Or you think about the money you spend on groceries as separate from the money you spend on entertainment, things like this, mental accounting.
Bright Dickson (25:28):
Sí. Bueno, no suena tan mal. ¿Y qué pasa con eso?
Brian Ford (25:32):
Yeah, no, you're right, Brian. It doesn't have to be. But to be clear, there are ways that mental accounting can sometimes influence you to do the wrong thing. Debido a la contabilidad mental, es fácil olvidar que el dinero es fungible, es decir, intercambiable. Our tendency is to see money as relative, depending on what bucket we have it in. But at a fundamental level, the value of $1, it's $1. And so if you need to, you can always reallocate money between these different mental buckets. También vemos la contabilidad mental en cómo piensan muchas personas sobre gastar con una tarjeta de crédito versus gastar con efectivo. Mentally. You might not register the immediate cost of buying something with a credit card in the same way that you would buying something with just cash, like green pieces of paper. Entonces, si eso hace que gasten más dinero del que deberían a crédito, la contabilidad mental les está jugando en contra.
(26:29):
Pero al pensar en contabilidad mental —y creo que esto se relaciona con algo que querías decir, Bright—, también considero que este deseo natural innato de tener que colocar las cosas en bloques es algo que podemos usar a nuestro favor. Entonces, ¿por qué no seguir esa tendencia humana natural? If you're looking to become a great saver, it's great to set up separate accounts, separate buckets. Have a bucket dedicated for saving, maybe for a down payment on a house, and another separate bucket dedicated to money you're saving for a vacation with your family. We're always telling people all the time how important it's to have an emergency savings account. So use this idea of mental accounting to our advantage to save more and technology these days. It's super cool. It makes doing this easy, but you can also do it just kind of within your own personal budget from a mental standpoint.
Bright Dickson (27:22):
Yeah, it is like if those buckets are in some way real, you're more likely to make better decisions than it all just the buckets being in your mind and coming out of a mutual pot. Cuando tienen esta conciencia de la contabilidad mental y de cómo funciona, además de las desventajas que podría conllevar, entonces pueden usarla para lograr sus objetivos. Y creo que eso se aplica a todo lo que estuvimos hablando hoy. So none of the concepts in behavioral finance are inherently negative, but they're so important to be aware of because of how they influence us, and they're influencing all of us, even you and me, Brian, who we pride ourselves on being so smart and so rational. But it's kind of a fantasy in and of itself.
Brian Ford (28:12):
Totalmente de acuerdo. Y lo reconozco ante mis hijos todo el tiempo. Se los hago notar. Les dijo: "Chicos, leo sobre este tema todo el tiempo y caigo en los mismos conceptos de las finanzas conductuales. I need to be aware of them, and I need to admit that." So, I agree.
Bright Dickson (28:26):
Yeah. And Brian, as you were talking about mental accounting, what I was thinking was about how I'm much more likely to buy that cute shirt or sweater or whatever on sale and feel like I've won, even though I wouldn't have bought it at retail. If it's on sale, I'm like, "Oh," I'm like, "I'm saving here, but no, I'm not because I'm still spending that money, right?"
Brian Ford (28:45):
Oh, sí.
Bright Dickson (28:46):
Es algo así. It's so every day and built into what we're doing every day, the way we think every day, that it can kind of be hard to track, but it's there and present for all of us. And I know one thing I'm going to take away from today's episode and that I hope our listeners do too, is that our emotions and our logic, our rationality are not in conflict. They're working together. And the thing is to understand how that's happening for you. And when we stay mindful of the ways our psychology and our emotions can influence and do influence our decision-making, then we can make much better decisions with our money and in our lives in general.
(29:33):
Ese es un aprendizaje inmenso. Your emotions, your rationality, your money and your mindset, they're not enemies. They work together and let's make them work together better.
(29:45):
So, Brian, what's your big takeaway? What made an impression on you and our conversation today?
Brian Ford (29:50):
Sí, un par de cosas. One, I liked, Bright, when you said to overcome some of this stuff, ask questions. Look for outside perspective. I love that. Solid advice.
(30:03):
También me gustó la idea de que entender mejor las finanzas conductuales puede ayudarme a administrar mejor mi dinero y a tomar buenas decisiones durante tiempos difíciles. Y aunque nuestras emociones puedan entrometerse, me gusta poder usar las finanzas conductuales para contrarrestar las tendencias normales, pero posiblemente negativas, de mi cerebro, y tomar decisiones mejores y más informadas. So for example, with herd behavior, just going back real quick and investing when the market is going down, it's normal. It's totally a normal feeling to get scared, but just knowing about herd behavior and my natural tendency to look at what everyone else is doing, which unfortunately may be acting on that fear and pulling their money out of the market, I like knowing that I can meet that fear with knowledge, and I can take a step back, take a deep breath chat with my financial planner, and continue with my plan to dollar cost average into the market, which seems counterintuitive, but is backed by years of research.
Bright Dickson (31:09):
That's a wrap on another episode of Money and Mindset with Bright and Brian. We'll be back next month with more tips and insights to help you care for your finances and your mental well-being. Gracias por escucharnos y gracias a ti también, Brian, como siempre.
Brian Ford (31:24):
Yeah, I appreciate that, Bright. Back at you. And a big thanks to everyone listening. Si disfrutaron del programa, asegúrense de suscribirse en la plataforma en la que nos están escuchando para recibir nuevos episodios cuando estén disponibles.
(31:36):
También pueden dejarnos una calificación o comentario. O simplemente compartir el podcast con alguien que podría beneficiarse con algunos consejos sobre dinero y mentalidad. Hasta la próxima.
Locutor (31:58):
Este episodio de Money and Mindset With Bright and Brian es presentado por Truist.
