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Are your own psychological biases secretly working against you when it comes to money? In this episode of Recounting Life Lessons, we sit down with John Joseph De Goey—a portfolio manager, author, and financial expert—to uncover the hidden forces shaping our financial decisions. 

Financial decisions can be a silent stress multiplier—one misstep can add unnecessary complications and pressure to an already full plate. But by learning to avoid common pitfalls, we can create more stability, clarity, and control over our financial future.

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​John Joseph De Goey is someone who has a unique approach to helping people make better choices.

De Goey is a highly sought-after financial commentator, he's written for major outlets like The Globe and Mail and MoneySense. 

His latest book, Bullshift: How Optimism Bias Threatens Your Finances, explores how psychological blind spots impact our financial well-being. He's also the host of the Make Better Wealth Decisions podcast, and he's even appeared on television programs, sharing his wealth of knowledge on how psychology influences our money choices.

In this episode, we'll explore how our biases shape our money decisions, why awareness of these psychological quirks is a game-changer, and how mastering your financial mindset can reduce overwhelm and empower you to lead with confidence.

So, whether you're a business owner, a family leader, or someone looking to take control of your financial future, this conversation is packed with practical strategies and eye-opening insights to help you make more confident, bias-aware financial decisions!

What you'll learn in this episode

  • The Pervasive Nature of Biases: Biases affect everyone, and while they can't be eliminated, they can be managed. Discover how increasing your awareness of these biases empowers you to make smarter, more intentional financial choices. 
  • The Impact of Psychological Factors on Financial Decisions: Learn how mental traps and cognitive biases often lead people to make emotion-driven decisions rather than logical, well-thought-out-choices—and what you can do to counteract these tendencies.
  • Specific Psychological Biases That Impact Financial Success: De Goey breaks down several common biases that could be costing you money including:
  • Optimism Bias: The belief that bad things won't happen to you, leading to financial risk-taking.
  • Resulting: Judging decisions based on their outcomes rather than the quality of the decision-making process.
  • Overconfidence: Overestimating your financial knowledge or abilities, which can lead to costly mistakes.
  • Escalation of Commitment: Continuing to invest in a failing venture because of past investments.
  • Sunk Cost Fallacy: Letting past expenses influence present decisions, even when it's no longer rational.
  • Strategies for Managing Biases: Learn how self-awareness and honesty about your motivations can help you make better financial choices. Discover why seeking feedback from a trusted third party can provide an unbiased perspective, and how discussing your biases with someone who will challenge your assumptions can keep you on the right track.
  • The Importance of Choice Architecture: Explore how the way choices are presented can significantly impact decision-making. We discuss real-world examples, like the "Save More Tomorrow" program, which helps people effortlessly increase their savings, adn how default options in organ donation policies have dramatically increased participation rates.
  • The Role of Technology in Amplifying Biases: Understand how technology and social media algorithms can reinforce confirmation bias, making it harder to see alternative perspectives. Learn how to recognize and counteract these influences to make more informed financial choices.
  • The Value of Seeking Help: Discover why even the best decision-makers benefit from outside guidance. We'll discuss the advantages of working with financial advisors who provide expert insights and how having a trusted accountability partner can help you identify and overcome your biases.

Listen to the full episode above to tune in as we explore these lessons and practical tips for making better financial decisions.

"To be biased is to be human...You're going to have them for the rest of your life. We all have them. The best you can do is learn about them if you're concerned."

Discover More

For a deeper dive into the lessons and insights John Joseph De Goey shared, tune into the full interview above.

And be sure to check out John's book, Bullshift: How Optimism Bias Threatens Your Finances and his podcast Make Better Wealth Decisions.

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5Life Lessons from the interview that apply beyond financial decisions

As we spoke with John, we realized that there were several ways that the things he shared didn't only apply to making financial decisions. Here are five lessons inspired by John's insights that can be applied across all areas of personal growth and success.

  • Self-Awareness is the First Step to Growth: Just as recognizing biases helps you make smarter financial choices, self-awareness in any area of life allows you to identify blind spots, challenge assumptions, and make more intentional decisions in relationships, leadership, and personal development.
  • The Way Choices Are Presented Influences Decision-Making: The concept of choice architecture—how options are framed—affects all areas of life. Whether it's setting up better habits, making career moves, or improving communication, structuring choices in a way that aligns with your goals can lead to better long-term outcomes.
  • Emotions Can Cloud Judgment: Financial decisions often go wrong when emotions take over, and the same is true in life. Fear, overconfidence, or attachment to past choices can lead to poor decisions in relationships, health or business. Learning to separate emotions from logic helps in better problem-solving and leadership.
  • Seeking Outside Perspectives Can Prevent Costly Mistakes: Just like having a trusted financial advisor or accountability partner can improve financial decisions, seeking unbiased feedback in life—whether from mentors, coaches, or peers—can help you see things more clearly and avoid pitfalls in career, personal growth, and leadership.
  • Letting Go of the Sunk Cost Fallacy Leads to Greater Freedom: Holding onto something just because you've already invested time, effort, or money can keep you stuck in bad relationships, career, or projects. Learning to recognize when it's time to cut losses and move forward is a powerful skill that applies far beyond finance—it's key to living with purpose and progress.
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We are Sione & Alana

Co-Hosts and Owners of
Recounting Life Lessons
​ 

We're a married couple from Hawaii who are now living in Vancouver, Washington.

Two things that we are passionate about are:

1) Uncovering  the success principles and life lessons that help us all grow into our best selves.

Our favorite ways to uncover success principles and life lessons are by sharing stories from our own adventures and interviewing inspiring guests from all walks of life on our podcast.

2) Making personal growth and consistently leveling up in your life simple and sustainable, no matter what your circumstances are.

We take special care to craft the programs and resources we create, in a way, that keeps things simple and easy to follow-through on.

​Through our blog, podcast, courses, and programs, we aim to empower you to grow into your best self, live with purpose, and make a meaningful impact on the world around you. 

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