Wealth Advisor Reveals How Money Plays Tricks on Your Mind (Feat. Naftali Horowitz) | KOSHER MONEY
Think you know money? Think again!
Money has an interesting way of playing tricks on our minds and only those who are either gifted or trained will spot them!
Rabbi Naftali Horowitz reveals what EVERYONE should know.
TIME STAMPS:
00:00 Opening Remarks
02:31 Are Financial Behaviors Logic or Gut?
06:33 What is a Heuristic?
10:45 Heuristic #1: Representation Bias
15:54 Rabbi Horowitz's Favorite Study
18:15 Investing Pitfalls
19:57 Why Affinity Fraud Happens
22:00 Racism and Stereotyping
22:56 Sponsor: Twillory
24:12 Heuristic #2: Mental Accounting Bias
30:00 The Car Dealership Trap
31:55 The 2008 Financial Crisis
34:53 The Lottery Effect
38:29 The Credit Card Trap
39:10 Sponsor: Approved Funding
40:39 Heuristic #3: Regret Aversion
44:32 Regret and Investing
49:16 Sponsor: Colel Chabad
51:04 Heuristic #4: Anchoring
54:52 Anchoring Investing Mistakes
58:04 Recap and Concluding Remarks
1:00:39 Outro
If you have questions/feedback to share on this weeks episode, please email koshermoney@livinglchaim.com
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Book Recommendations:
Predictably Irrational
by Dr. Dan Ariely
tinyurl.com/396zu2zd
Thinking, Fast and Slow
by Daniel Kahneman
amzn.to/3OFLzQa
Why Smart People Make Big Money Mistakes and How to Correct Them
by Gary Belsky
tinyurl.com/yc6r9cj8
You Revealed: A Torah path to a Life of Success
by Rabbi Naftali Horowitz
amzn.to/36fxXbK
(Please note that this book was written predominately for an Orthodox Jewish reader. Due to high demand the book sells out quickly but is usually back in stock within one week.)
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#Money #Podcast #psychology #moneytips #economy
Пікірлер: 354
I’m not Jewish but I have found sound much value in subscribing to this podcast. This is episode was especially insightful and I’m grateful for the content you guys are sharing. Thank u.
@hoopchowder3510
11 ай бұрын
So much value !
@user-vd3pi7fz1j
8 ай бұрын
Impactful
we need more of Naftali. May Allah bless him and bless you all for sharing knowledge
Wow, Naftali Horowitz is simply the best I feel privileged to listen to his teachings and one of the best episodes ever! Thank you so very much Indeed!
the words of wisdom from Mr.Horowitz outshines any financial gurus out there!
I know it would be probably hard and near impossible for Naftali to have a podcast channel or make more KZread videos due to all the work he does at JP Morgan Chase but it's always amazing to watch and hear him speak.
The field of behavioral economics is fascinating. Great talk.
I love how he gets more "Brooklyn" as the program progresses! Blessings to Naftali and thank you for sharing your wisdom!
I listen to all of Naftali’s video 20+ times - every time I learned something new! I’ve only found about 5 videos on KZread of him speaking - would love more. keep teaching!!!
0:14: 🧠 The speaker realized that studying finance did not prepare them for the irrational behavior of investors and decided to learn about behavioral finance. 6:53: 😮 Our perception can be easily biased, leading to incorrect judgments and decisions. 14:24: 🤔 Representation bias is a common cognitive bias that influences decision-making based on what is visually represented or perceived. 22:08: 💰 The concept of mental accounting and how people make decisions based on different scenarios involving money. 29:26: 💰 Mental accounting affects people's decision-making when it comes to spending money and investing. 35:59: 😳 People often make irrational decisions when it comes to money, prioritizing emotions over logic. 42:26: 💡 Regret plays a significant role in investment decisions, causing people to avoid taking action and leading to missed opportunities. 49:07: 📊 Anchoring effect can lead to biased decision-making based on irrelevant numbers. 55:12: ✅ The speaker discusses cognitive biases that can affect financial decision-making. 1:01:39: 📢 The host thanks sponsors and promotes their products, asks for feedback, and mentions upcoming episodes in Israel. Recap by Tammy AI
@angusseletto1511
11 ай бұрын
Very good work 👏
@JenMarco
11 ай бұрын
You’re the best!
@luisarce6234
10 ай бұрын
Thanks
Absolutely brilliant!!! I can’t get enough of his teachings!!!
Let's assume the cost of the ball is represented by "x" in dollars. According to the given information, the bat is $1.00 more expensive than the ball. So, the cost of the bat would be "x + $1.00". Together, the bat and the ball cost $1.10. Therefore, we can set up the equation: x + (x + $1.00) = $1.10 Simplifying the equation: 2x + $1.00 = $1.10 Subtracting $1.00 from both sides: 2x = $0.10 Dividing both sides by 2: x = $0.05 Hence, the ball costs $0.05.
Naftali is such a great teacher. I love listening to him
@skqq3250
10 ай бұрын
Yes he is a great teacher. He dispels are the myths about money decisions. I would like for Kosher money to sponsor a trip to Israel every 2 years with Shalom Tours so everyone can meet up.🎉🎉🎉❤❤❤
I enjoy learning from my Jewish brothers. Very insightful.
Shalom to you all brothers and sisters. Mr Naftali is the real deal and I can attest and relate to everything he said. I have learned to hard way but over the years my mindset about the value of money vs time completely shifted. And until you get that Ahah moment the easiest and simplest things to do are oftern the hardest things to do however all worth it at the end. Good luck to you all and God bless. Shalom
This man and the teachings of the Torah have been a blessing to me. I purchased his book and it’s helped me improve many areas of my life. I can’t wait to sit down and watch the entire video.
@kalember37
11 ай бұрын
So did I .
@mmp495
11 ай бұрын
May I ask what book? I would love to read it.
@zakarie
11 ай бұрын
What his book ?
Love listening to naftali. This ìs one of the best talks I've heard.😊wish I was younger! Thanks Naftali. Andrea.
Anchoring has a big effect on people salaries. Often when asking for a raise or changing jobs we ask for an amount based on what we are currently making instead of asking for as much as we think we can get.
GREAT video, Naftali is a legend indeed. I learned so much from this episode, thank you for all your hard work!!!
Naftali thank you for your guidance. We appreciate you greatly!
success comes down how you think
I would like to express my heartfelt gratitude to your channel and for the opportunity to listen to Naftali Horowitz for his captivating and enlightening presentation. Thank you for sharing your wisdom.
Man.... this is awesome. I have thought in my head nearly all of these money mantras/beliefs. It's crazy. A mind melt.
Great insight..and actually frightening how gullible the human being can be. But, knowing and being aware of our faults can help us overcome them. These ideas and concepts can be applied to many area of life. The ending about "regret" was one of the strongest messages. Fear really is the only thing to fear...and then walk through. Continued Yeshar Koach for your excellent and I mean EXCELLENT work!
@hackmedia7755
11 ай бұрын
very similar to a book called "how to lie with statistics"
I would like to buy the speaker’s book. Such a great speaker and common sense advisor.
Love the presentation! Mr. Naftali is my favorite presenter on this channel. He is always very insightful and candid.
Amen for the blessings. Thank you, Rabbi. Impactful!
This is the best speech on money that I have ever heard.
I am glad I found this video.. Thanks a bunch..
To make a long lesson short and to the point, don’t buy single stocks! Buy all in one ETF’s that are covered separately such as jepi, HYLD, svol and fire 🔥 your broker!
@couldbe8348
11 ай бұрын
Big mistake
@MarjorieOcho
11 ай бұрын
Impactful!!
@TheWhale1337
11 ай бұрын
Yup best advice for 95% of investors, but makes very little sense to those who actually understands how to value an asset.
@SK-ii4yy
11 ай бұрын
Thanks
@MrPiedrapiedra
11 ай бұрын
@@couldbe8348😊😊😊
It's amazing how well Naftali Horowitz teaches Torah at the same time as teaching finance! thank you Living L'chaim❤
You all are awesome and I always learn so much from Neftali. I appreciate you for bringing this to us
Thank you, For Sharing This Amazing and, Intellectually Behavioral of Financial Literacy very much impress with your Teaching Brother, Thank you Kosher Money., Blessings and, Great Health., to everyone at Kosher Money.
Thank you for always sharing valuable insight on money Naftali and LL team. I watch videos and support those who can build bridges and understanding in humanity now vs further divide. Let’s respect each other’s views and beliefs. We share ~99% DNA incl with all life. Namaste 🙏
Impactful. Psychology of money is very important
Thank the algorithms this was recommended to me. Been binge spending since a death in the family. Advice I needed to hear, even if it wasn’t all the advice I needed to hear.
Glad you brought back the video, l have been looking for it
I stop and listen anytime I see his videos. Thank you
Thanks for everything! Wish you all the best.
Impactful! Thank you for this enlightening episode!!! Keep up the great content!
Outstanding presentation with valuable content. I learn much and intend to watch again. Thank you!
Always good to hear Mr Horowitz. 👍
Im a 44 year old trucker for Costco in NJ and Ive been really focusing on building my cash reserves and spending less. When it comes to money, I am scared of it more than I have ever been, since I've built up more than I've ever had before. Fear of losing it and having to start over. I actually deal with fear in many aspects of my life that prevents me from taking any risk at all.
Always with new strong points getting better every time. Thank you so much
A lot of the examples here are from Daniel Kahneman's Thinking Fast and Slow, in case anyone wants to go deeper into the topic.
Love listening to this man talk money
Incredibly useful speech, thanks for sharing this.
Impactful. Thanks for bringing Naftali Horowitz back
Hey I got the ball and bat one right (I skipped the second one) using algebra. But only because I figured it was a trick question. Haven't done algebra in ages. As for the video, it's old news but vital. Not sure it has practical application however, since people don't easily change their minds.
Very Helpfull speech by Mr. Horowtz!!!
Impactful. Thanks!
Presenting something as a bargain to trick you into buying something is a very easy to spot trick. It is because it’s a well and commonly known sales technique.
This channel, and Rabbi Naftali Horowitz, are treasures. Thank you.
Regarding the Heloc check, I can see why someone would pull the money to have it liquid and pay a "low" interest rate when the bank can close the HELOC anytime.
One day after video in the morning I realised that I used the similar sign of mental laziness for my interview process. I never realised there such thing exist, and it was still possible to get thru but only by people who love the work and know approaches well. This is such novel information for me. Unknown unknown. Thank you for sharing this video.
Wait just a minute! Did I just find someone telling true facts about money on KZread? Good stuff.
Listen to naftali is always learning and Unlearning all i know about investing ❤
Some videos deserve a 'double thumbs-up' option.
Impactful and insightful!
Impactful! Thanks guys
Outstanding , eyeopening and excelent Thank you .
Thank you!
😂😂 the anchor really got me there! 😂😂
Thank you very much for sharing.
Very great presentation, thank you so much!
I wish he would create a recommended reading list.
@LivingLchaim
11 ай бұрын
We got you! www.livinglchaim.com/general-5
@jedidahcmelly4508
11 ай бұрын
Great list
Thank you for availing this knowledge 🇰🇪
I listened to him first time on Kosher Money. I never knew his name until today. So so glad for the content. So good!😊
He is the best money advisor so far
Impactful. Excellent content
Thank you for all your knowledge Mark
This is all from the book thinking fast and slow. Great book
Give thanks for this brother, as a young man he definitely helps put things into perspective for me. May YHWH bless and keep him.
Impactful,keep up with the good work
Very interesting talk. Well done!
Impactful, such a great presentation, I just could not stop listening. I was shocked and my eyes are open again Thank you
The truth in this has offended me but also inspired a change of thought. This was good my boy!
Impactful! 🔥🔥🔥
Great lecture. Thank you.
I’m still lost on the ball costing 5 cents I’ve always been good at math but it just doesn’t add up.
@edwintang763
22 күн бұрын
($1+x)+x=$1.10; 2x= $1.10-$1 2x=$0.1 Divide by 2; x=$0.05
Great advice
I'm not jewish and I started investing for first time because of kosher money podcast
I feel as i have read one of the books of Dan Ariely. Amazing!
Thank you for sharing. Information is more impactful because it's given in a speech rather than in written form.... for most of us.
Impacful. Thank you very much
Wonderful video 🙏🙏🙏
Impactful 👍💪
So much knowledge and wisdom from Naftali, thank you for sharing. God bless!
Impactable !!!
This is pure gold🔥🔥🔥
Lastly thanks Eli,youre invaluable
I needed this! Thank you :)
Impactful ❤
great man, thanks for the content
Truly "impactful" content!!
👏👏👏👏👏👏 Impactful! ❤
Impactful!
My thanks. Carry on!
Naftali Horowitz is an amazing speaker. His lecture’s truly make me think.
Smart and impactful
Truly IMPACTFUL