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4 Ways Our Brains Sabotage Our Finances, & How To Fix Them

  • 🎬 Video
  • ℹ️ Description
In this episode, Chelsea shows us the specific ways our brains are wired to work against us when it comes to money, and how we can counteract our self-sabotaging money tendencies.









💬 Comments on the video
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I often will say "future Caitlyn will thank me" and then I will actually thank myself when I do the thing. Weirdly, it helps.

Author — Caitlyn r

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Another massive saboteur is the sunk cost fallacy, when you keep pouring money (or just time and effort) into a hopeless project, long after the point it loses any chance of paying off, only because you convince yourself that you shouldn't give up after you've come all this way.

Author — Mate Safranka

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Its honestly so refreshing and necessary to acknowledge that humans are not perfect logic machines (with anything really and especially with money) but are largely emotional beings relying heavily on animal-instincts just trying to get by.
Ironic how scholars took centuries to figure this out but marketers have been exploiting it from time immemorial

Author — Paige Lego

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Once you realise the stuff we buy is in essence borrowed, (we can’t take them to grave with us) so they go on to someone else or just pile up in endless trash. The aha of living in the present with less couldn’t be more grounding.

Author — Broughttoyou ByBlake

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I try to remind myself that buying things I don’t really need but want in the moment is basically stealing from myself because 9/10 we don’t really want all that stuff in the end anyway

Author — Anna Swanson

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"Knowledge is power and preparation is key"

Author — Life of Kairo - Million Dollar Hustle

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I already know the mistakes I make but I just need you to repeat them so I can start fixing it.

Author — Aime Maggie

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I haven't paid interest on any purchases in the last 5 years that I made on my credit card. Currently my credit card is not charging any interest because of the pandemic. I use my credit card and get cash back. I've gotten at least 1000 dollars from using my credit card and always paying the balance before the due date.

Author — Cindy Giesbrecht

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“When we spend $7 max on a bottle of wine at Trader Joe’s.” Girl I’m a $5 bottle gal let’s be real

Author — SJ Black

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Hey so this topic made me realize this And I know from watching you for years that you are a very progressive person and you do your best to try to account for everybody when getting information and knowledge to everyone and I respect that so much, I was hoping that at some point you can start featuring Nuro divergent money experts ? So that it could be helpful to people Who would like to apply your advice but can benefit from hearing it explain in a way they’ll understand. 💖

Author — Naija Doll__

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So that linen dress that I'm looking at...I'm going to close the browser now. I'm feeling that anchoring bias coming on with winter discounts flooding my inbox

Author — Sim B

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When it comes to bias - "We don't see things as they are, we see things *as we are*"


So important to know these biases when it comes to making sound financial decisions. 🔥

Author — Michelle Sun - Forbes 30 Under 30 Entrepreneur

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Building wealth really is 90% psychological! Glad you covered this topic!

Author — The Finance Adventure

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Amazing video, Chelsea! Its so hard to understand the psychology of why we make bad money decisions and your tactics for solving them are great.

Author — Erica Arden Earning Six Figures

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Vision boards and weekly budget reviews are great against hyperbolic discounting!

Author — Personal Finance with Diamond NestEgg

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I grew up very poor and have always struggled with the difference between understanding a purchase and rationalizing it. So I look for my reasons. Am I just "treating myself because I never get anything". Or am I trying to see if this is a good value.

Author — Errin Watson

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The movement she made at "next level" is the energy in which I live my life I feel so seen

Author — Alyssa Sanchez

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The Status Quo Bias part starting at 5:10 reminds me of a saying that used to subconsciously limit me for years: "The devil you know is better than the devil you don't know"... It's like-- no, very often it's not, and it's high time to take a chance to move on from the devil you know!

Author — senseisleepyhead

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When Chealsea did that little dance move as she said “next level” 😂😂 I said “I love Chealsea” because this is actually the quirky personality that brings me back here every time !

Author — Kirstie Adjei

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Thank you so much for making this video, I really needed to watch it!

Author — SaraRosental