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Book details
  • Genre:BUSINESS & ECONOMICS
  • SubGenre:Finance / General
  • Language:English
  • Pages:68
  • eBook ISBN:9781483554419
  • Paperback ISBN:9781631928734

Thinking Slow When Life's Changing Fast

Financial Planning in Times of Transition

by Mike O'Donnell and Ryan O'Donnell

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Overview

The book’s premise is a simple fact: Life transitions present enormous financial opportunities and challenges. This may seem like an obvious statement. Perhaps less obvious are the following two separate but related truths: 1. Financial decisions made during significant life transitions have an outsized impact on our long-term wealth. 2. During periods of transition, we are often the least equipped to make good decisions. Understanding these two truths, and more importantly, understand- ing what to do about them, can prevent years of negative financial consequences and unnecessary confusion. It can make your own life, and the lives of your family and loved ones, easier and richer—not just financially, but emotionally as well.

Description

When life changes fast, we are often required to make decisions that will impact our financial lives for years to come, as well as the financial lives of generations to follow. Yet, as human beings, we are emotionally affected by the instability of transitions in ways that undermine our decision-making capacity. And worst of all, we are often unaware that our judgment is impaired, “blind to our blindness,” as Nobel Prize-winning psychologist Daniel Kahneman puts it. This book draws on the latest research by Kahneman and others to help you shed light on your own decision-making processes and how to make smarter choices during just those times when it is most difficult to think clearly. In our many years as wealth managers, we have all too often been in the position of attempting to help our clients repair the financial damage done during a hasty divorce, an impetuous investment, or a poorly managed influx of cash. We hope that by bringing together well-developed financial acumen with a deeper appreciation of human psychology, this small book will act as a preventive measure, helping individuals of all financial shapes and sizes become better prepared for the challenge of change. To borrow Kahneman’s term, it is designed to teach you how to “think slow” when life is changing fast and money is changing hands.

About the author

The O'Donnell Group Named by Forbes as one of the countries leading financial professionals.