Dr. Brad Klontz

speaker

51 appearances 2 recordings 1 series first heard Apr 2023 last heard Apr 2023

Dr. Brad Klontz’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · The Psychology of Homebuying · 28 Apr 2023 podcast

When two or three of our friends are buying homes, we start to feel like we're being left behind and it creates this existential anxiety.

And as I said, it feels like from your brain, from your emotional level, it feels like I'm going to die if I keep renting, which sounds ridiculous, but that's what happens at that deep emotional level.

Well, when it comes to all of our financial decisions, my best advice is for you not to trust your instincts, to just accept the idea that we're all kind of crazy when it comes to money.

And so having some curiosity about whatever it is, if you have a sudden desire or you feel this urgent need to buy a home, you want to engage your prefrontal cortex, because what's happening is it's emotional.

You're seeing this happen around you.

Interest rates are going up.

I'm starting to get anxious.

Should I buy now?

Because they're going to go up even more.

take some time to self-reflect on what's happening.

Because when we become emotionally charged, we become rationally challenged.

And the more emotionally charged we are, the more likely we are to make a mistake.

So once you've done that, it's really important to get an objective analysis to help you decide whether this is a good financial decision.

So bring in someone who isn't as emotionally charged, who isn't as tied into your buying decision.

Exactly.

It does help to have somebody who also isn't necessarily getting a commission for the sale, but find somebody who's objective to look at, like, for example, how long are you going to own the home?

Is it a good time to buy now or is it not?

Quite often, whether it's a good time to buy or not has more to do with our individual financial planning goals than it does with what's happening in the market, which is always going up or going down.

We can't predict the future.

And then examine your beliefs.

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