Evan Lucas

speaker

1,534 appearances 4 recordings 1 series first heard Jun 2022 last heard Jan 2023

Evan Lucas’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Mind Over Money: be a better investor with Evan Lucas · 13 Oct 2022 podcast

so that's the exactly right that's the attention and your availability to information is you know five seconds yeah or a minute on instagram and that a minute in real life is is drop in the ocean stuff like so exactly the question you've got to ask yourself therefore for that point is how do i get my attention away from that

How do I start to go, okay, my attention bias is clearly taking over everything that I do.

What other bias could actually fix me?

And what I mean by fix you is, can you actually go to a point that goes, okay, that's my attention.

But if I put that attention bias towards something like a loss aversion bias, which is that if I was to copy them, my loss aversion bias is going to peak, which is that I get quite caught up with losing money or I don't have the money I need to.

And if you can override that, then it's good.

Now, that's a negative way of doing it.

The positive way of doing it would be going, that's not real and that's not enough information.

Search.

Find out more information about that person or that thing that you're getting caught by and why is it catching your attention.

As soon as you get more information, your attention bias goes from being pinpoint small to being slightly larger and so on and so forth.

And all of a sudden, you're going to have better information.

So, if it ends up working for you, then yeah, absolutely.

But it's not...

it's it's going to be very rare that it will um and that's again getting back to that point if you can accept that's fine and again step back and not have that that green-eyed monster envy you will help your money situation something like no tomorrow because then you can allow compound interest to take over you can allow for better money decisions your financial freedom will pick up your overall position will be in a much better position

Yeah, so that confidence is the big start point, particularly for someone like your sister-in-law who, judging by what you're talking about, is an ignorer and an ostrich.

For her particularly, I'd say it's you.

Straight away, you have the ability to actually get her to concentrate on her money.

It is as simple as getting her to start with just go and find out which bank account your paycheck comes into.

and get interested in that.

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