My friends and colleagues, Justin Reckers, CFP, CDFA and Robert Simon, Ph.D., are doing some great work in the emerging field of Applied Behavioral Finance. I just attended an excellent seminar produced by the dynamic duo at a recent general meeting of the Collaborative Family Law Group of San Diego.
Applied Behavioral Finance combines the disciplines of psychology and economics to explain why people make seemingly irrational or illogical decisions when they spend, invest, save, and borrow money. Since psychology systematically explores human judgment, behavior, motivation, emotion, and well-being, it can teach us important facts about how human functioning differs from traditional rational economic assumptions.
Here is a link to their blog: http://behavioralfinances.com/
It’s good stuff and I highly recommend it in particular for divorce professionals.