Accounting for Anomalies. The human psychology is complex, and it’s obviously impossible to predict every irrational move investors might make. But, those who have studied behavioral finance have concluded that there are a number of thought processes that push us to make less-than-perfect investment decisions.
Balances With Different APRs. If you have balances with different APRs on your credit card, the finance charge for these balances is calculated separately. For example, you’ll have a finance charge for purchases, one for balance transfers, and one for cash advances if you had all these balances on your credit card. So, if you’re calculating your own finance charge, you will have to calculate the average daily balance separately for each.
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Even if you haven’t traded based on emotion, there may be other instances where you didn’t make the optimal investment choice due to a lack of information. Behavioral finance is a new field of study that examines this phenomenon. It looks at psychology and emotion, and seeks to explain why markets don’t always go up or down the way we might expect.
Because there are so many finance magazines on the market, selecting the right ones to read regularly may seem daunting. I have compiled a short list that will get you headed in the right direction on your path to mastering the basics of investing and personal finance. Spend a few hours per month and you’ll pick up knowledge at a fast pace. Browse through the selection below and find one that fits your reading style.
Buddi is designed for ease of use even if you have absolutely no financial background and are wading into the concept of budgeting for the first time. It has very simple features for tracking accounts and for generating a few personal finance reports, and it includes translations for many languages. Plug-ins are available to extend Buddi’s features for reporting, data synchronization, and importing or exporting data. Buddi will even tap you on the shoulder to let you know how your budget is coming along.