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Goal setting is designed to take you from where you are today to where you want to be tomorrow.
The career planning process proposed by The University of Edinburg Career Services (The career planning process-online, 2010) consists of following parts Goals to Have at Work Personal Goals at Work Examples Personal development - Wikipedia, the.
Personal development includes activities that improve awareness and identity, develop talents and potential, build human capital and facilitate employability, enhance Many people feel as if they're adrift in the world. Rational thinking can lead to irrational decisions in a misperceived or misunderstood context. One kind of investor behavior that leads to unexpected decisions is biasA tendency or preference or belief that interferes with objectivity., a predisposition to a view that inhibits objective thinking.
Availability biasIn finance, an investor’s tendency to base the probability of an event on the availability of information. RepresentativenessThe practice of stereotyping asset performance, or of assuming commonality of disparate assets based on superficial, stereotypical traits. Objective investment decisions involve forming expectations about what will happen, making educated guesses by gathering as much information as possible and making as good use of it as possible. Overconfidence also comes from the tendency to attribute good results to good investor decisions and bad results to bad luck or bad markets. AnchoringA bias in which the investor relies too heavily on limited known factors or points of reference. FramingThe idea that the presentation or perception of a decision influences the deicision maker. Every rational economic decision maker would prefer to avoid a loss, to have benefits be greater than costs, to reduce risk, and to have investments gain value. An investor profileA combination of characteristics based on personality traits, life stage, and sources of wealth.
Researchers have identified some features or characteristics of investors that seem to lead to recognizable tendencies.A reference for this discussion is John L.
Risk tolerance and investment approaches are affected by more than age and investment stage, however. Those who have inherited wealth or come to it “passively,” tend to be much more risk averse than those who have “actively” created their own wealth. Active wealth owners also tend to be more active investors, more involved in investment decisions and more knowledgeable about their investment portfolios. Traditional assumptions about economic decision making posit that financial behavior is rational and markets are efficient. Framing refers to the way you see alternatives and define the context in which you are making a decision. Framing is a kind of mental accounting—the way individuals classify, characterize, and evaluate economic outcomes when they make financial decisions.
Angus has always held shares of a big oil company’s stock and has never thought about branching out to other companies or industries in the energy sector. Using terms and concepts from behavioral finance, how might you evaluate the consumer or investor behavior shown in the following photos?
In addition, biases can cause people to emphasize or discount information or can lead to too strong an attachment to an idea or an inability to recognize an opportunity. OverconfidenceA bias in which you have too much faith in the precision of your estimates, causing you to underestimate the range of possibilities that actually exist.

Loss aversionAn investor’s preference to avoid losses, even when the costs outweigh the benefits, in which case it is not the rational economic choice. In each of these stages, your goals and your risk tolerance—both your ability and willingness to assume risk—change.
Studies have shown that the source and amount of wealth can be a factor in attitudes toward investment.John L. Entrepreneurs, for example, who have created wealth, tend to be much more willing to assume investment risk, perhaps because they have more confidence in their ability to create more wealth should their investments lose value. They have more confidence in their ability to manage and to make good decisions than do passive wealth owners, who haven’t had the experience to build confidence. The same loss of value is a smaller proportional loss for them than for an investor with a smaller asset base.
The more aware you are of the influences on your decisions, the more you can factor them in—or out—of the investment process.
Behavioral finance looks at all the factors that cause realities to depart from these assumptions. His investment has done well in the past, proving to him that he is making the right decision. Every successful person can attribute most of his or her health, wealth and happiness to goal setting and a strong focus on personal development. Life is too short not to be living it to the fullest which means setting big goals, celebrating achievements, learning from failures, being surrounded by loved ones and eating good food. A key reason that they feel this way is that they SkillsUSA is a partnership of students, teachers and industry working together to ensure America has a skilled workforce. Investors tend to give more weight to more available information and to discount information that is brought to their attention less often.
In investing, representativeness is a tendency to be more optimistic about investments that have performed well lately and more pessimistic about investments that have performed poorly. Avoiding ambiguity can lead to discounting opportunities with greater uncertainty in favor of “sure things.” In that case, your bias against uncertainty may create an opportunity cost for your portfolio. Past decisions and their outcomes inform your current decisions, but regret can bias your decision making.
By framing choices as separate and unrelated, however, you may miss making the best decisions, which may involve comparing or combining choices. Generally, the further you are from retirement and the loss of your wage income, the more risk you will take with your investments, having another source of income (your paycheck). Those who have inherited wealth tend to be much more risk averse, as they see their wealth as a windfall that, once lost, they cannot replace.
What are some examples of efficient and inefficient markets, and how did people’s behavior create those situations? Angus has been reading about fundamental changes predicted for the energy sector, but he decides to stick with what he knows. The stocks of corporations that get good press, for example, claim to do better than those of less publicized companies when in reality these “high-profile” companies may actually have worse earnings and return potential. In your mind you stereotype the immediate past performance of investments as “strong” or “weak.” This representation then makes it hard to think of them in any other way or to analyze their potential. You may underestimate the extent of possible losses, for example, and therefore underestimate investment risks.
By devaluing new information, you tend to underreact to changes or news and become less likely to act, even when it is in your interest.
Availability bias and ambiguity aversion can also result in a failure to diversify, as investors tend to “stick with what they know.” For example, in a study of defined contribution retirement accounts or 401(k)s, more than 35 percent of employees had more than 30 percent of their account invested in the employing company’s stock, and 23 percent had more than 50 percent of their retirement account invested in their employer’s stockS.

Regret can anchor you too firmly in past experience and hinder you from seeing new circumstances. The better you can know yourself as an investor, the better investment decisions you can make. As you get closer to retirement, you become more concerned with preserving your investment’s value so that it can generate income when it becomes your sole source of income in retirement, thus causing you to become less risk tolerant.
In My Notes or your personal finance journal record some examples of your nonrational economic behavior. In My Notes or your personal finance journal, on the basis of what you have learned, write an essay profiling yourself as an investor. Learning to recognize your behaviors and habits of mind that act as impediments to objective decision making may help you to overcome them. As a result, you may put too much emphasis on past performance and not enough on future prospects. If there is another stock with better earnings potential, however, your decision creates an opportunity cost. After retirement, your risk tolerance decreases even more, until the very end of your life when you are concerned with dispersing rather than preserving your wealth.
For example, describe a situation in which you decreased the value of one of your assets rather than maintaining or increasing its value. You may choose to post your investor profile and compare it with those of others taking this course. VanDerhei, “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2002,” EBRI Issue Brief 261 (2003).—hardly a well-diversified asset allocation. Your framing determines how you imagine the problem, its possible solutions, and its connection with other situations.
You pass up the better chance to increase value in the hopes that your original value will be regained.
You may be more willing to take risk to avoid a loss if you are loss averse, for example, or you may simply become unwilling to assume risk, depending on how you define the context. Specifically, how do you think your profile will assist you and your financial advisor or investment advisor in planning your portfolio? Your opportunity cost likely will be greater than the benefit of holding your stock, but you will do anything to avoid that loss. For example, stages of life have an effect on goals, views, and decisions, as shown in the examples in Figure 13.2 "Life Stage Profiles". Loss aversion is an instance where a rational aversion leads you to underestimate a real cost, leading you to choose the lesser alternative.
Do you tend to avoid taking risks even when the odds are good that you will not take a loss?
Have you ever had a situation in which the cost of deciding not to buy something proved greater than buying it would have cost? In financial behavior, framing can lead to shortsighted views, narrow-minded assumptions, and restricted choices. Have you ever regretted a financial decision to such an extent that the disappointment has influenced all your subsequent decisions?

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