How you view your past, present and future appears to have an impact on your financial health.
Here’s a great summary “The Personality Trait That Predicts Financial Health – Study finds it’s critical for financial advisors to understand how their clients think about time” By Gil Weinreich, ThinkAdvisor .
Key points in Weinreich’s article:
“Zimbardo — an emeritus professor who has written more than 50 books and is best known for the controversial 1971 Stanford Prison Experiment that highlighted the ease with which people assumed roles as victim or victimizer — found that financial knowledge does not strongly predict financial health.” (my emphasis added)
“Dwelling in the past, as it were, is highly correlated with financial health; those who live in the present are poor financial decision makers; and those who live in the future are not generally financially “healthy” but often succeed at avoiding being financially “sick.” ”
And here’s the interesting part! You can take the short quiz and see YOUR RESULTS! Links at the top of that linked-to-page briefly explain the study and how to interpret your results. I love interactive stuff! Enjoy …