The important point is to recognize that these biases exist and they have a profound impact on our ability to make sound decisions with our money. The purpose of engaging in self-talk is to challenge our internal biases and to bring more decisions—especially the important decisions we make—into working memory as opposed to giving agency to our biased, subconscious mind.

The fact is that emotions do play a role in business and to ignore them is a sure-fire way to ensure a “car wreck” between individuals and teams. Communication, empathy, situational awareness, and self-awareness are just a few of the skills that must continually be nurtured to create high-functioning teams. An understanding of various forms of cognitive bias is also important.