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.

Our goal is to make better decisions about what we spend money on so that we can use our money more wisely. As an individual consumer, we want our assessment of value to exceed the price we pay. We want to minimize the likelihood of buyer’s remorse (feelings of regret) by thinking more carefully about the things we buy without tipping over into the spin cycle of analysis paralysis.

Financial success is dependent on making better decisions with our money. Making better money decisions depends on our ability to appropriately assign value to the things we buy. Turning off our mental autopilot tendencies and thinking more consciously about value is a prerequisite to improving our financial position.

We need to apply more effort as a society and as educators to making math more approachable and relevant. Why? Because our businesses and institutions are populated by millions who lack the necessary numeracy skills to be effective in their jobs. They’ve been conditioned to think that math doesn’t matter in the real world when math— the basis for finance and accounting—is literally the language of business!

Financial literacy and success are tightly interrelated—not because success is equated with having a big pile of money (which for some people it is)—but because financial literacy is an enabler for living the life you want to lead. A life in which you can live your purpose and pursue a vision for your future that aligns with a one-size-fits-you definition of success.

It’s that time of year when we spend, spend, spend on holiday gifts for family and friends. According to The Conference Board, the average US consumer is expected to spend $1,063 this season on holiday-related items and $677 on gifts for others. When adjusted for inflation, holiday spending is at or near all-time highs. However, the most disturbing statistic is that a large proportion of shoppers are still paying off the debt they accumulated in 2023 to purchase holiday gifts.