Smart people make bad decisions all the time. That’s because intelligence (IQ) has no bearing on our ability to make rational, unbiased decisions. If you can be aware of your biases and investigate your intuitions then you will make better decisions which can have a profound effect on your finances. In this episode, David Robson, author of The Intelligence Trap, lays out the key biases stopping you from getting richer - and how to combat them. You can find David's book here: http://bit.ly/3T04h8F 🤝 Want 1:1 money help from us? Answer a few questions to find the right service & book free call: https://getmost.typeform.com/pod-episodes 🎉 Sponsors: Sensate: Get help with your anxiety & 10% off with the code MM10: https://www.getsensate.com/makingmoney Unbiased: Get help with your money from a financial advisor: https://www.unbiased.co.uk/makingmoney ✉️ Newsletter: If you want a summary from this episode in an easy format, please subscribe to our newsletter: https://makingmoney.email/S2E8 Disclaimer: This is not financial advice. The reason it’s not financial advice is because it’s not tailored to you. We explain the principles of building wealth but if you want personalised advice, it’s worth speaking to a financial advisor. As with everything financial, please do your own research. We really encourage that because no one cares more about your money than you and if you learn the basics then it will change your life. Chapters: 00:00-00:37- Intro 00:37-02:42 - A logic question to test how you apply your intelligence 02:42-08:35 What is intelligence? 08:35-15:22 How cognitive biases impact decision-making 15:22-22:59 How intelligence can make you more susceptible to cognitive biases 22:59-24:06 - Sensate ad 24:06-29:30 How Warren Buffett overcomes cognitive bias 29:30-35:00 - Growth vs Fixed Mindset 35:00-39:36 - Become emotionally literate to overcome bias 39:36-40:55 - Unbiased ad 40:55-47:09 - Different techniques to avoid bias 47:09-50:00 Overcoming Groupthink 50:00-55:42 - The answer to the logic question (and a few more)