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Gary Belsky
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Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the Life-Changing Science of Behavioral Economics Paperback – January 12, 2010

by Gary Belsky (Author), Thomas Gilovich (Author)
4.2 4.2 out of 5 stars 252 ratings
See all formats and editions
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Protect and grow your finances with help from this definitive and practical guide to behavioral economics—revised and updated to reflect new economic realities.

In their fascinating investigation of the ways we handle money, Gary Belsky and Thomas Gilovich reveal the psychological forces—the patterns of thinking and decision making—behind seemingly irrational behavior. They explain why so many otherwise savvy people make foolish financial choices: why investors are too quick to sell winning stocks and too slow to sell losing shares, why home sellers leave money on the table and home buyers don’t get the biggest bang for their buck, why borrowers pay too much credit card interest and savers can’t sock away as much as they’d like, and why so many of us can’t control our spending. Focusing on the decisions we make every day, Belsky and Gilovich provide invaluable guidance for avoiding the financial faux pas that can cost thousands of dollars each year.

Filled with fresh insight; practical advice; and lively, illustrative anecdotes, this book gives you the tools you need to harness the powerful science of behavioral economics in any financial environment.
Previous page
  1. Print length
    288 pages
  2. Language
    English
  3. Publication date
    January 12, 2010
  4. Dimensions
    5.5 x 0.7 x 8.44 inches
  5. ISBN-10
    9781439163368
  6. ISBN-13
    978-1439163368
  7. See all details
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Editorial Reviews

Review

"A terrific introduction to the emerging science of behavioral finance." -- Money magazine

"Great stuff. Fresh and helpful." -- BusinessWeek

"This very helpful book is aimed at the novice and the expert, and you come away from it somewhat chastened by your own financial mistakes, but hopeful that you might learn a thing or two about holding onto your hard-earned cash. The authors don't offer simplistic solutions, but hard facts and sound advice."

--Robert J. Hughes, SmartMoney

About the Author

Gary Belsky is editor in chief of ESPN The Magazine, where he has worked since 1998. The author of several books, he lectures frequently on the psychology of decision-making to business and consumer groups around the world. From 1994 through 1998, Belsky was a regular commentator on CNN’s Your Money and a frequent contributor to Good Morning America, CBS This Morning, Crossfire and Oprah; he continues to appear on local and national radio and TV, commenting on sports, economics, business and personal finance. A St. Louis native, Belsky graduated from the University of Missouri in that city in 1983 with a BA in speech communication and political science. Before joining ESPN he was a writer at Money magazine and a reporter for Crain’s New York Business and the St. Louis Business Journal. In 1990, Belsky won the Gerald Loeb Award for Distinguished Business and Financial Journalism, administered by The Anderson School at UCLA. Belsky, who lives in Manhattan, serves on the board of directors of Urban Pathways, one of New York City’s largest providers of services to the homeless and mentally ill; as well as the New York Neo-Futurists, an East Village theater company.

Thomas Gilovich is a professor of psychology at Cornell University and author of The Wisest One in the Room (with Lee Ross), How We Know What Isn’t So, Why Smart People Make Big Money Mistakes, and Social Psychology. He lives in Ithaca, New York.

Product details

  • ASIN ‏ : ‎ 1439163367
  • Publisher ‏ : ‎ Simon & Schuster; 32058th edition (January 12, 2010)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 288 pages
  • ISBN-10 ‏ : ‎ 9781439163368
  • ISBN-13 ‏ : ‎ 978-1439163368
  • Item Weight ‏ : ‎ 8.6 ounces
  • Dimensions ‏ : ‎ 5.5 x 0.7 x 8.44 inches
  • Customer Reviews:
    4.2 4.2 out of 5 stars 252 ratings

About the author

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Gary Belsky

Gary Belsky

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Gary Belsky, the former editor in chief of ESPN The Magazine, is president of Elland Road Partners in New York City.

Customer reviews

4.2 out of 5 stars
4.2 out of 5
252 global ratings

Top reviews from the United States

Auburn man in PA
5.0 out of 5 stars Highly Recommended
Reviewed in the United States on March 21, 2018
Verified Purchase
As I get older (and hopefully wiser), I’ve begun to understand some of the money mistakes I’ve made along the way. After reading Why Smart People Make Big Money Mistakes, I see that I’ve fallen prey to many of the issues raised by this excellent book. This book does a wonderful job of explaining how humans are naturally inclined to focus on the short term and have multiple inherent biases in their reasoning that lead to big money mistakes. More importantly, it provides thoughtful approaches to minimize those mistakes so that the reader will be better able to manage their finances.
9 people found this helpful
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Alphanor
4.0 out of 5 stars Well-written and entertaining introduction to behavioral finance and economics
Reviewed in the United States on April 3, 2014
Verified Purchase
Belsky and Gilovich wrote a nice, well-structured and entertaining survey of the "new" science of behavioral economics and finance.

This small book should be more particularly of interest for beginners in this field who are looking for something easy to grasp without too much scientific jargon. Short stories and anecdotes nicely complement the more academic parts.

Major studies / papers are explained and mentioned, so even more advanced researchers should also benefit from this reading.

Overall, I give it a four star rating. Books by James Montier on this topic would be my first recommendation.
5 people found this helpful
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steshe865
5.0 out of 5 stars Why Smart People Make Big Mistakes
Reviewed in the United States on December 21, 2011
Verified Purchase
What a book! Now, if you have an overly sensitive ego, this book may make you a little uneasy. However, if you truely want some honest insights into why very intelligent people can make some huge mistakes, then read this book. In some places the reading is a little tedious. However, the examples given and the corrective measures talked about to avoid mistakes have a lot of merit. I'm very thankful that I took a chance on this book. Personally, I think it is a very good and very insightful book.
5 people found this helpful
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JMMN
3.0 out of 5 stars This is a 5 Star Book, but lacks references so gets 3 stars.
Reviewed in the United States on August 2, 2019
Verified Purchase
This book is excellent. I gave it only 3 stars because the author doesn’t provide any references/citations backing up his claims and “research” (at least in Kindle version). I’m surprised the publisher allowed such an omission.

If the results are statistically accurate (which author talks about that importance in book), then this is a powerful teaching tool. But if it based on one small study, then it is not very reliable. And without references the reader can’t verify. That is why the low score.
8 people found this helpful
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Michael L Krumholz
5.0 out of 5 stars Easy Lessons
Reviewed in the United States on February 16, 2019
Verified Purchase
Fun, easy to read. Thoughtful, and makes its points through its simplicity. Good research examples. Down to earth financial advice.
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Amazon Customer
4.0 out of 5 stars The book could be about you
Reviewed in the United States on March 10, 2013
Verified Purchase
The book is geared to the casual investor, like me, and those who consider themselves savvy investors, though the latter will either disagree with the authors, or learn something about themselves. The advice isn't x's and o's of investing, no dry formulas or tips on research. Quite the opposite, the advice is simple and repeated throughout the book. The writing style is breezy, you feel like you're sitting in the author's living room chatting about finance. It's an intellectual look into why you part with money too easily, ignoring common sense, and making wrong assumptions. An excellent mix of psychology and finance.
5 people found this helpful
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Enrique
5.0 out of 5 stars Must read
Reviewed in the United States on July 16, 2021
Verified Purchase
This book draws liquidity from the market. Great tools to better develop a decision making process ! . . .
One person found this helpful
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Satori
5.0 out of 5 stars Uncommon Sense
Reviewed in the United States on January 7, 2020
Verified Purchase
An outstanding summary of behavioral economics and what you need to understand about the mistakes you are making with money, why they feel right even though they are wrong.
2 people found this helpful
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Top reviews from other countries

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Prometeo
4.0 out of 5 stars Why smart people make big moneymistakes and how to correct them
Reviewed in Mexico on March 1, 2021
Verified Purchase
I Think, that there were very interesting points touched as why consider the emotional state to make right decisions. From my particular point of view this is one of human weakenesses in the crucial moment of financial decisions.
I gave that valoration because as the financial decisions are. Never take the perfect one.
Thanks
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Client d'Amazon
5.0 out of 5 stars Think fast and slow look a like
Reviewed in Canada on January 13, 2021
Verified Purchase
If you have already read Think fast and slow, don't buy it .
Otherwise jump on it!
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Mario
5.0 out of 5 stars Excellent
Reviewed in Spain on March 15, 2021
Verified Purchase
An excellent book. Great content for improve the understanding of marriage of psychology and business. Easy to read. If you're interested in how psychology affect our decisions, you should read it.
One person found this helpful
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Sheri
3.0 out of 5 stars book
Reviewed in the United Kingdom on September 9, 2020
Verified Purchase
Great
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Fabio Ismerim
5.0 out of 5 stars Economia Comportamental e Finanças de forma clara e objetiva
Reviewed in Brazil on November 8, 2018
Verified Purchase
Um dos melhores livros que já li sobre economia comportamental aplicada a finanças e investimentos.

Sem rodeios, os autores explicam como os vieses e as heurísticas impactam em nossa tomada de decisão no momento em que estamos vendendo/comprando ações, escolhendo onde investir, poupar e etc.

Com perguntas para o leitor responder no estilo de joguinhos para facilitar a absorção do conteúdo, e também com muitas pesquisas no campo das ciências sociais, economia comportamental, neurociência e psicologia.
Ao final de cada capítulo há um resumo do que foi abordado com dicas (no estilo bullet tips) para ajudar.

Obrigatório para quem quer entender mais sobre o comportamento atrelado a finanças e investimentos.
2 people found this helpful
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