Can you think of a time you forgave a favourite celebrity for bad behaviour? Sure, they trashed a hotel room or two and TMZ caught them insulting a paparazzo's mother, but they also advocate for the wellbeing of ducklings! Besides, you spent $400 on tickets to see them next month. Welcome to Confirmation Bias. Sometimes ignoring the bad news to preserve the good makes us feel better about our decisions.
Most of us find it easier to rationalize than to be rational when it comes to our money. Our brains hate change. And so we have tendency to seek out, interpret or favour information that confirms our pre-existing beliefs or ideas. The negative headline about your bank that you skimmed? Nothing to worry about. The fact that they sponsor a local free skate? Just more proof you made the right choice.
Use this knowledge Keep your biases at bay when shopping for big-ticket items. You may think one really cool feature more than makes up for five missing ones, but if you make a checklist of what is important to you before setting out you might make a more rational decision.
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