Bridging the Confidence Gap
In the world of finance, the effects of the "confidence gap" can be especially apparent.
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Without even realizing it, most people are familiar with protection-first thinking. If you remember travelling on an airplane in a not too distant past, you would recall this important point in the safety demonstrations “In the event of sudden decompression, secure your own oxygen mask before helping others.”
Plan for the things you can protect against, like a loss of income due to illness or injury.
The brain is a powerful thing, but when it comes to preparing for something that is far in the distance like retirement, it can easily be led astray — and result in some big retirement planning mistakes.