At least so say the psychology & economics researchers behind the paper:ย ๐๐ฃ๐๐๐ซ๐๐๐ช๐๐ก ๐ฟ๐๐๐๐๐ง๐๐ฃ๐๐๐จ ๐๐ฃ ๐๐ช๐จ๐๐๐ฅ๐ฉ๐๐๐๐ก๐๐ฉ๐ฎ ๐ฉ๐ค ๐๐๐ฃ๐๐ฃ๐๐๐๐ก ๐ฝ๐ช๐ก๐ก๐จ๐๐๐ฉ.
The researchers claim that young, higher-income males are particularly susceptible to BS. These individuals tend to be overconfident about their level of financial competence, too.ย (what a surprise)
The study concludes most people can smell bullshit to some degree.
Females were typically more bullshit aware than males.
And surprisingly, lower-income subjects had a better BS-sense than higher-income people.
The studyโs authors commented: “It seems reasonable to believe that as income rise[s] consumers become LESS vigilant when it comes to financial matters and therefore LESS alert when it comes to be[ing] affected by impressive financial language.”
๐ง๐ต๐ฒ๐ฟ๐ฒ ๐ฎ๐ฟ๐ฒ ๐ฝ๐ฒ๐ผ๐ฝ๐น๐ฒ ๐ผ๐๐ ๐๐ต๐ฒ๐ฟ๐ฒ ๐๐ต๐ผ ๐๐ฎ๐ป๐ ๐๐ผ ๐ฏ๐ฒ ๐ฟ๐ถ๐ฐ๐ต – ๐๐ถ๐๐ต๐ผ๐๐ ๐๐ต๐ฒ ๐ฟ๐ถ๐๐ธ, ๐๐ต๐ฒ ๐๐ฎ๐ฐ๐ฟ๐ถ๐ณ๐ถ๐ฐ๐ฒ, ๐ผ๐ฟ ๐๐ต๐ฒ ๐ฑ๐ฒ๐น๐ฎ๐๐ฒ๐ฑ ๐ด๐ฟ๐ฎ๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป ๐ป๐ฒ๐ฐ๐ฒ๐๐๐ฎ๐ฟ๐ ๐๐ผ ๐ฎ๐ฐ๐ฐ๐๐บ๐๐น๐ฎ๐๐ฒ ๐๐๐ฐ๐ต ๐๐ฒ๐ฎ๐น๐๐ต.
But not you & I
Because โฆ
- We both know that if something sounds too good to be true, it probably is.
- We are aware that in investing, the tortoise usually outperforms the hare.
- We have heard that consistent double-digit returns – above 15% – are statistically improbable.
- We learned at school (& in life) that nobody can predict the future.ย Itโs really a guessing game.
- We know that โattractive opportunitiesโ can be hard to resist when teamed up with โexclusive accessโ.
- We work hard on avoiding seduction & staying away from investment schemes & scams that tickle our greed button.ย
- We stop, think & then let our rational,ย logical minds decide (in daily life, critical thinking is our only defense against being fleeced).
๐๐ฒ๐’๐ ๐ป๐ผ๐ ๐ฏ๐ฒ ๐ฎ ๐ฏ๐๐ด ๐ถ๐ป ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ผ๐ณ ๐ฎ ๐๐ถ๐ป๐ฑ๐๐ต๐ถ๐ฒ๐น๐ฑ! ๐ฆ
โThe first principle in life is that you must not fool yourself – and you are the easiest person to fool.โ – Dr. Richard Feynman, Nobel Prize-winning physicist
โIn school, youโre taught a lesson and then given a test.ย In life, youโre given a test that teaches you a lesson.โ – Tom Bodett, humorist
โThe safest way to double your money is to fold it over and put it in your pocket.โ โ Kin Hubbard
