Free Yourself From Your Own Biases

The answer to the question, ‘What do you want freedom from?’ would be varied for each individual. An unhappy employee would want freedom from the workplace; an unhappy spouse may want freedom from the marriage; a teenage may want freedom from parents, discipline and rules that they think tie down their creative energies; a middle-aged salaried individual may want freedom from responsibilities after spending decades taking care of the family and navigating an office environment; and a senior may want to break out of their dependence on children, who constantly monitor their medicines or lifestyle habits.

What we often do not think of is how important it is to free oneself from oneself—our beliefs that may or may not be correct, our idiosyncrasies that may not sit well with those around us or our behavioural biases that have the potential to drive us away from our loved ones or even financial goals.

This time, in Outlook Money’s freedom issue, we encourage each one of you to look inside and identify your shortcomings in dealing with day-to-day financial decisions—from spending to investing—that can affect your lives in the long run.

“Freedom From Self” doubt, biases, impractical beliefs and actions, can take us a long way into leading a healthier and meaningful life, emotionally and financially. If you think it is difficult to cut the chaos yourself, seek help—from an emotional or financial coach—depending on what you are struggling with. We break down some behavioural biases that can affect your money decisions to help you achieve true financial freedom.