EPISODE 13
 

Why Do Smart People Make Bad Money Decisions?



Five ways it’s you vs. your lizard brain when you’re saving and investing through high-stakes moments.


published: April 4, 2026

 


If you’ve ever looked back at a financial decision and thought, “Why did I do that?” — this episode is for you. Even smart, successful people make money moves they later question, and the reason has less to do with intelligence and more to do with being human. In this solo episode, host Michael Liersch breaks down five powerful behavioral finance concepts that quietly shape how we save, invest and react, especially during volatile or high-stakes moments. He explains why these instincts can derail good intentions, and what actually helps counter them. Because understanding how your brain works with (and against) your money can be just as important as the numbers themselves.


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Money on Your Mind is produced by Edelman Financial Engines and hosted by Michael Liersch. Information is believed to be reliable but is not guaranteed. This content is for educational purposes only and does not constitute investment, legal, insurance or tax advice. It is not an offer to buy or sell any product and does not represent an endorsement of third parties. All investments have inherent risks. Consult a financial advisor before investing. Individual results may vary.