Ep 13: Why do smart people make bad money decisions?

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.  Money on Your Mind is produced by Edelman FinancialEngines 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.Investing strategies, such as asset allocation, diversification or rebalancing, do not ensure or guarantee better performance and cannot eliminate the risk of investment losses. All investments have inherent risks, including loss of principal. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strategies. Past performance does not guarantee future results.© 2026 Edelman Financial Engines, LLC. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. All advisory services provided by Financial Engines Advisors L.L.C., a federally registered investment advisor. Certain services provided on an educational and guidance basis only. Results are not guaranteed. Produced April 2026. AM5368948.