How Anchoring Bias Makes You Overpay for Everything

Lucas and Luna explore anchoring bias — the cognitive shortcut that makes the first number you see stick in your brain and distort every decision after it. They unpack the 1974 Tversky and Kahneman wheel-of-fortune experiment that proved anchoring works even with random numbers, then trace its real-world damage: real estate agents who set list prices to shape your offer, car dealers who start with MSRP so you feel good about paying invoice, and salary negotiators who lose thousands by letting the employer name the first number. Luna brings data from a 2023 Indeed survey showing that candidates who counter-offer earn up to 25% more than those who accept the first figure. Lucas explains why the antidote isn't willpower — it's pre-commitment, specific reference points, and making the first move. Practical episode for anyone who buys a house, negotiates a raise, or walks into a showroom. #AnchoringBias #BehavioralFinance #CognitiveBiases #Negotiation #SalaryNegotiation #RealEstate #CarBuying #TverskyKahneman #DecisionMaking #PsychologyOfMoney #WealthMindset #FinancialLiteracy #MoneyHabits #Investing #PersonalFinance #FexingoBusiness #BusinessPodcast #MoneyMindset Keep every episode free: buymeacoffee.com/fexingo