Most people seek out financial advice for the meaty tips, like advice on how they should allocate their portfolio among different asset classes, and which stocks to buy. Increasingly, though, money gurus as esteemed as our nation's consumer finance watchdog, Elizabeth Warren, are speaking on the ideal form of our finances, as much as they are on the substance. That ideal? Simple. Simple finances are much more likely to be smart finances. The more complicated our financial obligations, the less likely we are to understand them and manage them well. This jives with an inherent human preference of simplicity when it comes to money matters, as described by Meir Statman in his latest book, "What Investors Really Want: Discover What Drives Investor Behavior and Make Smarter Financial Decisions." Statman says one strategy we humans leverage to create the financial simplicity we crave (or the illusion of it, anyway) is mental accounting, a mind game in which we "place...
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