In this episode, we delve into the evolving definition of “inflation” and the cognitive biases influencing public perception. While economists traditionally define inflation as the gradual loss of purchasing power reflected in the CPI, many Americans now equate it with high prices. This shift, highlighted in Mike Allen’s article “The New Inflation,” underscores a significant gap between professional and public understandings. We explore how biases like confirmation bias, anchoring, and the Dunning-Kruger effect contribute to this divergence. By recognizing these biases, we can better navigate discussions on inflation and foster a more accurate understanding of economic terms.
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Bridging the Inflation Perception Gap – Webster vs. Populism
About Rick Kahler:
Rick Kahler, MSFP, CFP ® , CFT™, CeFT ® , Certified Internal Family Systems℠ Practitioner, president of Kahler Financial Group, is a lifelong resident of Rapid City, SD. He began his professional career in 1973 selling and appraising real estate He founded Kahler Financial Group in 1981. He became the first fee-only Certified Financial Planner™ (CFP ® ) in South Dakota in 1983. In 2020 he became one of the first Certified Financial Therapist (CFT™,) in the nation.
His firm, specializes in the integration of investment advising, financial planning, financial coaching, and financial therapy, serving small business and real estate owners, professionals, and retirees, as well as individuals and families.
He served on and chaired the South Dakota Investment Council and served in leadership capacities with the Financial Planning Association and the National Association of Financial Planning Advisors. Kahler is also a nationally renowned speaker and educator. In 2003, National American University recognized Mr. Kahler with the Alumni Distinguished Service Award.
Interested in working with Rick Kahler, MSFP, CFP®, CFT™, CeFT®, Certified Internal Family Systems℠ Practitioner? Please go to our website, Book a Financial Therapist Appointment and fill out a request for a 30-minute free consultation.
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