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The Psychology of "Big" Life Decisions

Consider the numerous decisions we face every day: what to eat for breakfast, what we shouldwear to work or a restaurant, who we should spend time with, and whether and what to watch onour screens after the day ends. Those are undoubtedly choices that could fall under the umbrellaof “little decisions.” We make them regularly, they normally don’t come with dire consequences,and we can learn from them and do something different the next day.

But there’s a host of other decisions that might fall under a different umbrella: They’re the onesthat we rarely make, but they carry major consequences with them. Life’s “big decisions,” forinstance, represent questions like whether to get married or break up, move or stay put, changecareers or carry on, or lean into a new identity or continue living in a safer but less authentic way.

While so much academic psychology and behavioral economics have studied small decisions,relatively little has touched on the big ones. And for good reason: Big decisions are complex, theyare messy, what rings true for one person may not for another, and they are exceptionally diffi cultto audit and assess after the fact.

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Four Tax Strategies for Home Improvement Projects

Financial advisors and tax professionals whose clients are repairing or renovating their home or another real estate property can help them unlock some savings in the process.

The many available strategies for tax savings tied to home improvement begin with the question of whether the client is working on their personal residence, a house or apartment where they live but also operate their own business, or a property that they have invested in as a real estate endeavor, according to certified public accountant Miklos Ringbauer of Los Angeles-based MiklosCPA. And they revolve around regular meetings with clients discussing any plans they have for upgrades and exploring potential tax strategies, he said in an interview.

"That's exactly where the true value of a financial advisor or a tax professional comes in to proactively support the taxpayer," Ringbauer said.

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Seven Strategies for Reducing Closing Costs

A down payment isn’t the only expense you need to consider when buying a house— you’ll also have to budget for closing costs, which could range anywhere from 2% to 5% of your total loan amount. And with the median home sales price well over $400,000, this means you could end up shelling out over $20,000 in closing costs alone. Once you factor in the down payment, moving costs, and new furniture, home ownership can start to feel out of reach.

The good news is that there are ways to reduce closing costs.

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What Was the First Cryptocurrency?

Bitcoin is commonly thought to be the first cryptocurrency, but there were several attempts create digital currency before Bitcoin. The first cryptocurrency was eCash, developed by the company DigiCash in 1990. The concept and company were created by cryptographer David Chaum, who in 1983 published a paper titled "Blind Signatures for Untraceable Payments." Several other attempts ultimately led up to Bitcoin's creation, but it took more than 20 years for cryptocurrency to evolve to its current state.

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