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Mental accounting attempts to describe the process whereby people code, categorize and evaluate economic outcomes… in other words, we often tend to place a different value on our money, depending on where it comes from - think salary vs bonus - they way we treat different categories of money is different.Need to speak to a financial advisor? Visit www.oakmontadvisory.com.[5:32] - What is Mental Accounting[8:00] - Concept of Fungibility [12:42] - Who is more likely to avoid Mental Accounting traps[17:00] - Tips on how to avoid Mental Accounting After the Show-Show[28:15] - The After the Show-Show beginsHow to avoid mental accounting:Know what you haveCreate a purpose for inflows and outflowsStop keeping everything in your mind and write it downGet a budgetTranslate your goals from your brain to a binderGet an accountability buddy to help youTalk about itLabel your accounts! Actually label themEmergency, travel, baby, soccer, retirement