Episode 59

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Published on:

19th May 2025

How Biases Shape Your Money Decisions with John De Goey

In this episode of the Wealth Witches Podcast, Katelyn sits down with portfolio manager and author John De Goey to unpack one of the most overlooked factors in personal finance: cognitive bias.

From optimism bias and confirmation bias to recency bias and emotional decision-making, John breaks down how our brains often sabotage our money moves, especially during periods of economic and political uncertainty.

Drawing from his book, John shares how many investors falsely believe they’re the exception to risk, why that can lead to poor decisions, and what we can do to recognize and course-correct.

Katelyn and John also dive into how historical patterns, behavioral economics, and even our upbringing influence financial habits more than we realize. 

Whether you're investing for the long term or feeling paralyzed by current market volatility, this episode will help you make clearer, more grounded financial decisions moving forward.

Key Takeaways

  • Why optimism bias convinces people that bad financial outcomes won’t happen to them.
  • The role of recency bias in shaping emotional investment decisions.
  • How to spot and stop confirmation bias when managing your money.
  • The difference between understanding advice intellectually vs. implementing it emotionally.
  • How to "pre-mortem" your financial decisions to anticipate and prevent losses.
  • Why holding yourself accountable (or getting a money buddy) helps reduce emotional mistakes.


Guest Bio:

John De Goey is a Portfolio Manager at Designed Securities and a leading voice for investor rights and client-first financial advice. With over two decades of experience, he and his team support families with $250K+ in liquid assets through cost-effective, evidence-based investment strategies.

A Certified Financial Planner (CFP), Certified Investment Manager (CIM), and FP Canada FELLOW, John is committed to raising the bar in financial services by promoting education, transparency, and ethical standards.

He’s been named one of Canada’s Top 50 Advisors twice by Wealth Professional Magazine and received the Donald J. Johnston Award in 2017 for lifetime contributions to financial planning.


Connect with John De Goey

Website: https://www.johndegoey.ca/

LinkedIn: https://www.linkedin.com/in/johndegoey/

Twitter: https://x.com/STANDUP_Today

YouTube: https://www.youtube.com/@makebetterwealthdecisions

Podcast: https://open.spotify.com/show/164ZrmvuxArL6kGYLCRPV3?si=97946d019d2e4cae

Bullshift: How Optimism Bias Threatens Your Finances: https://a.co/d/04O2L64

STANDUP to the Financial Services Industry: https://a.co/d/2Vl6zOn

The Professional Financial Advisor IV: https://a.co/d/eSQ2XgM


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Stay magical and empowered, and remember, wealth isn't just about dollars in the bank – it's about creating abundance in all aspects of your life.


DISCLAIMER: This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided


Music credit: Neon Fairies by Wolves

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About the Podcast

Wealth Witches
Where financial empowerment meets magic!
Welcome to the Wealth Witches™ podcast, where financial empowerment meets magic! I'm Katelyn Magnuson, your guide on this enchanted journey to holistic wealth and prosperity. Here, we honor all identities and invoke our inner witches to create a community where everyone feels welcome and inspired.

Formerly known as the Confident Money podcast, we've transformed into Wealth Witches™ with Katelyn Magnuson. This change is about embracing the once-taboo topics of money and magic, blending them into a powerful mix of practical advice and mystical insights. Whether you're here for financial tips or to explore the magical side of life, this podcast is your new home.

What can you expect from Wealth Witches™? We combine actionable financial advice with a holistic approach to life. You'll hear from guests like astrologers, neurodivergent business owners, and magical creatives, discussing everything from business requirements to the latest trends in holistic wealth. We're breaking down the barriers that make finance feel dry and inaccessible, making it exciting and relevant to your life.

This podcast is for anyone who feels out of place in the traditional financial world. If you've ever felt like your interests in magic, human design, or holistic living didn't belong in a financial conversation, this is the podcast for you. We're here to tell you that you can embrace all parts of yourself and still be financially successful. We're not just talking about money – we're talking about creating a life of abundance and freedom. Our community is dynamic, diverse, and inclusive, and we want you to be a part of it.

Join us as we explore new ways to think about money and life. We're here to challenge the status quo and help you embrace your inner witch on your financial journey. Each episode is designed to inspire, educate, and empower you to take control of your financial destiny.

🔮 Wealth Witches™ Monthly Membership Program 🔮
Are you ready to take your financial journey to the next level? Join the Wealth Witches™ membership for exclusive access to live training sessions on money, taxes, retirement, and business support. You'll also gain entry to our inclusive community where you can connect with like-minded individuals and get even more out of your financial journey. We're a community of passionate, purpose-driven entrepreneurs who see creating wealth holistically rather than stuck in another crypto-bro investing black hole membership. Join today: www.thefreelancecfo.com/wealth-witches-podcast-member

Follow us on Instagram @WealthWitchesPodcast or drop us a message with your questions and episode requests. If you want more advice, visit our main Instagram @thefreelancecfo.

🌟 Enter to Win a Free Month of Wealth Witches™ Membership! 🌟
Leave a 5-star review and include your IG handle to enter. We draw the winner at the beginning of each quarter.

Stay magical and empowered, and remember, wealth isn't just about dollars in the bank – it's about creating abundance in all aspects of your life. Let's conjure some financial clarity together.

DISCLAIMER: This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided.

About your host

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Katelyn Magnuson

Katelyn, the driving force behind The Freelance CFO and creator of Wealth Witches, is revolutionizing accounting with a sprinkle of magic. With a decade of experience, she’s not your typical number cruncher. Her unique blend of expertise and approachability, infused with a touch of spiritual insight, has made her a go-to authority. Katelyn believes finance should be a stepping stone to success, not a barrier. With a judgment-free ethos, she simplifies complex financial topics, making them actionable for entrepreneurs and small businesses. Her ultimate goal? To empower you to manifest your authentic life—not a cookie-cutter one!