Don’t Make These 5 Financial Moves on Friday the 13th
Written by
Kerra Bolton
Edited by
Rebekah Evans
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More than $800 million is lost every year due to fear of Friday the 13th — that’s a lot of money. Known as “paraskevidekatriaphobia” from its Greek origins, fear of Friday the 13th impacts daily life. It’s the reason many hotels don’t have a 13th floor or airplanes omit the 13th row.
While there’s no actual financial reason to avoid making financial decisions on this day, it might be a good idea to use the day’s symbolism as a reminder to avoid risky financial behavior.
Don’t make these five financial moves on Friday the 13th if you’re superstitious or unlucky.
Let Emotions Guide Decisions
Emotions are not a sound basis for making financial decisions. However, humans are prone to subjective thinking.
“An entire field of study called behavioral finance is dedicated to understanding how we make financial decisions,” said Stuart Schiffman, CEO at Compound Wealth Advisors.
“Many of our decisions are based on biases like a particular day is unlucky,” he explained. “If you traded on Friday the 13th, for example and took a loss, you might forever remember that incident.”
Large Financial Commitments
Memories can generate a tendency to interpret all new evidence as a confirmation of one’s existing beliefs, commonly known as “confirmation bias,” affecting future behavior.
“If you sign documents on a day associated with bad luck, like Friday the 13th, you may forever be looking for a reason to associate anything bad that happens to this particular event,” Schiffman said. “It’s probably better to just avoid making large financial commitments on bad-luck days so that you will keep an open mind about your choices.”
Impulsive Investments
Wayne Winegarden, an economist at Pacific Research Institute, said making impulsive investment decisions is never a good idea.
“Superstitions can blind us from the underlying trends or distract investors from their plans,” he said. “This can have unintended negative impacts on their ability to meet their goals.”
Winegarden explained that investors should ask themselves whether they would make the same decision on another day — one not associated with superstition.
“Whatever you would have done had it been the 14th is what you should do on the 13th,” he said. “It is important to make a plan based on your financial goals and risk tolerance and stick with it.”
Speculative Crypto or Stock Buys
Be cautious with speculative or volatile investments such as Crypto, especially if investors are influenced by FOMO (fear of missing out).
“Double-checking makes sense as a general rule, but unlucky days have no bearing on this,” Winegarden said. “Remember it’s a matter of investment strategy, not of a random day. Do not let superstitions impact your investment strategy.”
Skipping Your Financial Review
Set aside time to review budgets, investments and goals regularly, even on a superstitious day.
If Friday the 13th falls at the end of the year, it’s a great time to review your financial goals, make corrections and adjust them for the following year.
“Educate yourself and learn about budgeting, investing and debt repayment strategies through books, online resources or workshops,” said Tomi Huttunen, founder of Online Casino Suomi, who has experience in personal finance and money management.
“Make sure to track spending regularly,” Huttunen added. “You can use apps like Mint or YNAB (You Need a Budget) to monitor spending and stay aligned with your budget.”
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