Learn more about personaldevelopment with this collection
Identifying and eliminating unnecessary expenses
How to negotiate better deals
Understanding the importance of saving
1. Hard Work
Never underestimate the hard work and lower probability of success, just because we are shown more successful people than many more actual failures.
It does not mean, in any way, that you should not dream big. It just says that don't get overawed by the number of success stories you read and assume that success would be easy. No one prints the failure stories.
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2. Confirmation bias is the mother of all misconceptions.
It is a tendency to interpret new information so that it becomes compatible with our existing theories.
Warren Buffet has seen people losing money with this because they ignore facts that contradict the theory in the mind of the investor.
Disconfirming evidence must be sought out to beat this theory.
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3. Speak your mind
If you ever find yourself in a tight unanimous group, you must speak your mind, even if your team does not like it, and even if it means risking expulsion from the warm nest.
And if you lead a group, appoint someone as devil's advocate.
He or she will not be the most popular member of the team, but definitely the most important.
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4. Induction
Send an email to 10,000 people with the stock market predictions by dividing them into 2 groups - telling reverse prediction to each group. Prediction for one of the groups will come true.
Send a new prediction to the 5,000 whom you predicted correctly earlier - again after dividing them into 2 groups...carry on like this, and the last 100 would consider you as a genius. People get inducted into a decision based on history without thinking logically.
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5. Loss Aversion
The fear of losing something motivates people more than the prospect of gaining something of equal value.
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6. Compounding
When it comes to compounding, don't trust your intuition - you have no idea how powerful it is.
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7. It is not what you say, but how you say, that's important.
99% Fat-Free product seems more healthy than a product with 1% Fat.
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8. If you are not a part of the solution, you are definitely a part of the problem.
There is no 3rd category of passive onlookers.
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9. Passion
Follow your passion even if you have to do away with part of your income for that
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10. Averages
Whenever you are dealing with averages, be careful of the distribution behind them.
A Bill Gates monthly income in a group of 50 ordinary citizens can give an extremely misleading average.
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CURATED BY
CURATOR'S NOTE
10 Powerful Lessons of the book “The Art of Thinking Clearly”
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Curious about different takes? Check out our The Art of Thinking Clearly Summary book page to explore multiple unique summaries written by Deepstash users.
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