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3 Killer Persuasion Techniques You Can Learn From Billionaire Warren Buffett

Admit mistakes

Although counterintuitive, admitting your errors upfront shows that you're human and can actually be a brilliant move.

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IDEA EXTRACTED FROM:

3 Killer Persuasion Techniques You Can Learn From Billionaire Warren Buffett

3 Killer Persuasion Techniques You Can Learn From Billionaire Warren Buffett

https://www.inc.com/jessica-stillman/3-killer-persuasion-techniques-you-can-learn-from-billionaire-warren-buffett.html

inc.com

4

Key Ideas

Pre-suasion

Optimal persuasion is achieved through optimal pre-suasion: arranging for people to agree with a message before they know what's in it.

Pre-suasion is about establishing your credibility and relationship. And you can do that by building trust, showing vulnerability and learning to make fun of yourself.

Build unity

When it comes to persuading people, the trust often matters more than the content of your ideas, and you get people to trust you by demonstrating that you're all on the same team.

Admit mistakes

Although counterintuitive, admitting your errors upfront shows that you're human and can actually be a brilliant move.

Make fun of yourself

Showing vulnerability can, paradoxically, strengthen your argument.

You can do this by admitting missteps, but you can also strive to come across as more human and believable by making fun of yourself.

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Never Lose Money
  • Rule No 1: Never lose money.
  • Rule No 2: Never forget rule No. 1.

If you work from a loss, it's much harder to get back to where you started, not to mention ea...

High Value at a Low Price
  • Price = what you pay.
  • Value = what you get.

You lose money when the price you pay does not match the value you're getting. For example, when you're paying high interest on credit card debt or spending on stuff you hardly use.

You gain money when you look for opportunities to get more value at a lower price: For example, buying quality merchandise when it is marked down.

Form Healthy Money Habits

Most of your behavior is habitual. You can change your habits and the earlier you start, the better.

Saving is a habit. Learn the habits of saving properly early. Pay attention to your money habits. Strengthen those habits that help your finances, and break the habits that hurt your finances.

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Circle of Competence

Each of us, through experience or study, has built up useful knowledge on certain areas of the world. Some areas are understood by most of us, while some areas require a lot more specialty to evalu...

“If something is important enough, even if the odds are stacked against you, you should still do it.”

Elon Musk
Hustle Early In Life

Elon Musk (Founder Of Spacex, Tesla Motors And Contributor To Paypal): Musk, at 12 years old, taught himself to code and sold a game he made for $500. When he moved to Canada, he worked odd jobs including tending vegetables, shoveling out grain bins, and cleaning out gunk from a boiler room in a lumber mill.

In university, Elon sold computer parts to make extra cash and turned his 10 bedroom fraternity home into a nightclub on the weekends and charged a cover. Since then, he’s built several companies, including SpaceX, Tesla Motors, PayPal, and zip2.

“It’s important to be willing to make mistakes. The worst thing that can happen is you become more memorable.”

“It’s important to be willing to make mistakes. The worst thing that can happen is you become more memorable.”

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Principles of persuasion
  1. Reciprocation: People will be nice if you are.
  2. Consistency: It’s easier to get people to comply with requests they see as consistent with what they’ve already said.
5. Read For Immediate Rewards

Studies show that there’s correlation between human behavior change and immediate rewards. Receiving immediate rewards releases dopamine in our brains, which compels us to seek more of the a...

4. Use Triggers to Your Advantage

We often start habits and drop them a few days later. To combat this, you can use triggers to remind you to practice the habit. Examples of triggers:

  • Reading at the same time everyday will prime your brain to automatically trigger itself to begin reading.
  • Leaving your books in places you will easily see is another trigger. If you read books digitally you could pin your tab so it’s always in your visual perspective.
3. Stop Before You’re Finished

Studies indicate that the Zeigarnik Effect is real. It says you are more likely to recall uncompleted tasks than completed ones.

Knowing this pattern of our brains, we can trick it by forcing cliffhangers when we’re reading books. It’s hard to stop reading in the most interesting part but it will make you want to start reading again.

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Analogy

An analogy is a comparison that asserts a parallel between two distinct things, based on the perception of a shared property.

Analogies appear in metaphors, similes, political...

An analogy is a tool

Analogies are arguments that operate unnoticed. Like icebergs, they conceal most of their mass and power beneath the surface.

Analogies are also used in innovation and decision making. For instance, the "bicycle for the mind” that Steve Jobs envisioned as a Macintosh computer.

The importance of a good analogy

Using analogies help us to communicate effectively. For example, Warren Buffett noted "You never know who’s swimming naked until the tide goes out,” meaning when times are bad, hidden weaknesses are exposed.

Lack of awareness of an analogy's influence can come at a cost. The ability to construct a good analogy can help you reach your outcomes.

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Circle of competence
Circle of competence

If you want to improve your odds of success in life and business then define the perimeter of your circle of competence, and operate inside. 

The concept has been used by Warren B...

First Principle
First Principle

Is a basic, foundational, self-evident proposition or assumption that cannot be deduced from any other proposition or assumption.

Elon Musk
Elon Musk

"… it's important to reason from first principles rather than by analogy. The normal way we conduct our lives is we reason by analogy. We are doing this because it's like something else that was done, or it is like what other people are doing. But with first principles, you boil things down to the most fundamental truths and then reason up from there."

You are the sum of your decisions

A few major decisions determine a good portion of how our lives, careers, and relationships turn out. The outcomes of these decision points will reverberate for years.

Even smal...

Why We Make Poor Decisions
  • We’re not as rational as we think. 
  • We’re not prepared. We don’t understand the invariant ideas — the mental models — of how the world really works. 
  • We don’t gather the information we need. We make decisions based on our “guts” in complex domains that require serious work to gather all the needed data. 
The World Is Multidisciplinary

We live in a society that demands specialization. Being the best means being an expert in something.  A byproduct of this niche focus is that it narrows the ways we think we can apply our knowledge without being called a fraud.

We should apply all the knowledge at our disposal to the problems and challenges we face every day.

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Turn envy into curiosity

This will help you to take action instead of feeling sorry for yourself. So the next time you see someone do something you want to do, either:

  • Reverse engineer what ...
Charlie Munger
Charlie Munger
“Increasing rationality and improving as much as you can no matter your age or experience is a moral duty.”
The labels you put on yourself

They shape your actions. If you think of yourself as lazy or weak, you act in accordance with that label.

Instead of placing labels on yourself, try making statements indicating you’re in the process of improving. Change “I am” to “I’m working on it.”

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