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Identifying and eliminating unnecessary expenses
How to negotiate better deals
Understanding the importance of saving
Overconfidence bias
Most people think they know more than they really do.
Researchers showed that people believe they understand familiar manufactured objects much better than they really do. For instance, if you think you understand how a can opener works, try to draw a diagram of a can opener on a piece of paper. If you can't draw, write out a detailed explanation. Then, find out how it really works.
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MORE IDEAS ON THIS
The hidden risk of not understanding the details of our reality
Focusing on specific details in a complex system while ignoring the amount of detail contained within the system may at first show a benefit. However, it can create a massive collapse in the long-run.
In the late 18th century, the German government wanted to grow "scientific forests" t...
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Managing the overconfidence bias
- Embrace meta-rationality. Know the limits of your own understanding, know when to consult experts, which experts to defer to, and when to admit that something is impossible for anyone to know.
- Allow for uncertainty. Confident statements seem more p...
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The details that form our reality
When we don't understand the details, it can cause much trouble. If a nation is overconfident that they will win a war, they will fight more wars. An investor that is to sure of their estimate of an asset's value will trade too much.
The world is too big to proces...
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Related collections
Other curated ideas on this topic:
The Hindsight Bias
A bias that many people including historians, experts and physicians encounter is the hindsight bias, which makes them think they knew how an event would turn out before it happened. It is the tendency for people to perceive past outcomes as having been more predictable ...
Help Others Find Strength
One of the most empowering things leaders can do in the face of unanswerable questions is to use broader questions to draw out people's deeper concerns.
In doing so, you may end up helping others discover their own strength, which works far better than offering the answer you think they wa...
Overemphasizing what you want
Show a company what you can do for them. Don't put too much emphasis on what you want.
For instance, when asked "Why do you want to work here?", don't start with "I want to grow..." They really want to know how will you contribute to their business. Reframe your answer and use...
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