Justin Wright on LinkedIn: 15 biases you don't know are costing you money: We all have cognitive… | 117 comments (2024)

Something to think about

Wisdom and introspection will stem from this 40 second read. Comment if you see more than one trait that you hold?

This is a great chart for identifying faulty thinking. Even better is the advice Justin offers in the post itself for how to avoid making these errors.

On 28 th November 2023 we lost one of the wisest person of our time. Charlie Munger passed away last month at the ripe old age of 99.One of his ideas was “The Power of Inversion thinking”. The way this model works is If you want to achieve “X” then list all the things which you can do to achieve the opposite of “X” and then simply avoid those. Here are a few examples (1) If you want to be FIT then avoid things that make you UNFIT eg unhealthy food, not having enough sleep etc. (2) If you want to become RICH then avoid things that can make you POOR eg spend more than you earn, make no investments, etc. (3) If you want to be HAPPY then avoid things that can make you SAD eg poor relationships, no purpose in what you are doing etcThis powerful thinking tool encourages us to approach a problem backwards, putting the spotlight on preventing bad outcomes. This model of “Inverse Thinking” can also help in identifying blind spots in our thinking process.

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Feeling stuck? Try reframing!Humans are quick to contextualize. It's easy for us to get trapped in the 'framing' presented before us.There is an art to recognizing the frames presented to us. Start with questioning the:- Numbers: Relative 📊 vs. Absolute 🔢Is a 10% increase in sales significant? Compare that to an absolute number: "We sold 100 more units this quarter."- Words: Emotive 💔 vs. Dispassionate 📄Consider "The tragic accident was heart-wrenching" against "The accident resulted in several injuries."- Images: Vibrant 🌈 vs. Dull 🌚Think of a bright, colorful advertisem*nt vs. a muted, serious public service announcement.Recognizing the biases that are presented to us gives us opportunities to question our initial perspective. Reframing allows us to shift and play with what we know, helping us see things from different angles and ultimately building a clearer, more accurate and objective picture 🔄Tips for Effective Reframing:- Diversify Your Sources 📚: Get information from various places.- Explore Different Causes 🧠: Look beyond the obvious reasons.- Think of Broader Outcomes 🌍: What are the long-term implications?Always challenge yourself: Are the facts and figures presented relatively true, or are they absolute truths? Questioning what's presented to us and seeking facts help us change our perspective. Dive deeper, ask questions, and manipulate the frame! 🔍🔄Check out my series: which mental model when?https://buff.ly/45pWvaZ

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A much talked phrase explained in very simple and powerful way.

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Emotional intelligence is not about being nice and controlling emotions.

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Such a clear breakdown.

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I may word this slightly differently, but it is a great post highlighting our misconceptions. Experiment with the following:1) Exploring and acknowledging our sensations which are beneath our emotions is the first step. 2) Once we are connected to our bodies we can more easily access our deepest purpose. 3) And when we navigate from this space we can make wiser and more embodied decisions, that not only serve our purpose or others but most importantly empower you to listen inward, align with your truth. When we start with ourselves we can more easily "feel" others - we are naturally strengthening our empathy muscle. Its the simple practices that take us a long way!

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This is an excellent definition of emotional intelligence. Emotional intelligence = emotional data 📊Vital information that we can utilise to make better decisions and solve problems (hot tip: any problem that involves people, involves emotion!)EQ is not sitting around singing kumbaya. Remember: emotions drive people. People drive performance. Tapping into your EQ directly impacts the bottom line!#eq #emotionalintelligence

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