Finance Psyche

Every number has a story…

Tag: professionaldevelopment

๐‹๐„๐€๐ƒ๐„๐‘’๐’ ๐’๐“๐‘๐€๐“๐„๐†๐ˆ๐„๐’ ๐…๐Ž๐‘ ๐ˆ๐‹๐‹๐”๐Œ๐ˆ๐๐€๐“๐ˆ๐๐† ๐“๐‡๐„ ๐๐€๐“๐‡ ๐…๐Ž๐‘๐–๐€๐‘๐ƒย ๐’๐„๐‘๐ˆ๐„๐’ – 1/5

๐ŸŒŸ ๐„๐ฆ๐›๐š๐ซ๐ค๐ข๐ง๐  ๐จ๐ง ๐ญ๐ก๐ž ๐Ž๐๐ฒ๐ฌ๐ฌ๐ž๐ฒ ๐จ๐Ÿ ๐†๐ซ๐จ๐ฐ๐ญ๐ก Today, I find myself reflecting on the odyssey of personal and professional growthโ€”a journey as challenging as it is rewarding. Imagine standing at the edge of an ancient map, where the known world meets the uncharted. Here, the phrase “Here Be Dragons” warns…

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๐Ÿ•ณ๐Ÿ’ฐ ๐’๐ฎ๐ง๐ค ๐‚๐จ๐ฌ๐ญ ๐…๐š๐ฅ๐ฅ๐š๐œ๐ฒ: ๐“๐ก๐ž ๐Œ๐ข๐ง๐ ๐“๐ซ๐š๐ฉ ๐“๐ก๐š๐ญ ๐Š๐ž๐ž๐ฉ๐ฌ ๐”๐ฌ ๐’๐ญ๐ฎ๐œ๐ค ๐Ÿ’ฐ๐Ÿ•ณ

Today, let’s dive into a cognitive bias that can significantly impact our decision-making processes and potentially lead us astray: the Sunk Cost Fallacy.ย ย The ๐’๐ฎ๐ง๐ค ๐‚๐จ๐ฌ๐ญ ๐…๐š๐ฅ๐ฅ๐š๐œ๐ฒ refers to our tendency to continue a behavior or endeavor because of previously invested resources (time, money, or effort), even if it’s no longer…

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๐Ÿš€๐Ÿ”ฎ ๐Ž๐ฏ๐ž๐ซ๐œ๐จ๐ง๐Ÿ๐ข๐๐ž๐ง๐œ๐ž ๐๐ข๐š๐ฌ: ๐“๐ก๐ž ๐Œ๐ข๐ง๐ ๐“๐ซ๐š๐ฉ ๐“๐ก๐š๐ญ ๐Œ๐ข๐ฌ๐ฅ๐ž๐š๐๐ฌ ๐Ž๐ฎ๐ซ ๐‰๐ฎ๐๐ ๐ฆ๐ž๐ง๐ญ๐ฌ ๐Ÿ”ฎ๐Ÿš€ย 

ย Let’s tackle an intriguing cognitive bias that can subtly influence our decision-making: the ๐Ž๐ฏ๐ž๐ซ๐œ๐จ๐ง๐Ÿ๐ข๐๐ž๐ง๐œ๐ž ๐๐ข๐š๐ฌ.ย ย ๐Ž๐ฏ๐ž๐ซ๐œ๐จ๐ง๐Ÿ๐ข๐๐ž๐ง๐œ๐ž ๐๐ข๐š๐ฌ refers to our tendency to overestimate our knowledge, abilities, and the precision of our predictions. While confidence is vital for success, overconfidence can lead us to underestimate risks, overlook vital information, and make ill-informed…

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โš“๐Ÿ’ก ๐€๐ง๐œ๐ก๐จ๐ซ๐ข๐ง๐  ๐๐ข๐š๐ฌ: ๐“๐ก๐ž ๐Œ๐ข๐ง๐ ๐“๐ซ๐š๐ฉ ๐ญ๐ก๐š๐ญ ๐ˆ๐ง๐Ÿ๐ฅ๐ฎ๐ž๐ง๐œ๐ž๐ฌ ๐Ž๐ฎ๐ซ ๐ƒ๐ž๐œ๐ข๐ฌ๐ข๐จ๐ง๐ฌ ๐Ÿ’กโš“ย 

ย Today, let’s talk about another Mind Trap that can subtly impact our judgments and decisions – ๐€๐ง๐œ๐ก๐จ๐ซ๐ข๐ง๐  ๐๐ข๐š๐ฌ.ย ย ๐€๐ง๐œ๐ก๐จ๐ซ๐ข๐ง๐  ๐๐ข๐š๐ฌ is our tendency to rely too heavily on the first piece of information we encounter (the “anchor”) when making decisions. It can affect everything from salary negotiations to strategic business decisions…

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๐Ÿ“š ๐๐จ๐จ๐ค ๐’๐ฎ๐ฆ๐ฆ๐š๐ซ๐ฒ: “๐“๐ก๐ž ๐€๐ซ๐ญ ๐จ๐Ÿ ๐“๐ก๐ข๐ง๐ค๐ข๐ง๐  ๐‚๐ฅ๐ž๐š๐ซ๐ฅ๐ฒ” ๐›๐ฒ ๐‘๐จ๐ฅ๐Ÿ ๐ƒ๐จ๐›๐ž๐ฅ๐ฅ๐ข ๐Ÿง ย 

๐ŸŒŸ Today, I wanted to share a brief summary of a thought-provoking book that I recently read: “The Art of Thinking Clearly” by Rolf Dobelli. This book offers practical advice on how to overcome cognitive biases and make better decisions in various aspects of life, including finance, business, and personal…

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