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Infographic: 20 Cognitive Biases That Screw Up Your Decisions

Infographic: 20 Cognitive Biases That Screw Up Your Decisions

So you think that you’re a rational person and that those psychological tricks that work on the masses won’t work on you? Well, the following infographic might shake your confidence.

Interestingly enough, the brain often likes playing tricks on us, whether we want it to or not. Before we get into the infographic, let me introduce you to some of the main cognitive biases upon which these tricks are based.

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Anchoring

When making decisions, we tend to rely too heavily on the first piece of information we receive. This fact is often exploited in marketing, particularly online. How many times have you come across something along these lines: “Buy this new product, which is normally priced at $299 for a limited-time price of $49!” That’s a phenomenal bargain, right? Once your brain is anchored to a price of $299, the $49 you might have balked at before sounds much cheaper. How often are you being anchored in your daily life?

Confirmation Bias

We tend to look for information that confirms what we believe. This is referred to as confirmation bias, and is precisely what gets us mired in our current beliefs. Our minds seek information that supports what we think, so it is hard to adopt new thoughts and beliefs. Conspiracy theorists are a perfect example of this. They often twist facts and disregard that which challenges their theories. They seek evidence that confirms their assumptions and, sure enough, they manage to find plenty of it. That said, not every conspiracy theory is automatically wrong.

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Placebo Effect

If you believe in something strongly enough, it may enter reality to a certain extent. The most famous example of the placebo effect is arguably the case of Mr. Wright, a terminally ill patient who had been given less than 2 weeks to live. The release of a new drug called Krebiozen gave him hope, and his health improved rapidly upon taking the drug.

Unfortunately, reports that the medicine might be ineffective arose, and Mr. Wright’s health suddenly deteriorated when he learned of this. His doctor noticed the pattern and decided to administer placebo injections consisting only of water while telling Mr. Wright that the injections contained a new and improved version of the medicine.

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Mr. Wright’s health improved dramatically while taking the placebo. Sadly, the American Medical Association ultimately announced that Krebiozen was completely ineffective in the treatment of cancer. Mr. Wright resultantly lost hope and died within a few days of this revelation.

Clustering Illusion

This is the tendency to see patterns in random events that are not truly related. Our mind is designed to spot patterns everywhere, even when there is no scientific evidence for them. Take sports, for instance. Sports fans often think that they can predict the success or failure of their favorite player. If they see LeBron scoring multiple free throws in a row, they start to think that he will make the next shot as well. In reality, research has shown that there is little to no link between any of the free throws, even when they occur successively.

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Survivorship Bias

Survivorship Bias occurs when we fail to adequately consider failure rates when making decisions. There are scores of entrepreneurs who failed, painters who died in poverty, and inventors who were never successful, but how often do we hear their stories? Rarely, because nobody likes to hear stories that end in failure. Such stories can be sad and depressing, but they are part of reality. Have you ever experienced Survivorship Bias in your life?

Now that you’re familiar with the most common cognitive biases, check the infographic below for more information. Are there any that have tricked you recently?

bi_graphics_20-cognitive-biases-that-screw-up-your-decisions

    Featured photo credit: 20 cognitive biases that screw up your decisions via businessinsider.com

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    Last Updated on January 21, 2020

    How to Motivate People Around You and Inspire Them

    How to Motivate People Around You and Inspire Them

    If I was a super hero I’d want my super power to be the ability to motivate everyone around me. Think of how many problems you could solve just by being able to motivate people towards their goals. You wouldn’t be frustrated by lazy co-workers. You wouldn’t be mad at your partner for wasting the weekend in front of the TV. Also, the more people around you are motivated toward their dreams, the more you can capitalize off their successes.

    Being able to motivate people is key to your success at work, at home, and in the future because no one can achieve anything alone. We all need the help of others.

    So, how to motivate people? Here are 7 ways to motivate others even you can do.

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    1. Listen

    Most people start out trying to motivate someone by giving them a lengthy speech, but this rarely works because motivation has to start inside others. The best way to motivate others is to start by listening to what they want to do. Find out what the person’s goals and dreams are. If it’s something you want to encourage, then continue through these steps.

    2. Ask Open-Ended Questions

    Open-ended questions are the best way to figure out what someone’s dreams are. If you can’t think of anything to ask, start with, “What have you always wanted to do?”

    “Why do you want to do that?”

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    “What makes you so excited about it?”

    “How long has that been your dream?”

    You need this information the help you with the following steps.

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    3. Encourage

    This is the most important step, because starting a dream is scary. People are so scared they will fail or look stupid, many never try to reach their goals, so this is where you come in. You must encourage them. Say things like, “I think you will be great at that.” Better yet, say, “I think your skills in X will help you succeed.” For example if you have a friend who wants to own a pet store, say, “You are so great with animals, I think you will be excellent at running a pet store.”

    4. Ask About What the First Step Will Be

    After you’ve encouraged them, find how they will start. If they don’t know, you can make suggestions, but it’s better to let the person figure out the first step themselves so they can be committed to the process.

    5. Dream

    This is the most fun step, because you can dream about success. Say things like, “Wouldn’t it be cool if your business took off, and you didn’t have to work at that job you hate?” By allowing others to dream, you solidify the motivation in place and connect their dreams to a future reality.

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    6. Ask How You Can Help

    Most of the time, others won’t need anything from you, but it’s always good to offer. Just letting the person know you’re there will help motivate them to start. And, who knows, maybe your skills can help.

    7. Follow Up

    Periodically, over the course of the next year, ask them how their goal is going. This way you can find out what progress has been made. You may need to do the seven steps again, or they may need motivation in another area of their life.

    Final Thoughts

    By following these seven steps, you’ll be able to encourage the people around you to achieve their dreams and goals. In return, you’ll be more passionate about getting to your goals, you’ll be surrounded by successful people, and others will want to help you reach your dreams …

    Oh, and you’ll become a motivational super hero. Time to get a cape!

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    Featured photo credit: Thought Catalog via unsplash.com

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