Every Psychological Trap Explained 13 Minutes
Summary
TLDRThe video explains numerous cognitive biases that distort our thinking, like the ostrich effect where we ignore negative information, the halo effect where we generalize positive impressions to unrelated areas, and the bandwagon effect where we blindly copy others' behavior. It provides real-world examples to demonstrate each bias and then offers tips to counteract them, such as consciously shifting perspective, evaluating options independently, and questioning our motivations behind decisions. Understanding these mental shortcuts and flaws can help us make wiser choices in business, investing, and life by basing judgments on logic and facts rather than subjective feelings or social pressure.
Takeaways
- 😱 The ostrich effect is ignoring negative information or feedback, like not checking your bank account to avoid seeing spending.
- 😅 To counter the ostrich effect, regularly review your situation even if it's uncomfortable.
- 🚪 The inability to close doors means struggling to decide due to fear of missing other opportunities.
- 🔍 To avoid the contrast effect, recognize when a comparison is influencing your judgment.
- 🤵 Chauffeur knowledge is appearing knowledgeable but lacking true expertise.
- 🛠️ The Ikea effect means overvaluing something because you built it yourself.
- 😡 The curse of specificity means irrelevant details seem more persuasive.
- 🎭 The spotlight effect is overestimating how much people notice your appearance or behavior.
- 👼 The halo effect is when one good impression influences your view in other areas.
- ⏪ Loss aversion means fear of losing outweighs potential gains.
Q & A
What is the ostrich effect and how can you counter it?
-The ostrich effect is when you ignore negative information or feedback like an ostrich burying its head in the sand. To counter this, regularly review your situation, even if it's uncomfortable.
What is the inability to close doors and how can you overcome it?
-The inability to close doors is the difficulty in making decisions due to the fear of missing out on other opportunities. To overcome it, focus on one thing at a time instead of working on multiple things and getting average results.
How does the contrast effect influence your judgement?
-The contrast effect is when your judgement of one thing is affected by a recent exposure to something else. For example, a house can look amazing after seeing a house in terrible condition.
What are the characteristics of chauffeur knowledge?
-Chauffeur knowledge is when someone seems knowledgeable and confident but lacks genuine expertise. Such people repeat phrases like a parrot. To identify them, ask more questions because they can't provide deeper insights.
What is the Ikea effect?
-The Ikea effect is when you value something more because you put effort into creating it, like furniture you assemble yourself. To avoid overvaluing your work, get external feedback to see its real value.
How does the curse of specificity make information seem more persuasive?
-The curse of specificity makes extremely detailed but irrelevant information seem more persuasive. Recognize that specifics don't necessarily reflect the bigger picture or support an argument.
How can you use the pigmalion effect to boost your performance?
-The pigmalion effect is when higher expectations from yourself increase your performance. For example, aim to achieve your 1-year goal in 3 months. The book '12 Week Year' explains this.
What is the consistency principle and how can you use it?
-The consistency principle means people want to act consistently with what they've said or done before. Finding someone to hold you accountable can help you stick to goals due to this desire for consistency.
What causes the planning fallacy and how can you avoid it?
-The planning fallacy is underestimating how long tasks will take, like thinking you can clean your whole house in an hour. To avoid this, always add extra time to your plans.
How does confirmation bias influence people's thinking?
-Confirmation bias makes people notice only things that confirm what they already believe. To avoid this, actively look for information that challenges your views to make more objective decisions.
Outlines
😟 The Ostrich Effect
The ostrich effect refers to ignoring negative information or feedback like an ostrich burying its head in the sand. To counter this, regularly review your situation even if it's uncomfortable.
🔐 Inability to Close Doors
The inability to close doors means having difficulty making decisions due to the fear of missing out on other opportunities. To resolve this, focus on one thing at a time instead of working on multiple ideas without results.
😲 The Contrast Effect
The contrast effect is when your judgment of something is affected by a recent exposure to something else. For example, realtors may show you a terrible house before the actual good house they want to sell, making the actual house look better in comparison.
Mindmap
Keywords
💡ostrich effect
💡contrast effect
💡chauffeur knowledge
💡Ikea effect
💡spotlight effect
💡halo effect
💡sunk cost fallacy
💡negativity bias
💡consistency principle
💡confirmation bias
Highlights
The ostrich effect is when you ignore negative information or feedback like an ostrich burying its head in the sand.
The inability to close doors is the difficulty in making decisions due to the fear of missing out on other opportunities.
The contrast effect is when your judgment of one thing is affected by a recent exposure to something else.
Chauffeur knowledge is when someone seems knowledgeable but lacks genuine expertise in a subject.
The Ikea effect is when you value something more because you put effort into creating it.
The curse of specificity is when extremely detailed but irrelevant information seems more persuasive.
The spotlight effect is when you think people notice your appearance mistakes more than they actually do.
The halo effect is when your impression of someone in one area influences your opinion of them in other areas.
Reciprocity is when you feel obliged to give back when someone gives you something.
The self-serving bias is when you credit yourself for successes but blame external factors for failures.
The sunk cost fallacy is when you keep doing something just because you've already invested a lot in it.
The paradox of choice is when having too many options makes it harder to make a decision.
The end of history illusion is when you believe that who you are now is who you'll be forever.
The consistency principle is based on the desire to be consistent with what we have previously said or done.
Confirmation bias is when people only notice things that support what they already believe.
Transcripts
the ostrich effect the ostrich effect is
when you ignore negative information or
feedback like an ostrich burying its
head in the sand like not checking your
bank account because you don't want to
see how much you've spent to counter
this regularly review your situation
even if it's
uncomfortable inability to close doors
the inability to close doors is the
difficulty in making decisions due to
the fear of missing out on other
opportunities for example you work on
three business ideas at once you know
that focusing on one one is much more
effective but you don't want to lose all
the progress on the other two so you
keep working on all three and keep
getting no results or average results
focus on one thing the contrast effect
the contrast effect is when your
judgment of one thing is affected by a
recent exposure to something else for
example some Realtors intentionally
start by showing you a house in terrible
condition before they show you the
actual house they want to sell the
actual house looks amazing in comparison
making you like it more chauffeur
knowledge chauffeur knowledge is when
someone seems knowledgeable and
confident but lacks genuine expertise in
a subject such people are similar to how
a parrot memorizes a few phrases and
repeats them over and over to identify
such people ask more questions because
they can't provide deeper insights the
Ikea effect the Ikea effect is when you
value something more because you put
effort into creating it like Furniture
you assemble yourself to avoid
overvaluing your work get external
feedback
this helps you see the real value of
your efforts and make objective
decisions the curse of specificity the
curse of specificity is when extremely
detailed information seems more
persuasive even if it's irrelevant for
example right now it's 8:16 in the
evening I'm in Starbucks sitting in the
corner in a soft yellow armchair the
aroma of coffee and the soft music are
amazing I'm drinking a warm delicious
cappuccino while typing the script on my
laptop okay right now you can probably
picture me sitting in that yellow
armchair you might have believed me as
well but the truth is I made it up I'm
at home trying to concentrate on this
script while my 5-year-old daughter is
screaming in the other room for some
reason the spotlight effect the
spotlight effect is when you think
people notice your appearance mistakes
or behavior more than they actually do
to avoid this remind yourself that
others are usually tooo focused on
themselves to notice minor things about
you this reduces anxiety and helps you
focus on what you are doing the halo
effect the halo effect is when your
impression of someone in one area
influences your opinion of them in other
areas like thinking someone is
trustworthy because they dress well or
they are good-look to avoid this judge
each situation or decision on its own
facts reciprocity reciprocity is when
you feel obliged to give back when
someone gives you you something like
feeling you must buy from a store
because you got a free sample to avoid
such influence recognize when you're
acting out of obligation rather than
genuine desire the self-serving bias the
self-serving bias is when you credit
yourself for successes but blame
external factors for failures like
thinking your win was all skill but your
loss was just bad luck to avoid this
practice taking responsibility for your
actions both good and bad the dito
effect the dito effect is when acquiring
a new possess session leads to a spiral
of additional purchases such as buying a
new outfit and then filling the need to
upgrade other items to match to avoid
this be mindful of how one purchase can
influence your overall spending the
anchoring effect the anchoring effect is
when your first impression or an initial
number shapes your subsequent thinking
for example thinking a $50 shirt is
cheap because you saw a similar one for
$200 first always view offers and
decisions independently not just in
comparison to the First Option you see
negativity bias negativity bias is when
you pay more attention to negative
events than positive ones for example I
would read 100 comments under my videos
and 99 of them would be positive and
only one negative guess which comment I
end up remembering and thinking about
yep you're right that one comment from
some random guy who probably has nothing
going on in his life and spends his
whole day in his pajamas sitting in his
messy room arguing with people on the
internet
now that I say this I realize how
ridiculous it sounds but most of us are
programmed to focus on the negative to
counter this we consciously need to
shift our perspective to positive events
and be grateful the sunk cost fallacy
the sunk cost fallacy is when you keep
doing something just because you've
already invested a lot in it not because
it's the best choice right now this is
like continuing to eat a terrible meal
just because you paid for it to beat
this think about what's the best action
starting from today your investment or
business decisions need to be based on
potential future returns rather than
past costs the Paradox of choice the
Paradox of choice is when having too
many options makes it harder to make a
decision for example have you felt
overwhelmed while choosing from a menu
with 50 dishes to counter this limit
your own options and the options you
give to others for example if you're
selling three products mentioning the
one that is the best seller can simplify
the decision-making process and lead to
a sale
the framing effect the framing effect is
when your decisions are influenced by
how information is presented for
instance imagine a doctor says there's a
90% chance you will survive but now
imagine the doctor says there is a 10%
chance you'll die both statements mean
the same thing but you would feel
terrible in the second case always
consider facts from multiple
perspectives before making a
decision the end of History illusion the
end of History illusion is when you
believe that who you are now is who
you'll be forever to counter this
embrace the idea of change recognize
that your preferences and beliefs will
change and that's okay the pigan effect
the pigmalion effect is when a higher
expectation from yourself leads to an
increase in performance for example if
you aim to achieve your one-year goal in
3 months your performance will
significantly increase there's a book on
this channel titled 12we year which
explains how to do that consistency
principle the consistency principle is
based on the desire to be consistent
with what we have previously said or
done for instance if you tell your
friends that you plan to start
exercising regularly you're more likely
to stick to it that's why finding
someone to hold you accountable can
significantly enhance your commitment to
your goals the planning fallacy the
planning fallacy is when you
underestimate how long it will take to
do something like thinking you can clean
your whole house in an hour to avoid
this always add some extra time this
helps you plan your day better and
reduce stress
confirmation bias confirmation bias is
when people only notice things that
support what they already believe for
example if you think your favorite
soccer team is the best you might only
notice the games they win to avoid this
actively look for information that
challenges your views this helps you
make decisions based on all the facts
not just what you want to believe the
bandwagon effect the bandwagon effect is
copying what others do like buying a
trendy phone just because everyone else
has it not because you need it to avoid
this ask yourself why you're making a
decision is it really what you want or
are you following the crowd the done and
Krueger effect the done and Krueger
effect is when people with less skill or
knowledge overestimate their ability
this is like reading a few famous books
on investing and believing that you now
know it all to avoid this especially
when making important decisions consult
with experts loss aversion loss aversion
is when the fear of losing something
motivates you more than the potential
gain like not investing in a good
opportunity because you're scared to
lose money to beat this focus on what
you could gain not just what you could
lose the decoy effect the decoy effect
is when your preference between two
options changes when a third less
attractive option is introduced like
choosing a medium popcorn because it
seems cheaper compared to the large one
to avoid this evaluate each option alone
this helps you to choose what you really
want not just what seems like a better
deal in comparison the availability
heuristic the availability heuristic is
when you judge the likelihood of events
based on how easily you can remember
them you might believe plane crashes are
common simply because it has been on the
news a lot recently to avoid this look
for actual facts and statistics before
making a decision the gambler's fallacy
the gamblers fallacy is when you think
past events affect future ones
especially in random situations like
thinking you're about to win after
losing a coin toss several times
remember that each event is independent
especially in random scenarios this
helps you make decisions based on logic
not not false patterns the hindsight
bias the hindsight bias is when you
believe after an event has occurred that
you predicted it even though you didn't
like after a game saying you knew the
outcome all along the reactant bias the
reactant bias is when you want to do the
opposite of what you're told because you
feel your freedom is being threatened
like not wanting to wear a seat belt
just because a sign says You must to
avoid this focus on why the action is
beneficial for you not because you're
being told to do it action bias action
bias is when you feel pressured to act
even when doing nothing is a better
choice like feeling you must do
something in a slow business period when
waiting might be wiser to avoid this
consider the benefits of patience and
not acting Sometimes the best action is
no action survivorship bias survivorship
bias is when you only notice the big
successes and forget about the struggles
and failures it's like thinking that
having your own business means wearing
suits and sitting in fancy offices just
because that's what you see in the media
you don't see the sleepless nights
arguments with their Partners tough
decisions and risks they took to get
there before jumping into a new business
research both sides to get a real view
the unity principle the unity principle
is when you're more persuaded by people
who you feel are part of your group like
trusting a product more if the person
selling it comes from your hometown to
avoid it make your decisions based on
the information
not just on who is presenting
it the zynic effect the zaric effect is
when you remember uncompleted tasks
better than completed ones for example
constantly thinking about a report that
you need to finish to use this to your
advantage organize tomorrow today every
day at lunchtime take a few minutes to
plan your next day the moment you create
a plan your subconscious mind goes to
work on it in the background when you
wake up the next day you will have a
clear to-do list plus plus some creative
ideas the bystander effect the bystander
effect is when you're less likely to
help someone in need when others are
present for example not speaking up in a
meeting because you think someone else
will avoid sending an email or a request
to a group of people and saying hi can
someone please help me everyone will
probably ignore it thinking somebody
else will help address your request to a
specific person instead the ambiguity
effect the ambiguity effect is
essentially our tendency to avoid
choices that are unclear even if they
might lead to better results for example
when you are in a restaurant instead of
trying a new dish that you might end up
loving you go for the same average meal
you always order assess the risks and
benefits of ambiguous options sometimes
taking well-calculated risks can lead to
significant rewards the curse of
knowledge the curse of knowledge is when
you assume others know what you know
leading to unclear communication to
avoid this put yourself in your audience
audience's shoes and imagine what it was
like when you were a beginner picture
what it was like not knowing it explain
it as if you are explaining it to your
younger self illusion of averages the
illusion of averages is the mistaken
belief that average numbers always
reveal the full story for example you're
in a car with two of your best friends
suddenly your friend's friend joins you
as well and he turns out to be Elon Musk
now can you tell me what the average
wealth in that car is you see it's
nonsense to talk about averages in this
case that is why Always dig deeper
especially in business and investing
depending on the size of the data
averages might mean nothing the
endowment effect the endowment effect is
when you value something more just
because you own it like not throwing
away your old clothes despite the fact
that you don't wear them anymore and
there is no space on the Shelf to avoid
this see things from an outsider's
perspective many of the principles
mentioned in this video are covered in
my long form videos if you want to learn
more check out the playlist you see on
your screen thanks for
watching
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