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

Justin Wright

Your success, my mission | Ex-CIO now entrepreneur | Ranked top 10 creator worldwide | Brand builder for thought leaders | DEIB ally | Follow for research-backed tips on leadership & self-mastery

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15 biases you don't know are costing you money:We all have cognitive biases.Understanding them is the first step to avoiding them.It helps you make better choices.(You can find part 1 of the list in my profile.)⭐ Cognitive Biases Ultimate Cheat Sheet: Part 2 ⭐How knowing these helps you:Base-Rate Neglect: Use real stats, not just gut feelings.Contrast Effect: Don't be fooled by relative deals.Groupthink: Avoid costly herd mentality.In-Group Bias: Don't overspend on team loyalty.Liking Bias: Separate friendship from finance.Loss Aversion: Don't miss out on profitable risks.Optimism Bias: Plan for the unexpected.Overconfidence Effect: Avoid investment blunders.Reciprocity: Don't be guilt-tripped into spending.Scarcity Error: Resist impulse buys.Status Quo Bias: Don't stick with costly habits.Story Bias: Don't buy into the hype.Survivorship Bias: Evaluate all options, not just the successes.The Illusion of Control: Know when you're gambling.The Paradox of Choice: Avoid choice paralysis and buyer's remorse.Take charge.Master these biases.Make smarter choices today.Which bias do you think is the hardest to overcome?P.S. Repost to help others in your network too ♻️.Thank you!📌 Want a high-res PDF of this cheat sheet?Try my free newsletter (link in my profile).You'll get all 12 of my cheat sheets for $0.

  • Justin Wright on LinkedIn: 15 biases you don't know are costing you money:We all have cognitive… | 117 comments (2)

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Justin Wright

Your success, my mission | Ex-CIO now entrepreneur | Ranked top 10 creator worldwide | Brand builder for thought leaders | DEIB ally | Follow for research-backed tips on leadership & self-mastery

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📌 BONUS BIASESWatch out for these too:1. Chauffeur KnowledgeYou know facts but don't understand the underlying principles.Ex: Talking about a complex topic like you're an expert after reading a summary.2. Fundamental Attribution ErrorYou judge others' actions as traits but your own actions as situational.Ex: Thinking someone is lazy for being late, but blaming traffic when you're late.3. Incentive Super-Response TendencyYou react strongly to incentives, sometimes irrationally.Ex: Overeating at a buffet just because it's "all you can eat."4. Pessimism BiasYou overestimate the likelihood of negative outcomes.Ex: Assuming you'll be stuck in traffic, so you leave an hour early for a short trip.5. Social LoafingYou exert less effort in a group than when alone.Ex: Slacking off on a group project, thinking others will pick up the slack.

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Justin Wright

Your success, my mission | Ex-CIO now entrepreneur | Ranked top 10 creator worldwide | Brand builder for thought leaders | DEIB ally | Follow for research-backed tips on leadership & self-mastery

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📌 HERE'S THE LINK TO PART 1https://www.linkedin.com/posts/jwmba_mastering-these-16-biases-gives-you-an-advantage-activity-7099375476531482624-9hZ3

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Eric Partaker

The CEO Coach | CEO of the Year '19 | McKinsey, Skype | Author | Follow for posts about business, leadership & self-mastery.

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As Henry Ford said, "Whether you think you can or you think you can't, your exactly right." So if everything begins and ends in the mind, it's important to get your thinking right. Thanks for the help!

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Roel Timmermans

I help leaders improve company culture and get teams to thrive | ⛳ Decade of experience with €1B+ companies | interim available as team lead

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Confused, looking through all the screenshots I made of your posts thinking if I already saved this...*Screenshot it anyhow*

Gabrielle Long

Strategic Leader | Continuous Improvement | Processes & Documentation | Lean Six Sigma Black Belt

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Awww... I thought I was going to nail this list until I got to the very last one! I'm terrible at picking movies! 😂 All seriousness, this is actually a pretty good/thorough list. Would be a helpful tool for leaders in educating against and seeking out poor employee behaviors to help build a more innovative and positive culture in their departments/companies as well as to help eliminate waste that so many companies experience due to error, rework, and low-impact efforts.

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Daryl Daley

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Self-awareness emerges as the beacon of clarity.Self-awareness is the shield for the authenticity of our choices.This is a great post Justin WrightParticularly in the hiring and promotion decisions that need to be made daily.

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Mehmet Atici

Sharing Knowledge of Business & Marketing | 15+ Years Professional Engineer in Mainline Pipeline & Trenchless Technologies | 20+ Major projects 8000km in Total Length | MBA & M.Sc in Engineering | +Follow for daily tips

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Paradox of Choice here is a TED talk for that https://youtu.be/VO6XEQIsCoM?si=2FxO6g3RB_MtIrvb

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Stephanie Seege

The Reboot Mindset Coach | The Sticky Fairy - 200K+ IG, TikTok & YouTube Audience l Founder kAAKAO Illegal Chocolate

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That's a lot to take in. I think I need to meditate. Thanks for a great cheat sheet Justin.

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Dan Prudhomme

Targetpreneur | Accelerating SMB sales with buyer persona-driven marketing and messaging | Follow for posts on business, relationships, and growth.

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Confirmation bias, Justin- It can be costly for reinforces existing beliefs, impacting fiancial decision.

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Dr. Christian Poensgen

Ultraproductive | Ranked #1 LinkedIn Creator in Productivity & Personal Growth | Follow for posts about habits, productivity & personal development

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Love this list Justin Wright. One of the papers of my PhD project was on biases. Being aware of them can make a huge difference!

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    "I think we all have empathy. We may not haveenough courage to display it." - Maya AngelouEmpathy is a leadership superpower.Why?Because it connects.Deeply. Genuinely. Powerfully.In leadership, empathy does more than just listen.↳ It hears the unsaid.↳ It feels the unspoken.It's not about having all the answers.It's about understanding the questions.Empathy in action looks like this:• Listen - Not to reply, but to understand.• Pause - Give space for silence. It speaks.• Reflect - "It sounds like this is tough for you."• Wait - Solutions can wait. Connection can't.• Ask - "How can I support you in this?"Why does this matter?Teams thrive when they feel seen.Problems get solved when they're truly understood.Your empathy can:➟ Build trust that's unshakeable.➟ Give space for innovation to flourish.➟ Create a culture where everyone feels valued.When you lead with empathy,you pave the way for a new kind of success.One that's measured not just in profits,but in lives made better.If this resonates, repost to share with others ♻️.And follow @Justin Wright for more. Thank you!P.S. Do you think showing empathy takes courage?Want a high-res PDF of this infographic?Try my free newsletter: https://lnkd.in/gwe8nJn4You'll receive 25 of my best infographics for free.

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    Your success, my mission | Ex-CIO now entrepreneur | Ranked top 10 creator worldwide | Brand builder for thought leaders | DEIB ally | Follow for research-backed tips on leadership & self-mastery

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    Your success, my mission | Ex-CIO now entrepreneur | Ranked top 10 creator worldwide | Brand builder for thought leaders | DEIB ally | Follow for research-backed tips on leadership & self-mastery

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Justin Wright on LinkedIn: 15 biases you don't know are costing you money:

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