![]() ![]() ![]() ![]() When judging people as an observer, you believe all actions come from their personality leading to Fundamental Attribution Error. Taking notes, reviewing past data and questioning why can guide you to better results at work. Your customers will remember the recent advertisement You will be biased by the recent news. Thus, you may be judged heavily on a recent mistake or success at work. Ask: What have I gained in the pandemic? Or, what small step can I take to avoid this situation? What would I do if I wanted to lose customers/ get fired? Am I doing anything like that now?ĭaniel Kahneman, the Nobel prize winning psychologist, says that we tend to take mental shortcuts in decision making by relying on the most recent information that we remember. One way is to switch between past and future -if this were true, what would I do now? Similarly between the views of different people, liability vs asset or victim vs choice. As you try new perspectives, the question will change and multiple answers will come through. When you are stuck for answers to a question, the best mental model is to reframe the situation. Are you struggling with a tough decision like switching a career? Ask yourself whether you will regret your proposed decision when you are 80 or even five years later? Go with the option that causes the least regret. Jeff Bezos, currently the world’s richest man, used the Regret Minimisation framework to quit a great job and participate in the internet boom and start Amazon. Thereafter, always keep learning to expand your circle. The size of that circle is not very important knowing its boundaries, however, is vital.” Using this, you can focus your efforts for best rewards and know where you need help. Investment billionaires Warren Buffet and Charlie Munger developed this concept and the motto: “Know your circle of competence, and stick within it. This mental model is your single most valuable strategy for success and wealth in your career. For Musk, buying a rocket was expensive so he started with the basic price of aluminium, copper etc and figured out how to reduce a bulk of the cost. This is the best way to practice thinking on your own, separating a large problem into smaller parts and finding new answers. This comes from physics where you start thinking from the fundamental basic levels that you know to be true. His biggest mental model is reasoning from first principles. Mutual Funds Spend Credit Cards P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Calculator IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth NewsletterĮlon Musk is disrupting multiple industries at the same time including space exploration and automobiles. ![]()
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