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Which of these two options would you choose?
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Daniel Kahneman, the author of Thinking, Fast and Slow, did an experiment. ​ He gave two options: ​ Would you accept a gamble that offers a 10% chance to win $95 and a 90% chance to lose $5? Or. Would you pay $5 to participate in a lottery that offers a 10% chance to win $100 and a 90% chance to win nothing? ​ Well… if you studied engineering, you have convinced yourself that the two problems are identical. ​ In both, you are either richer by $95 or poorer by $5. ​ But that’s engineering mindset… ​ No question why we take so long to find someone that can endure us. ​ The reality is that the second option attracts more people. ​ A bad outcome is much more acceptable if it is framed as the cost of a lottery ticket that did not win than if it is simply described as losing a gamble. ​ We should not be surprised: losses evoke stronger negative feelings than costs. ​ If you have no idea what I’m talking about, you should take a look to the book below. It will teach you to avoid gambles and call some costs, investments. ​
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Vicente Valencia
I talk about Personal Growth, Management, Infrastructure and More | C-Suite Executive | Mentor, Coach, Strategic Consultant | Real Estate Investor | 👇JOIN +2k readers 👇
When Bill Gates crossed the border from the United States to Canada some years ago, the customs agent asked him if he had anything of value to declare. He pulled out a stack of floppy disks wrapped in rubber bands. “This is worth at least $50 billion,” he said. The customs agent shrugged, thinking he was talking to a nut and let the richest man in the world pass through the border without paying anything in taxes. That bundle of floppy disks was the prototype of Microsoft’s Windows 95, and...
The brain is an extraordinary organ when looking for causes to say no. In fact, unfortunately for your pocket and mine, many people are just empowered to say no. Politicians, public servants, flight attendants, utility workers, and so on. They see risks everywhere instead of solutions and ways out. Terrible sickness. With only a cure… Not depending on the no-sayers. That’s called freedom and a I-don’t-give-a-f*uck mindset where your brain works around solutions and to achieve your objectives....
Monge Malo, the best seller in Spanish language told this story a few days ago. In 1978, Richard Branson (founder of Virgin), to impress his then-girlfriend, pretended to be buying a deserted island. Yeah… just like that. Some vacuum the car, others pretend to buy an island… The island’s price was $6 million. Richard offered $100,000. Just for the laughs and with the intention to have good company under the sheet. The owner counter-offered at $180,000, and Richard ended up acquiring Necker...