I once played a game with a colleague that he didn’t know he was playing. He and I were standing across from one another and chatting when I happened to notice that we both had our arms crossed. I realized there was a pretty good chance that if I uncrossed my arms, he would do the same and uncross his. I put my theory to the test and uncrossed my arms. Moments later, he followed my action and uncrossed his arms. Ah, the power of social proof […]

Mental ModelsThomas WaschenfelderSeptember 17, 2019social proof, what is social proof, social proof examples, social proof bias, cognitive bias list

Commitment & Consistency Bias: Why It's Hard To Change Your Mind

It took me 10-years to break a personal bad habit. Five years of knowing I wanted to stop, and another five years of actually trying to stop before I beat it. How many bad habits have you been able to shake? Probably less than you’d like, if any at all. That’s the power of commitment and consistency bias. We are creatures of habit, for better or for worse […]

Mental ModelsThomas WaschenfelderSeptember 3, 2019Consistency bias, commitment bias, consistency and commitment bias, what is commitment bias, what is consistency bias, what is commitment and consistency bias, cognitive bias listComment

What Is Bias From Association?

What if you could actually increase sales of a product by raising its price? Sounds like magic, right? It’s true though. There are circumstances where increasing the price of a product will help it sell. And there’s a pretty simple reason why. But first, a story […]

Mental ModelsThomas WaschenfelderAugust 21, 2019bias from association, association bias, influence from association, what is association bias?, what is bias from association, cognitive bias listComment

How To Find Your Path To Riches

Felix Dennis got rich in publishing. Naval Ravikant got rich in Silicon Valley. Nassim Nicholas Taleb by trading. Warren Buffett by investing. And the soon-to-be rich will get wildly wealthy by building things that don’t yet exist. What’s your path to riches? […]

Building WealthThomas WaschenfelderAugust 16, 2019How To Get Rich, Felix Dennis quotes, Felix Dennis wisdom, Felix Dennis, felix dennis, How To Get Rick (without getting lucky), How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets., Wealth, wealest, Wealest, wealth, wealth creation, building wealth, incentives and wealth buildingComment

The Power of Small Favors: Reciprocation Tendency

Has a car salesman ever offered you a cup of coffee or a glass of water upon entering the dealership? Have you been handed a free sample of a product as a gift? Invisible mental biases are consistently influencing the decisions you make. And one of the strongest and most important to understand is your tendency to reciprocate the favors, disfavors and concessions of others […]

Mental ModelsThomas WaschenfelderAugust 4, 2019reciprocation tendency, What is reciprocation tendency, Reciprocation Bias, cognitive bias listComment

The 5 Steps of (Wealth) Creation

Wealth isn’t a problem to be solved. It’s an opportunity to create. And the more you create, the better you get at creating. Your 1st million dollars is a lot harder to create than the 2nd, 3rd, and 4th million. This is because by the 4th million, you’ve gotten pretty good at creating wealth […]

Building WealthThomas WaschenfelderJuly 1, 2019Robert Fritz, The path of least resistance, naval asymmetric opportunities, naval ravikant wealth creation, naval ravikant quotes, Naval Ravikant, building wealth, creative process, creating wealth, making money, Get rich without getting lucky, the path of least resistance summary, Thomas Waschenfelder, wealest, WealestComment

What Is Incentive-caused Bias?

You are incentivized to believe to be true the things that you want to be true. If the significance of this idea does not immediately capture you, be patient. Sit with it. Lay with it. Fight with it. And then accept it, because fewer ideas are more important to your everyday life.

3 Things You Should Look For in a Career (According To Charlie Munger)

Charlie Munger is known for his quick wit, for not suffering fools, and for working alongside Warren Buffett to build Berkshire Hathaway into the behemoth company it is today. When billionaires give advice, I try to listen, and Munger offers some in a […]

Mental ModelsThomas WaschenfelderMay 28, 2019Charlie munger advice, charlie munger, Charlie Munger almanac, charlie munger speaches, Thomas Waschenfelder, Wealest, wealestComment

4 Stock Buying Filters From Billionaire Charlie Munger

Investing is hard, but that doesn’t mean we can’t simplify the ideas behind an investment philosophy and come to understand it. As Naval Ravikant (@naval on Twitter) reminds us: “It’s the mark of a charlatan to try and explain simple things in complex ways and it’s the mark of a genius to explain […]

Building WealthThomas WaschenfelderMay 20, 2019Charlie Munger, margin of safety, Warren Buffett, Stocks, investments, investing, Building wealth, financial freedom, Charlie munger advice, Charlie Munger almanac, Charlie Munger net worth, Thomas Waschenfelder, wealest, WealestComment

This Everyday Mantra Could Be the Key To Your Success

If you haven’t read Felix Dennis’ book, How To Get Rich, I highly recommend picking up a copy. It’s a quick, fun, blunt read. Dennis spends the first half of the book convincing you not to try and become rich, for reasons you have to discover for yourself. One of the things that stuck with me from the book was the way he talks about the fear of […]

Building WealthThomas WaschenfelderApril 2, 2019Felix Dennis, How To Get Rich, Mohnish Pabrai, Fear, business failure, no fear, fear nothing, How to Get Rich: One of the World's Greatest Entrepreneurs Shares His Secrets., wealest, WealestComment

Master The Mindset Of The Wealthy. Then Build.