We are all biased people, easily influenced by other people or even our own experiences. These biases can affect your ability to make the right decisions and even get in the way of achieving success. The best part is that these prejudices can easily be addressed through small nudges and disciplined practices that push you in a certain direction. However, you should keep in mind that nudges can push you in the right or wrong direction.
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summary
In the book, “Nudge: Improving Decisions About Health, Wealth and Happiness,” authors Richard H. Thaler and Cass R. Sunstein explore how we make different choices and suggest how we can make better decisions. listen to it
Podcast by Edelweiss MF
To find out how you can create an optimal investment checklist.
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key takeaways
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Business & Economics,
- The decisions you make as an individual are influenced by different sets of biases and information
- Anchoring, overconfidence, status quo bias, and familiarity are all examples of bias.
- On the other hand, even a nudge can sway you towards both right and wrong decisions.
- The way a certain argument is framed to marketing and social media influencers can act as a nudge.
- In investing, the Record, Valuation and Compare (RECAP) framework of alternative prices can act as a good indicator.
The book is truly revelatory and might make you stop and think the next time you are about to make a decision. You can listen to the podcast on Edelweiss Mutual Fund
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, We hope you enjoyed this podcast and stay tuned to hear more podcasts like this on Investing Nuggets. If you are a bookworm you can also read the book summary here
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