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Day 1060: Daniel. Kahneman. Death.
Day 1060: Daniel. Kahneman. Death.
Last week we covered a lot of ground including how you should forget Dalio, Icahn, Buffett and Munger cause the investor you most need to study, in detail, is yourself as well as how a friend is excited about dating again and texted ‘I don’t drink, I don’t smoke, I don’t go out at night, I go to bed at 10:00pm, wake up at 7:00am quiet and calm’ and replied that they were a great match.
Speaking of everything changing once he gets out of jail…
Just curious, when my wife is telling me a sad story and she’s crying, how long should I wait before I take a bite of my pizza?
In other news…
It’s simple to be happy but difficult to keep it simple.
Carry on.
Anyhoo…
Your one PROFIT ACCELERATION THING today is:
‘Thinking Fast and Slow’
Author Daniel Kahneman passed away last week… he is credited with changing the world of behavioral finance.
Finance / Investing is 20% skill and 80% psychology.
Here are some Jedi-Mind tricks from him and his book.
1. Irrationality: You’re not rational and being irrational leads to a lot of your mistakes.
90% of Americans think they can drive better than the average.
70% of Americans think they’re smarter than the average.
2. Prospect Theory: You feel losses 2X as hard as your wins.
When given the option to play heads and tails where you can win $100 but only risk losing $50… most people declined.
That bet should be taken every time without fail (it’s MATH).
3. Sunk Cost Fallacy: You keep investing (time, energy and money) in something simply because of what you have ‘sunk’ into it.
You finish watching a boring movie because you started it. You stick with a bad investment because you don’t want to take the loss.
“Selling your winners and holding your losers is like cutting the flowers and watering the weeds.” Peter Lynch
4. Framing effect: The way information is presented will influence your decisions and perceptions.
Studies show 75% lean meat is the preferred choice over 25% fat meat despite them being the exact same thing.
Fox and CNN have almost polar opposite frames for the exact same story. Subsequently cater to opposite audiences.
5. Anchoring Effect: You base your decision mostly based on the first piece of information (often a number) you receive.
If you see a car that costs $100,000 and then the second is $70,000 you will frame the second one as cheap.
You heard it here first.
Now, pick up the phone and go help someone.
Obsessed with your business coaching success,
Karl Bryan
Founder, Focused.com
PS. My guess: Your goal is not to be rich, your goal is not to be wealthy, your goal is to be FREE. Happy Independence Day.
PPS. If this helps and you want it to really sink in… GO TEACH IT to someone cause that’s the best way for you to learn it. A friend, your spouse, a prospect, a client etc…
*Don’t plagiarize my work like a lame arse.
PPPS. Marriages break up from lack of money… over lack of love X 100. Business failures lead to destruction, addiction, depression, anxiety, suicides, and unfortunately, far more.
As good business coaches, we save marriages, save families, save kids from self-destruction… we save lives!
A true life of purpose.
PPPPS. If you’re looking for a proven system to follow for your coaching…. I created Profit Acceleration Software™ and high-end step-by-step training to support it…
We did a training that will teach you ‘A strategy that can DOUBLE your clients’ bottom-line profits using exponential growth without spending more on marketing.
Imagine finding your high-ticket coaching fees BEFORE you start coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Access the free training here
PPPPPS. Forward this to someone that needs to subscribe to my daily emails and get a limited-time, complimentary subscription to my business coaching magazine go here:
https://thesixfigurecoach.com/
PPPPPPS. They tell me my Podcast is Ric Flair style, Money Makin, Client Getten, Joint Venture Landing, Event Fillin, High-End Coaching Client Findin Gold For Business Coaches.
Missed a day? Catch up here.
Karl Bryan, Creator of Profit Acceleration Software™
Karl Bryan gets clients for Business Coaches...period. He is the Founder of The Six-Figure Coach Magazine and creator of Profit Acceleration Software™ that shows you how you can BOOST bottom-line profits of any business using the power of compounding growth without spending more on marketing. His goal is straightforward… to help coaches and consultants get more clients.
Get a tour of Profit Acceleration Software™ at focused.com.
The Six-Figure Coach Magazine
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