The sucker in the room and the lollapalooza effect - Using cognitive biases but not having them used against you.
Nowadays we are bombarded with information from everywhere, whether it is online or when we simply drive down the road, there are commercials and ads from companies from all over the world trying to pursue us to take a specific action.
Some of them are obvious and others are done subliminally but they all have one goal, which is to get you to believe their message.
Although this may sound like a conspiracy theory, there are strong forces that wants to influence us and to take advantage of us.
Everything starts in the mind first so if you your mind is not aligned with your goals and your mental habits are precarious then your chances of succeeding at whatever it is that you want from life are very minimal.
The famous investor and book writer Charlie Munger came up with 25 cognitive biases also referred to as " The psychology of human misjudgments". These cognitive biases details how humans are influenced to make certain decisions.
Here they are:
Charlie Munger's 25 Cognitive Biases
1 - Reward and punishment super response tendency
2 - Liking/loving tendency
3 - Disliking/hating tendency
4 - Doubt-Avoidance tendency
5 - Inconsistency/avoidance tendency
6 - Curiosity tendency
7 - Kantian fairness tendency
8 - Envy/jealousy tendency
9 - Reciprocation tendency
10 - Influence from mere association tendency
11 - Simple, pain avoiding tendency
12 - Excessive self regard tendency
13 - Over optimism tendency
14 - Deprival- Super reaction tendency
15 - Social - proof tendency
16 - Contrast - misreaction tendency
17 - Stress influence tendency
18 - Availability - Misweighing Tendency
19 - Use it or lose it tendency
20 - Drug misinfluence tendency
21 - Senescence - misinfluence tendency
22 - Authority misinfluence tendency
23 - Twaddle tendency
24 - Reason - respecting tendency
25 - Lollapalooza tendency
The last cognitive biases, the Lollapalooza tendency is the most powerful of them all. It is the confluence of multiple tendencies that leads to extreme consequences.
In this step 35 of the 67 steps to a great life, Tai Lopez explains that the Lollapalooza is a force that is too powerful, a collection of multiple biases all at once that are irresistible to the mind. He also goes further to say to never put yourself in this situation.
You just cannot over estimate your will power against such forces, to do so it is the same as to set yourself up for failure. Don't ever put yourself in a position in which you are the sucker in the room, the person who thinks they can outsmart the irresistible.
To avoid being the sucker in the room and becoming prey to the Lollapalooza biases in your life, here are four steps you must continuously take on a daily basis:
How to avoid being prey to strong influence forces:
1 - Avoid massive intakes of media and sales
2 - Strengthen the mind
3 - Use cognitive biases to your advantage
4 - Have the realization of how competitive life is
By using these four steps, you will keep reminding yourself of cognitive biases and how to not let them influence your decision making so you can make the right decisions in your daily life, whether that be on the purchase of products or investing your money wisely.
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Questions worth pondering
1 - What is a time you have thought everybody had your best interest in mind but instead you were the sucker in the room?
2 - What is an example of you being persuaded, and what was it that persuaded you?
3 - What do you think of the world not being so " black and white"?