Excessive Self-Regard Tendency Bias
Number 10 Of The 25 Cognitive Biases...
We think we're more skilled, more talented and all-round better than the average man out there.
Examples Of The Excessive Self-Regard Tendency Bias
Michael Jordan was extremely cocky and confident but his coaches continue to say he was the most teachable person they’d ever seen (he listened to the 1% and ignored the 99%).
You must tune out the noise that is the 99% if you want to become successful.
Learn from the 1% – the subject matter experts. Knowledge from them will build your confidence.
Don’t fall victim to American Idol syndrome and become delusional, thinking you’re good at the wrong thing.
You can’t fool people (there’s no A list actor or singer that isn’t extremely good!)
You must do things that no one else is doing while maintaining faith that it’ll pay off in the long run (end game optimism).
Do the work then reward yourself and enjoy your accomplishments – “Pat yourself on the back on Friday, not Monday”
How To Avoid Falling Victim To The Excessive Self-Regard Tendency Bias
Don't think you're the best, it takes in excess of 10,000 hours (also known as the '10 dark years') to edge your way to mastery.
Be constantly willing to learn from those that've walked the path that you're on (don't listen to everyone, ensure you're listening to the right people).
There’s a line between confidence and arrogance, don’t cross it as this is known as tall poppy syndrome (people don’t like this and will cut you down).
Want To Know More About Charlie Munger's Cognitive Biases & How To Dominate Life?
I recently purchased Charlie Munger’s flagship book, Poor Charlie’s Almanack – a book filled with hundreds of pages of wisdom from a billionaire and master of mindset and mental frameworks to improve your life..
This book cost me $65 USD. To most this will seem absurd…
“$65 for a book?! What a waste of money”
…these are the same people that spend hundreds of dollars on junk food and alcoholic beverages on Friday and Saturday night.
Delay The Instant Gratification
Don’t adopt the epicurean mentality of “eat, drink and be merry for tomorrow we die.”
You must think long term, you must delay the instant gratification we’re so used to experiencing in this life and invest for tomorrow (stoicism).
“Don’t invest in things that’ll rust, rot or depreciate, invest in things that’ll be worth more later or make you be worth more later”.
The information in this book is worth well over $65 if read and implemented, the information on investing and cognitive biases is worth its weight in gold.
But remember, It’s the application of knowledge that counts, not just the acquisition (read it and take action!)