Influence-From-Mere-Association Tendency Bias
Number 8 Of The 25 Cognitive Biases...
We often associate brands, people and groups with others based on advertising along with what we're told.
Examples Of The Influence-From-Mere-Association Tendency Bias
Big brands understand the association or pavlovian bias and use this to their advantage ALL of the time.
For example, Coca Cola sponsors athletes, celebrities and likes to get there name out at any major event they can.
Why are Coca Cola spending so much time and money investing in these people and events that aren’t really linked to their product?
So your brain subconsciously associates the Coca Cola brand with these great people and fun times.
The end result? You spend more money on their product as your brain has perceived the experience of having their product as fun and ties in the association of the greats you’ve seen associated with the brand.
How To Avoid Falling Victim To The Influence-From-Mere-Association Tendency Bias
Cut the advertising and the associations you have in your mind and examine the object, person or product themselves for what it is.
If you're in your local supplement store and you're buying protein ask yourself if you're buying that particular protein because of the studies performed on it, the value for money and the macronutrient profile contained within the protein supplement, or if you're buying it just because of the fitness models and celebrities associated with that particular product or brand.
If your answer is the later.... well it's time to reevaluate your options.
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!)