Dillip Hansdah

The Art of Thinking Clearly by Rolf Dobelli explores cognitive biases and logical fallacies that hinder our decision-making. The book offers practical advice on how to think more rationally and avoid common mental traps.  Here are ten lessons from the book: 1. Avoid the Confirmation Bias: We tend to seek out information that confirms our existing beliefs and ignore evidence that contradicts them. To think clearly, actively seek out opposing viewpoints and question your assumptions. 2. Beware of the Sunk Cost Fallacy: People often continue investing in a losing proposition because they have already invested so much. Recognize when it's time to cut your losses, rather than throwing good money (or time) after bad. 3. Understand the Availability Heuristic: We overestimate the importance of information that is readily available or recent in our minds. To avoid this, seek out a broader range of information before making decisions. 4. Don’t Fall for the Gambler’s Fallacy: The belief that ...

Mind Over Money: The Psychology of Money and How to Use It Better by Claudia Hammond "Money is not just a number; it’s an emotional and psychological experience." Lessons: Understand Your Money Mindset: Recognize how your upbringing, culture, and personal experiences shape your attitudes toward money. Understanding these influences can help you make more rational financial decisions. Emotional Spending: Be aware of how emotions impact your spending habits. Identifying triggers for impulsive spending can help you manage your finances better. Delayed Gratification: Practice delaying gratification to improve financial health. The ability to wait for a better outcome often leads to more prudent financial decisions. Budgeting is Crucial: Establish and adhere to a budget. Budgeting helps you track spending, save money, and reduce financial stress. Invest in Experiences: Prioritize spending on experiences rather than material goods. Experiences often provide greater long-term satisf...