A bias can destroy your ability to make logical decisions. 1. Confirmation Bias Seeking information that confirms your preexisting beliefs. ↳ Why Bad: Prevents objective decision-making, reinforces flawed views ↳ Example: Only reading positive reviews about a product you want to buy ↳ The Fix: Actively seek out and consider opposing viewpoints. 2. Anchoring Bias Over-relying on the first piece of information you encounter. ↳ Why Bad: Skews decisions, even if the initial information is irrelevant. ↳ Example: Focusing on a high initial price when negotiating a discount, regardless of actual value. ↳ The Fix: Compare multiple sources and avoid basing decisions solely on the first data point. 3. Overconfidence Bias Overestimating your own abilities or knowledge. ↳ Why Bad: Leads to risky decisions and underestimating challenges. ↳ Example: Believing you can drive safely while texting, resulting in accidents. ↳ The Fix: Double-check your assumptions and plan conservatively. 4. Projection Bias Assuming others will react, think, or behave as you would. ↳ Why Bad: Leads to misunderstandings when others act differently. ↳ Example: Expecting a friend would react the same way you would. ↳ The Fix: Recognize peoples differences, avoid expecting identical reactions. 5. Hindsight Bias Believing past events were more predictable than they actually were. ↳ Why Bad: Distorts learning by making you overconfident in your abilities. ↳ Example: After a sports game, claiming you knew the outcome all along. ↳ The Fix: Keep a record of your predictions and reflect on their accuracy. 6. Bandwagon Effect Adopting beliefs or behaviors because they are popular. ↳ Why Bad: Leads to conformity without critical evaluation. ↳ Example: Joining a viral investment trend without researching its risks. ↳ The Fix: Evaluate decisions independently and rely on evidence. 7. Loss Aversion Preferring to avoid losses rather than acquiring equivalent gains. ↳ Why Bad: Makes you overly cautious, missing out on beneficial opportunities. ↳ Example: Avoiding a promising investment because of fear of losing money. ↳ The Fix: Reframe choices by focusing on potential gains rather than losses. 8. Status Quo Bias Preferring the current state of affairs over change. ↳ Why Bad: Prevents innovation and improvements. ↳ Example: Sticking with an inefficient process at work because it’s familiar. ↳ The Fix: Periodically reassess choices & consider the benefits of alternatives. 9. Sunk Cost Fallacy Continuing a commitment due to previously invested resources. ↳ Why Bad: Leads to further losses by refusing to abandon failing ventures. ↳ Example: Staying in a failing business project because of the money spent. ↳ The Fix: Make decisions based on future potential rather than past investments.