Psychologists Gideon Keren and Willem Wagenaar, observed more than eleven thousand hands of blackjack played by 112 gamblers in an Amsterdam casino, in an attempt to analyze how the players made their judgments. They discovered that most players made the same decision-making mistakes that cost them lots of money.
As it turns out we make the same mistakes in real life situations as well:
1. Delaying bad news. Have you heard the expression “hope dies last”? Sometimes it is a good thing, because it helps us to regain our motivation in spite of failures. But more often we cling to our old ideas, beliefs, opinions and old patterns of behavior with “maniacal determination” even if we get repeated proof that they do not work. It is similar to a “stubborn monkey” that gets caught by hunters, because it does not want to let go of a banana, lying in a trap.
If something goes wrong, we refuse to accept that things have not worked out as we initially expected, and we hope that if we wait long enough the situation will “magically” improve.
Very often when things do not work as we have planned, we still “stick to the plan”, instead of making changes to it.
If you suspect that you have made a mistake, just admit it and move on, instead of trying to prove to everyone that you actually were right. It saves you a lot of time, money and public embarrassment.
2. Minimizing regret. This is a subconscious belief that it is better to let someone else win than to lose. This belief can be described in one phrase, “If I don’t try, I can’t fail”. Obviously, letting a lifetime opportunity pass you by is not winning either.
Many successful people before earning their first million dollars have failed miserably. The Beatles were turned down by a well-known recording company. Before becoming president, Abraham Lincoln lost in 8 elections. Henry Ford went bankrupt five times before he became an automotive industry leader. Michael Jordan was cut out of his high school basketball team. Walt Disney’s first cartoon production company went bankrupt. We know their names, because they have succeeded despite setbacks and struggles.
Very often fear acts on our ideas and avoidance of failure costs a lot more than failure itself.
3. Inverted sense of justice. We cannot stand injustice. We especially hate any injustice done to us. When it is done to someone else, it is usually called “bad luck”.
There is a little joke that clearly demonstrates this point:
God came to a farmer while he was sleeping and said “You are a good man! And you deserve to be rewarded for your honest life. Ask me anything and it shall be given to you! But know that your neighbor who you dislike so much will get twice as much as you will.”
The man thought for a second and replied, “Poke my eye out!”
If you, like that farmer, are focused on how much another person is getting, then you will lose sight of all the blessings that you have been given.
Stop mulling over, a friend who has borrowed $10 and has not return it, a co-worker who has got a promotion, when you have been with the company longer, or your ex classmate, who is now making more money than you do. All these thoughts direct your behavior and take your focus off things that can actually make you successful.
“It is amazing what you can accomplish if you do not care who gets the credit.” – Harry Truman.
Psychologists Gideon Keren and Willem Wagenaar, observed more than eleven thousand hands of blackjack played by 112 gamblers in an Amsterdam casino, in an attempt to analyze how the players made their judgments. They discovered that most players made the same decision-making mistakes that cost them lots of money.
As it turns out we make the same mistakes in real life situations as well:
1. Delaying bad news
Have you heard the expression “hope dies last”? Sometimes it is a good thing, because it helps us to regain our motivation in spite of failures. But more often we cling to our old ideas, beliefs, opinions and old patterns of behavior with “maniacal determination” even if we get repeated proof that they do not work. It is similar to a “stubborn monkey” that gets caught by hunters, because it does not want to let go of a banana, lying in a trap.
If something goes wrong, we refuse to accept that things have not worked out as we initially expected, and we hope that if we wait long enough the situation will “magically” improve.
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