Outsmart Your Peers: 4 Cognitive Biases to Know 🚀

What's up, Next Gen Fam!

To thrive in school or at work, it's important to be aware of cognitive biases. These are errors in thinking that reduce your ability to think effectively.

This week, we're covering important cognitive biases and how to overcome them. If you'd like more of these tips — delivered in an engaging, Duolingo-like format — take a look at our free skill-building app.

Let's dive in!

TIPS

1. The Dunning-Kruger Effect

This is the tendency for people with low expertise to overestimate their abilities, and for people with high expertise to underestimate themselves. You can overcome this bias by maintaining a learner's mentality instead of an "expert" persona.

2. Survivorship Bias

When studying entrepreneurs who dropped out of college, we mainly hear about the successful ones. This makes us think dropping out is less risky than it actually is. Sidestep the survivorship bias by sticking to hard facts.

3. The Bystander Effect

This is the unfortunate effect where people become less likely to take action in an emergency if other people are present. That's because everyone wrongly assumes someone else is taking action to fix the situation. Break the mold — step forward and take action in such situations.

4. Sunk Cost Fallacy

You're feeling ill, but you've spent a fortune on tonight's show. Will you still go? Beware the Sunk Cost Fallacy, which will make you feel obligated to attend due to funds already spent. Overcome this fallacy by prioritizing your future well-being over past investments.

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