Courage is not having the strength to go on; it is going on when you don't have the strength.
--Theodore Roosevelt
Especially during challenging times our current realities are filled with ups and downs. Those ups and down can be related to stress, finances, emotions, health, and many other personal events that many of us experience at various times in our lives.
There is no understating the total human impact of coronavirus, recent market volatility and the economic pause that we are currently experiencing. Our hearts go out to those who lost family, friends, colleagues and anyone close to them.
With the current pandemic comes information overload. Some of this information we need to to keep ourselves and our families educated and safe and our businesses running. However, the information overload can be overwhelming and lead to biased decision making.
We would like to highlight two cognitive biases when understood, that can lead to better decision making. Information bias is the belief that the more information you have, the better decisions you make when studies show just the opposite- people make better decisions with less and more relevant information. Also, this flood of new information can lead you to Confirmation bias which is when people interpret information that confirms or strengthens their prior beliefs. Without examining new ideas and information, you can miss out on some changes or trends that may be significant. Just for example think of some of the amazing advancements in technology or healthcare over the last few decades.
Working with an experienced team of professionals can help keep your goals in line of sight while navigating the ups and downs of the markets and life.
Please contact us with any questions, comments or more topics you would like to hear about. This email address is being protected from spambots. You need JavaScript enabled to view it.
https://en.wikipedia.org/wiki/Information_bias_(psychology)
https://en.wikipedia.org/wiki/Confirmation_bias
https://www.leonherman.co.uk/2018/11/information-overload-leads-bias-decision-making/