Success Advice

Why Understanding Your Cognitive Biases Will Help Improve Your Life, Decisions and Relationships

Published

6 years ago

Feb 10, 2018

When I started working in the financial markets, I was enamored with how the mind works. More specifically, it was fascinating that almost everything I was taught in college about the markets was wrong. We rarely act as rational human beings. I saw this by studying history, watching my own actions, and the actions of others. I began to study psychology and behavioral economics.

One of the subjects I spent a lot of time studying was cognitive biases and how they affect our thinking. These biases are not always bad but it is key to understand them to improve your own decision-making and to see other point of views.

Through my studies, I found that the 3 biases affecting people most are confirmation bias, recency bias, and the bandwagon effect:

1. Confirmation Bias

Confirmation bias is the tendency to find information that only confirms to our existing beliefs. This was very useful when we were roaming around as hunter-gatherers and worried about a wild animal eating us. In that time, it was best to err on the side of caution and assume that whatever was in the bushes might kill us.

However, in modern society, this can cause us to make plenty of wrong decisions. Confirmation bias is is the antithesis of the scientific method. I suggest trying to falsify our existing beliefs by engaging with people on the opposing side. With so much available information on the internet, it is a shame people tend to sit in their filter bubbles. Whether that is political, religious, fitness, or nutrition, we need to be open to others opinions and be willing to respect their viewpoints.

I find that having my preconceived ideas challenged and being willing to change my mind leads to better decision making in the future. It took me a long time to get to this place. I used to want to always be right all the time and I held my confirmation bias close. Now, I try to recognize when it starts creeping in and open up to opposing information.

“The older I get, the more open-minded I get, the less judgmental I get.” – Gwyneth Paltrow

2. Recency Bias

Recency bias puts too much emphasis on the most recent and available information. We tend to assume that whatever is happening in life, whether good or bad, will continue for the foreseeable future. People with recency bias can become overly pessimistic or optimistic about life events. This causes us to over-extend ourselves in the good times and seclude ourselves in the bad.

Nothing in life goes in a straight path, life is full of cycles and we must learn to ride these waves. No matter how good or bad something feels in the moment, remind yourself that it won’t last forever. A meditation and mindfulness practice helps me notice when recency bias is creeping into my life and allows me to center myself, stop putting myself down when things are going poorly and not to be too overconfident in the good times.

3. Bandwagon Effect

Doing something because everyone else is doing it regardless of our own beliefs is the bandwagon effect. Everyone believes we are our own person and would never act a certain way just because other people are doing it. For example, watch how the mob mentality unfolds when people act in ways they never imagined they would. Our brains evolved as part of tribes and in order to keep us safe, we had to stick together.

If we didn’t agree with the tribe, we could be banished and would then die alone in the wild. Our brains have yet to evolve from this stance, and it makes it easy for us to just jump on the opinions of the group and ride along. Whenever I find myself agreeing with everyone else, I try to make sure I am doing it for the right reasons and it is not for the purpose of staying in the group. The status quo needs to be challenged.

When challenging these biases, I have found the most benefit is in debating with others. Cognitive biases make it hard to change someone else’s mind, even my own. I try to stay open to others’ points of view and try to see where they are coming from and why they came to their conclusion. In the end, different opinions are what make the world go round. How much fun would it be if we all believed the same things? If you would like to check out a more comprehensive list of biases, The Visual Capitalist has a great infographic.

“Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln

In understanding how our own brain works, it allows us to be more empathetic with others and will help find our own blind spots. While it does happen less these days or at least I hope, I find it fascinating how I will still make irrational decisions even though I am aware of the biases I struggle with (there is plenty of research that shows I am not the only one). If you find yourself in the same situation, remind yourself that you are now aware of your biases and improving your decision-making with this knowledge.

Which one of these biases impacts your life the most? Let us know so we can help!

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Taylor Somerville

Taylor Somerville worked in the investment business for the past 15 years in Memphis, TN. He recently decided it was time to move on to the next chapter in his life and is currently on sabbatical. Taylor lives an active lifestyle and recently completed the World's Toughest Mudder, a 24-hour race around Lake Las Vegas. He enjoys focusing and learning all he can on mental, physical, and spiritual well-being.

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How to Choose the Best Affiliate Programs for Your Blog

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers

Published

1 week ago

Apr 10, 2024

Addicted2Success Editor

how to choose the best affiliate programs for your blog

Picking the right affiliate programs for your blog is really important. It can make a big difference in how much money you can make and how much your readers get out of your blog. With so many choices out there, deciding which ones to go with can be tricky.

This guide is here to make it easier for you. It will give you clear steps and helpful tips to choose affiliate programs that fit well with what your blog is about, what your readers like, and what you stand for.

For more articles on this theme, please head over to this blog https://blog.partners1xbet.com/.

Understanding Affiliate Marketing

Before you start picking affiliate programs, it’s important to really understand what affiliate marketing is and how it works.

Basically, affiliate marketing is when you promote a product or service on your blog, and then you get paid a little bit every time someone buys something or does something because you recommended it.

It’s great for both the person selling the product and the blogger, because the seller gets more sales with low risk, and the blogger can make money from their blog.

How to Choose the Right Affiliate Programs for Your Blog

1. Assess Your Niche and Audience

The key to doing well in affiliate marketing starts with really knowing what your blog is about and who reads it. Consider the following:

Your blog’s content: What topics do you cover? Ensure the products or services you promote are relevant.
Your audience’s interests and needs: What solutions are they seeking? Choose affiliate programs that offer products or services that solve their problems or enhance their lives.

2. Research Potential Affiliate Programs

Once you know what your blog is about and what your readers want, start looking for affiliate programs. Choose ones that are well-known for good products, great customer service, and helpful support for affiliates. Resources to find these programs include:

Affiliate networks like ShareASale, Commission Junction, and ClickBank.
Direct searches for “[Your Niche] affiliate programs” in search engines.
Recommendations from other bloggers in your niche.

3. Evaluate the Commission Structure

The commission structure is a critical factor to consider. Look for programs that offer competitive rates that make your efforts worthwhile. Consider:

The percentage of commission per sale.
Whether the program offers a flat rate per action (e.g., per sign-up).
The cookie duration, which affects how long after a click you can earn commissions on sales.

4. Consider the Program’s Reputation and Sureness

Join affiliate programs with a solid reputation for quality and sureness. This not only ensures that you’re promoting good products but also that you’ll be paid on time. You can:

Read reviews from other affiliates.
Check the program’s history and background.
Look for any complaints or issues reported online.

5. Analyze the Support and Resources Offered

A good affiliate program gives you things like ads to use, training on their products, and helpful managers. Having access to these resources can really help you do a better job at promoting their products.

6. Understand the Terms and Conditions

Before signing up, thoroughly review the program’s terms and conditions. Pay close attention to:

Payment thresholds and methods.
Any restrictions on how you can promote their products.
The program’s policy on affiliate marketing on social media platforms.

7. Test the Product or Service

If possible, test the product or service before promoting it. This firsthand experience allows you to offer genuine charge and build trust with your audience.

8. Look for Recurring Commission Opportunities

Some affiliate programs pay you again and again for subscriptions or services that charge fees regularly. These can provide a more stable income compared to one-time sales commissions.

Implementing Your Choice

After choosing the best affiliate programs, the next step is to smoothly include your affiliate marketing in your content plan. This includes:

Creating valuable content that naturally incorporates affiliate links.
Disclosing your affiliate affairs transparently to maintain trust with your audience.
Tracking your results to understand what works best for your audience and adjusting your strategy accordingly.

Picking the best affiliate programs for your blog involves careful planning, research, and making sure they match what your audience likes and needs.

If you follow these steps, you can create an affiliate marketing plan that makes money, fits well with your content, and connects with your readers.

The real key to doing well with affiliate marketing isn’t just about the products you talk about, but also how much your audience trusts and values your advice.

With enough time, patience, and hard work, your blog can grow into a successful space that earns a good amount of affiliate money and helps your readers choose the right products.

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