Why do biases exist in decision making?

Everyone keeps saying you need to get rid of those biases to move forward. They are keeping you stuck in your current state. Everything around seems to be implying that biases are super bad for you. Do you really need to get rid of all the biases that you have? How many biases do you actually have? And if these biases are so bad, why do they even exist in decision making?

Biases are the mental shortcuts that get developed as a response to your environment. Your experiences keep pushing you to make cause and effect relationships, sometimes even in two completely unrelated events.

What are some of the benefits of these biases/ shortcuts?

• Survival instincts – this is what you use to save yourself in life threatening situations. Such as, running for your life on hearing a lion roar, a sudden gunshot or on spotting a snake

• Emergency decisions – when you are in an emergency situation and need to make quick decision with very little information. These are most commonly used by emergency room doctors and firefighters to save lives in emergency situations

• Conserve energy – brain is the highest energy consuming organ of human body, accounting for almost 20% of the total energy consumed by your body. These shortcuts also help you conserve on energy by automating your everyday routine tasks. For e.g., brushing your teeth, not eating food that looks or smells bad, taking an umbrella with you during rainy season, etc.

There are many beneficial uses of these mental shortcuts so then how come these shortcuts harm us?

The problem happens when you start making every decision using these shortcuts!

When all your decisions are driven by mental shortcuts/ biases you start coming in your own way of becoming financially successful. You keep repeating fixed patterns that are hindering your financial progress without even knowing.

Therefore, you don’t need to break all the biases that you have as some of them are helping you in survival. You need to find out which of your biases are coming in way of your financial success and break free of those biases to move forward towards your dream financial life.

As your money coach I will help you first identify and then break these hidden biases that are keeping you financially stagnant.

I will guide you till the very end, where you will be able to overcome these invisible biases. You will make swift and wise financial decisions that will take you towards your dream life at a much faster pace. Book your free 30-minute discovery call with me here.