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Why You're STUCK At Your Income Level (and what to do about it)
Once upon a time, Don Alm posted a VERY interesting post...
Let me repost it here... Quote:
I just read about a psychological phenomenon called "anchoring". Here is the article - "In a Sea of Uncertainty, We All Have an Anchor" by Shankar Vedantam In short, the article suggests that if you don't know the answer to a question (which has a number as the answer), if there's some suggestion of the number from somewhere, people will guess near that number. For example, in a social experiment, some people were asked whether the number of African countries in the U.N. was less than or greater than 10%. In the end, on average those people guessed that 25% of countries in the U.N. were in Africa. However, other people were asked whether the number of African countries in the U.N. was less than or greater than 65%. In the end, on average those people guessed that 45% of countries in the U.N. were in Africa. The point is, the only thing that changed was the question - but that question affected their final guess! This has a financial part too... For example, the article says... Quote:
Here's another interesting part of the article... Quote:
Are you truly "stuck" at your income level? Or can you mentally change your own "anchor" of how much you earn? - Dien
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