In this episode property investor Lachlan Vidler offers some useful tips on how to make investment decisions.

KEY TAKEAWAYS

Good decisions are informed by reliable data.

• Be wary of false confidence in areas where you don't have expertise (this is known as the Dunning-Kruger effect).
• Also be wary of confirmation bias an extremely common cognitive flaw in which we are much more interested in information that seems to confirm what we believe already. It takes practice (and humility), but you can train yourself to pay careful attention to data that challenges your beliefs - and by doing this, you reduce the chance that you'll make errors and poor decisions.

Emotions shape our decisions. Learn to identify the emotions that are impacting you and give yourself time to reflect before deciding. This gives the rational parts of your brain - in your frontal lobes - an opportunity to shape your decisions, rather than just being driven by the emotional centres of the brain (the limbic region).

LINKS

If you want to know more about Lachlan's company Atlas Property Group, here's the link - https://atlaspropertygroup.com.au

Our recommended book of the week (or maybe even book of the year!) is 'The Scout Mindset' by Julia Galef. This is a great read (or listen - it's also available in audio form), and challenges us to abandon the soldier mindset that so often limits our ability to see the truth.

Tess also mentioned Daniel Pink's book, which is titled 'Drive'.

WHAT TO DO?

If you enjoyed the show, drop us a message at contact@goodbetterright.com.au or leave a review on your podcast player. (Thanks in advance!)

IN OUR NEXT EPISODE...

We'll hear from Kirra Cheers, a New York-based photographer and artist, who'll talk about how she navigates big career decisions. Make sure you don't miss it!

For more episodes and information about decision making head over to our website: https://goodbetterright.com.au/podcast/

Tessa Mudge and Ken Smith