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Satisficing also occurs in consensus building when the group looks towards a solution everyone can agree on even if it may not be the best. Example: A group spends hours projecting the next fiscal year's budget. After hours of debating they eventually reach a consensus, only to have one person speak up and ask if the projections are correct.
Inoculation is a theory that explains how attitudes and beliefs can be made more resistant to future challenges. For an inoculation message to be successful, the recipient experiences threat (a recognition that a held attitude or belief is vulnerable to change) and is exposed to and/or engages in refutational processes (preemptive refutation, that is, defenses against potential counterarguments).
Perfect is the enemy of good is an aphorism that means insistence on perfection often prevents implementation of good improvements. Achieving absolute perfection may be impossible; one should not let the struggle for perfection stand in the way of appreciating or executing on something that is imperfect but still of value.
Better yet, get the opinion of a credentialed financial advisor, retirement specialist or other professional for objective strategies that can mitigate risk when growing your wealth. 2. You don ...
Loss aversion, where the perceived disutility of giving up an object is greater than the utility associated with acquiring it. [74] (see also Sunk cost fallacy) Pseudocertainty effect, the tendency to make risk-averse choices if the expected outcome is positive, but make risk-seeking choices to avoid negative outcomes. [75]
Let’s say that you set aside $10,000 in a high-yield savings account that earns 4.50% APY. You’ll earn about $450 in guaranteed interest over the first year while keeping your money protected.
Loss aversion – Aspect of decision and prospect theories; Martingale (betting system) – Gambling strategy where the amount is raised until a person wins or becomes insolvent; Mission creep – Expansion of a project beyond its initial goals; Planck's principle – Principle that scientific change is generational
With a $20 million retirement fund at your disposal, you can leave a substantial inheritance to your children or grandchildren and build meaningful legacies. It might even allow establishing a ...