Givers,Takers And Matchers


wealthymattersPeople differ in their preferences for reciprocity. Accordingly they can be divided into Givers, Takers and Matchers. Takers are people who, when they walk into an interaction with another person, are trying to get as much as possible from that person and contribute as little as they can in return, thinking that’s the shortest and most direct path to achieving their own goals.

At the other end of the spectrum, are Givers,looking to help others by making introductions, giving advice, providing mentoring, sharing knowledge,volunteering,giving their resources without any strings attached,etc.Very few of people are purely takers or purely givers. Most hover somewhere in between. That brings us to the third group of people, who are Matchers. A Matcher is somebody who tries to maintain an even balance of give and take. If  they help you, they expect you to help them in return.They keep score of exchanges, so that everything is fair and really just.

The Givers are over represented at the bottom of the pyramid of success. By putting other people first, they often put themselves at risk of burning out or being exploited by takers.But also Givers are over represented at the top of most success metrics.In sales, the most productive sales people are actually those who put their customers’ interests first. A lot of that comes from the trust and the good will that they have built, but also, the reputations that they create. Read more of this post

Use Envy To Get You Going!


In Buddhism, the term irshya is commonly translated as either envy or jealousy. Irshya is defined as a state of mind in which one is highly agitated to obtain wealth and honor for oneself, but unable to bear the excellence of others.The term mudita (sympathetic joy) is defined as taking joy in the good fortune of others. This virtue is considered the antidote to envy.

Moreover, psychologists (van den Ven et al., 2009have recently suggested that there may be two types of envy: malicious envy and benign envy – benign envy being proposed as a type of positive motivational force.Do read the article here http://www.spring.org.uk/2011/05/why-envy-motivates-us.php and note the following:

We tend to feel malicious envy towards another person if we think their success is undeserved. This is the type that makes us want to strike out at the other person and bring them down a peg or two. However when another’s success feels deserved to us, we tend to feel a benign envy: one that isn’t destructive but instead motivates.

…people who felt they had little control over their ability to improve resorted to admiration. On the other hand, those who thought they could improve experienced benign envy and were motivated to work harder. It’s the feeling of control that motivates.

 Benign envy encouraged people to perform better on measures of intelligence and creativity, when compared with both admiration and malicious envy.

Bright, shiny objects!

notsalmon

via Use Envy To Get You Going!.

 

 

 

View original post

Jack Canfield on How to Become Wealthy


Here’s Jack Canfield of the’ Chicken Soup For The Soul’ fame on 4 little tricks you can use to get wealthy.Try them out.I personally use them many times a day unconsciously.

Psychology of Wealth


wealthymatters.comThe question why some people accumulate substantial wealth and others struggle so much in this field has attracted the attention of  quite a few psychologists.There have been many studies to correlate various personality traits and behaviour patterns, cognitive patterns , self motivation habits, moods and emotional behaviours and social behaviours with the wealth a person accumulates.

The results of these studies have been used to construct the various quizzes here http://www.marketpsych.com/personality_test.php .They are free and a pretty good way to get to know both one’s strengths and weaknesses as an entrepreneur , investor and/or speculator.

Taking these tests is a great way to get to know the strengths we can play to and the weaknesses to guard against.The results sheets also have many good psychological  tips to work around our individual weaknesses.

Psychology And Bad Market Timing.


wealthymatters.comEvery stock investor whether a technical or fundamental or value investor ultimately needs to take a call on whether he/she wishes to buy or sell at the price Mr. Market sets at any given time.How much an investment ultimately nets a person depends on the timing of the buy and sell decision and the actual price at which the transaction takes place,despite all the theories of averaging out and time in the market and reversion to the mean.

The following is a checklist of mental mistakes that may affect a person’s decision to buy or sell and cost a him/her dearly. The checklist is from Whitney Tilson’s presentation ‘How to Avoid – and Profit From – Manias,Bubbles and Investor Irrationality”

•Failing to Buy

–Status quo bias

–Regret aversion

–Choice paralysis

–Information overload

–Hope that stock will go down further (extrapolating recent past into the future; greed) or return to previous cheaper price (anchoring)

–Regret at not buying earlier (if stock has risen)

•Office Depot at $8 (vs. $6) Read more of this post

%d bloggers like this: