A focused collection of ideas, frameworks and practical lessons from the Millionaire Lesson library.
Goal-setting theory proposes that specific, challenging goals can improve performance when people are committed, receive feedback, possess relevant ability, and are not pushed into dysfunctional…
Read articleLearned helplessness refers to reduced attempts to control outcomes after exposure to situations in which actions appear unrelated to consequences, although modern models emphasize expectations,…
Read articleLocus of control describes generalized expectations about whether outcomes are primarily influenced by one's own actions or by external forces such as luck, powerful others,…
Read articleSelf-efficacy is a person's belief about their capability to organize and execute actions required for a specific task or situation.
Read articleMoney, time, effort, and reputation already spent cannot be recovered. Yet those past investments often make us more likely to continue a failing project.
Read articlePSYCHOLOGY • BEHAVIORAL ECONOMICS • DECISIONS Loss Aversion: Why Losses Often Matter More Than Equivalent Gains Loss aversion is one of behavioral economics’ most famous…
Read articlePSYCHOLOGY • COGNITIVE BIASES • BELIEFS Confirmation Bias: Why We Look for Evidence That Agrees With Us Confirmation bias is not just refusing to change…
Read articleThe workplace version of the Dunning–Kruger effect is often reduced to “incompetent people think they are experts.” The research is more complicated—and more useful.
Read articleAvailability bias makes vivid examples feel statistically important. Confirmation bias makes congenial evidence feel disproportionately convincing. They can reinforce each other—but they are not the…
Read articleWhen we study only the winners, survivors, or visible successes, we can mistake what survived selection for what caused success.
Read articleA single strong cue—design, reputation, sustainability, luxury positioning, or a trusted label—can spill over into judgments about qualities the consumer has not actually verified.
Read articlePSYCHOLOGY • HABITS • SELF-DISCIPLINE Habit Formation Psychology: How Repetition, Context, and Automaticity Build Behavior Habit formation in psychology is the process by which repeated…
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