Travelling Developers

This is the first article in the millionaire next door book summary. Let’s meet the millionaire next door. Who are they? Wealth is not the same as the income Many people who live in an expensive home and drive luxury cars do not actually have much wealth. These are the people who believe in maintaining a high-class status. These are not actual millionaires. They spend more than they save. According to the authors, Wealth is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. you are just living high. Wealth is what you accumulate not what you spend. So, Who are the People who become wealthy? After doing their research, the authors say that usually, the wealthy individual is a businessman who lives in the same town for all of his adult life. This person owns a small factory, a chain of stores, or a service company. He lives next door to people with a fraction of his wealth. He is a compulsive sa...

According to Daniel Kahneman(author of Thinking, Fast and Slow), There are two systems in our brain:  System1 —the one which operates automatically and quickly, with little or no effort and no sense of voluntary control. System 2 —the one which allocates attention to the effortful mental activities that demand it, including complex computations. We will see how these systems in our brain help us in decision making and performing other tasks.  Whenever we are conscious, and perhaps even when we are not, multiple computations are going on in our brain, which maintains and update current answers to some key questions: Is anything new going on? Is there a threat? Are things going well? Should my attention be redirected? The answers to these questions are carried out by System 1 and many times the answer is not a straightforward yes or no, it may lie between them. That’s where cognitive ease comes in the picture. So, let’s talk about what is COGNITIVE EASE...