Preparing for and preparing for barriers can sometimes be more powerful than embracing a positive frame of mind.
A positive attitude is important when starting any brand-new venture. Nevertheless, as you may have heard in previous episodes of Choiceology with Katy Milkman (), overoptimism also can blind you to important information.
In this episode, we take a look at a method that can assist counteract the impacts of overoptimism and overconfidence. You could call it the power of negative thinking.
We start with the remarkable story of a lake in Louisiana that completely vanished in a matter of hours. An oil drilling accident in 1980 produced a giant sinkhole in Lake Peigneur () that rapidly drained huge quantities of water into an active salt mine, swallowing several boats and barges and large pieces of land at the same time. The event was catastrophic, but no lives were lost, thanks in part to robust emergency planning.
You'll hear first-hand accounts of the significant occasion from Michael Richard, Sr., whose household owns and operates a garden and a nursery on the shores of Lake Peigneur, and from Dr. Kelvin Wu, who describes the scene in the salt mine as the disaster unfolded.
Dr. Kelvin Wu is a retired mining engineer and previous chief of the Mine Waste & Geotechnical Engineering Division at the Mine Safety and Health Administration ()
Michael Richard, Sr., owns and runs Rip Van Winkle Gardens () and Live Oak Gardens () on Lake Peigneur, Louisiana.
Emergency planning played an important function in the result of this catastrophe. But preparing for the worst needn't be restricted to life and death situations.
Annie Duke () joins Katy to argue that negative attitude– thinking of failure in order to handle or avoid it– can in fact help improve the chances of success when planning anything from an item launch to a birthday party. She argues that individuals shy away from negative thinking due to the fact that it can feel undesirable. But if you push through that discomfort, negative attitude can encourage you to take favorable preemptive actions.
Annie Duke is an author and decision strategist. You can find out more about negative thinking in her book How to Decide ().
Finally, Katy distinguishes negative attitude from downhearted thinking. While cynical thinking can drain pipes motivation and avoid you from setting goals, negative thinking can assist you identify particular problems before they occur and raise your possibilities of success.
Choiceology is an initial podcast from Charles Schwab (). For more on the series, check out schwab.com/podcast ().
If you take pleasure in the show, please leave a ⭐ ⭐ ⭐ ⭐ ⭐ rating or review on Apple Podcasts. ().
Essential Disclosures
All expressions of viewpoint go through change without notice in response to moving market conditions.
The remarks, views, and opinions revealed in the discussion are those of the speakers and do not necessarily represent the views of Charles Schwab..
Data contained herein from third-party service providers is gotten from what are considered trustworthy sources. Nevertheless, its accuracy, efficiency or dependability can not be guaranteed.
The book, How to Modification: The Science of Receiving from Where You Are to Where You Want to Be, is not affiliated with, sponsored by, or endorsed by Charles Schwab & Co., Inc. (CS&C o.). Charles Schwab & Co., Inc. (CS&C o.) has not examined the book and makes no representations about its material.
Apple Podcasts and the Apple logo design are hallmarks of Apple Inc., signed up in the U.S. and other nations.
Google Podcasts and the Google Podcasts logo are trademarks of Google LLC.
Spotify and the Spotify logo are registered trademarks of Spotify AB.
( 1021-1UD8).
Wealth Builders Club Secrets Revealed – Click Here to Discover the #1 Investment Resource!
