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What is behavioral economics? Why does it matter to you?

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Podcast Episodes

What is behavioral economics? Why does it matter to you?

358. Unlocking Your Decision-Making Potential: Tackling Cognitive Overload (Refreshed Episode)

In this episode of The Brainy Business podcast, you’ll join host Melina Palmer as she dives into the fascinating topic of cognitive overload and its impact on decision-making. Melina’s expertise in behavioral economics and decision science makes her the perfect guide to help you understand how an overwhelmed brain can hinder your ability to make rational choices. She shares insightful strategies for reducing cognitive load, allowing you to improve your decision-making skills and make better choices in all aspects of life. With her engaging storytelling and relatable examples, Melina will captivate your attention and leave you with practical tools to overcome cognitive overload. Whether you’re seeking personal growth or professional development, this episode is a must-listen for anyone looking to enhance their decision-making abilities and reduce cognitive overwhelm.

In this episode, you will:

  • Gain a clear understanding of how cognitive overload impacts your decision-making, so you can make more informed choices and avoid costly mistakes.
  • Explore effective strategies for reducing cognitive load, enabling you to think more clearly and efficiently, leading to improved decision-making and increased productivity.
  • Discover practical ways to overcome overwhelm and improve your overall productivity, so you can achieve your goals with a focused and calm mindset.
  • Recognize the importance of clear communication and goal setting in decision-making, empowering you to align your actions with your objectives for more successful outcomes.
  • Learn how to address post-completion error and reduce overwhelm, ensuring that you can navigate complex tasks and projects without feeling overwhelmed or making avoidable mistakes.
  • Understand the power of prioritization and effective time management in decision-making, enabling you to allocate your resources wisely and make quality choices that align with your long-term objectives.
  • Uncover the impact of information overload on decision-making and explore strategies to filter and prioritize information, allowing you to make better decisions in today’s fast-paced world.
  • Gain insights into decision-making biases and learn techniques to overcome them, helping you minimize the influence of cognitive biases on your choices and improve your rational decision-making abilities.
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IN A RUSH?

HERE'S A 2 MINUTE TIP.

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SHOW NOTES:

00:00:00 – Introduction,
Melina introduces the episode on the overwhelmed brain and its impact on decision making. She highlights the importance of reducing cognitive load and provides insights on how show notes and videos can help alleviate overwhelm.

00:02:26 – The Power of Show Notes
Melina explains the significance of show notes in helping listeners retain information. She emphasizes that having access to detailed show notes and videos allows the brain to relax and focus on the content, leading to better decision making.

00:06:29 – The Chocolate Cake Study
Melina discusses a study where participants were asked to remember either a two-digit or seven-digit number. The results showed that those with the higher cognitive load were more likely to choose chocolate cake as a snack. This highlights how overwhelm can influence decision making towards instant gratification.

00:09:36 – Ignoring Complexity
Melina explains how our brains tend to ignore tasks that are deemed too complex or overwhelming. She discusses the brain’s preference for simplicity and how it relies on subconscious rules of thumb to make decisions. This has implications for understanding why our brains get overwhelmed and how it affects decision making.

00:11:25 – Overwhelm and Performance
Melina explores how overwhelm can negatively impact performance. She references Dan Ariely’s book, The Upside of Irrationality, which highlights how the weight of high stakes and pressure can impair cognitive function and lead to worse performance. This underscores the importance of managing overwhelm to optimize decision making.

00:16:01 – Introduction and Traveling Checklist
Melina introduces herself and discusses her packing routine for important trips, highlighting the tendency to obsessively run through lists in her head. She emphasizes the importance of relieving overwhelm from the conscious brain and shares her personal experience of forgetting to close the garage door.

00:17:48 – Post-completion Error and Overwhelming Tasks
Melina explains the concept of post-completion error, where the brain marks a task as complete when only some or most of it has been done. She relates this to personal examples such as leaving clothes in the washing machine all day. She encourages the use of checklists and sticky notes to combat overwhelm.

00:20:17 – Relieving Overwhelm in Work and Personal Life
Melina urges listeners to find ways to relieve overwhelm in both their work and personal lives. She suggests simple strategies like using sticky notes and establishing routines to help manage tasks effectively. She also emphasizes the importance of being a resource to customers by helping them alleviate overwhelm.

00:20:58 – Overwhelming Customers
Melina prompts listeners to reflect on whether they are overwhelming their current or potential customers. She advises considering the amount of information being presented and the order in which it is presented. If customers feel overwhelmed, they may hesitate or delay making decisions.

00:32:15 – Overcoming Constant Updates
Constantly checking for updates can make the whole experience feel jaded. Instead, lenders can provide proactive updates to make customers feel valued and informed, while also avoiding unnecessary interruptions.

00:33:17 – Bringing Value and Endearment
Proactive updates not only benefit customers but also help lenders prioritize their tasks and avoid wasting time. It creates a sense of reciprocity, which can be beneficial when asking for referrals or reviews.

00:34:14 – Tips to Overcome Overwhelm
The five tips to overcome overwhelm are: write things down, focus on one task at a time, create patterns or habits, set goals, and incorporate breathing room and checkpoints.

00:35:03 – Getting Things Out of Your Head
Getting things out of your head is crucial to avoid overwhelm. Don’t rely on your memory and limit your focus and goals to reduce stress.

00:37:45 –  Conclusion,
Melina’s top insights from the conversation. What stuck with you while listening to the episode? What are you going to try? Come share it with Melina on social media — you’ll find her as @thebrainybiz everywhere and as Melina Palmer on LinkedIn.

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