Have you ever wondered what’s standing between you and business, investing or professional success?

It may be you! Maybe you’re too biased to be a successful property investor, business owner or entrepreneur.

In this episode of the Demographics Decoded podcast, Simon Kuestenmacher and I explain how cognitive biases can impact decision-making in business and investment.

We explore various biases such as confirmation bias, anchoring bias, awareness bias, positivity bias, and more, discussing how these mental shortcuts can lead to poor choices and missed opportunities.

Our explain the importance of recognising these biases, seeking outside opinions, and being aware of the psychological influences that affect our judgments.

Our aim is to equip you with insights to improve your decision-making processes and ultimately achieve greater success in your endeavors.

Takeaways

• There is no shortage of cognitive biases out there that can trip up our brains.
• Cognitive biases are patterns of thinking that don’t rely on logic. Cognitive biases may convince us to spend more, save less, and feel more confident in our decisions than perhaps we should.
• Confirmation bias leads us to ignore opposing information.
• Awareness bias can prevent us from recognising poor performance.
• Positivity bias may cloud judgment about investments.
• The status quo bias keeps us from making necessary changes.
• Survivorship bias can skew our perception of success.
• Bandwagon bias encourages conformity over independent thought.
• Restraint bias affects our ability to control impulses.
• Bias blind spot makes us think we are immune to biases.
• Seeking outside opinions and working with mentros can provide valuable perspectives.

Chapters

01:14 Understanding Cognitive Biases

06:08 Exploring Confirmation Bias

10:26 The Impact of Anchoring Bias

14:55 Awareness and Positivity Bias

20:15 Status Quo and Risk Taking

24:03 Survivorship and Bandwagon Bias

27:19 Restraint and Bias Bias

33:14 Introduction to Demographics Decoded

34:35 The Importance of Demographic Awareness

Join Simon Kuestenmacher and Michael Yardney at Wealth Retreat 2025 –Australia’s Premier Wealth Retreat for Elite Investors and Business People – learn more here.

About Simon Kuestenmacher

Simon Kuestenmacher is co-founder and Director – The Demographics Group

Simon is a prolific media commentator on demographic and data matters and a columnist for The New Daily and The Australian newspapers. 

He ranks as one of the world’s Top 10 influencers in data visualisation. If you can’t get enough of the kind of data that explains how the world works, make sure to follow Simon on Linked In or X (formerly Twitter) or any of his other social channels.

Click here for a media enquiry or if you would like to book Simon Kuestenmacher for a speaking engagement. His presentations and quirky observations are enjoyed by audiences from the financial services, property, government, education, technology, retail and professional services industries, among others.

About Michael Yardney

Michael Yardney- founder Metropole Property Strategists has been voted one of Australia’s 50 most influential Thought Leaders.

While he is best known as a property expert, Michael is also Australia’s leading expert in the psychology of success and wealth creation.

Michael is a #1 best selling author of 9 books and frequently challenges traditional finance advice with innovative ideas on property investment, personal finance and wealth creation.

Follow Michael on Linked In or Instagram

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