I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!


Click to email CW8888 or Email ID : jacobng1@gmail.com



Welcome to Ministry of Wealth!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

It is here where I share with you how I did it! FREE Education in stock market wisdom.

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Saturday 1 April 2017

Why "Bei Kampings" Are So Willing To Pay???


Read? Why are some people more gullible than others?

EXPLAINING GULLIBILITY

Gullibility occurs because we have evolved to deal with information using two fundamentally different systems, according to Nobel Prize winning psychologist Daniel Kahneman.

System 1 thinking is fast, automatic, intuitive, uncritical and promotes accepting anecdotal and personal information as true. 

This was a useful and adaptive processing strategy in our ancestral environment of small, face-to-face groups, where trust was based on life-long relationships. However, this kind of thinking can be dangerous in the anonymous online world.

CW8888: Hmm ... 

Do "bei kampings" know the difference between small group face-to-face talking session and broadcasting seminars?


System 2 thinking is a much more recent human achievement; it is slow, analytical, rational and effortful, and leads to the thorough evaluation of incoming information.

While all humans use both intuitive and analytic thinking, system 2 thinking is the method of science, and is the best available antidote to gullibility. So, education tends to reduce gullibility and those who receive scientific training in critical, sceptical thinking also tend to be less gullible and less easily manipulated.

Differences in trust can also influence gullibility. This may be related to early childhood experiences, with the idea that trust in infancy sets the stage for a lifelong expectation the world will be a good and pleasant place to live.



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