Making Smarter Decisions and Knowing When to Walk Away with Annie Duke

Partner Deals Long Angle: Join a free private community for high net worth investorsBilt Rewards: ⁠Earn the most valuable points when you pay rentQuince: Affordable luxury essentials with free shipping + 365 day returnsFabric: ⁠Affordable term life insurance for you and your familyMasterClass: ⁠Learn from the world's best with up to 15% offFor all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals#81: Professional decision-maker, Annie Duke, joins Chris to talk about making better decisions. They discuss why learning the difference between luck and the quality of decisions is so important and how that can improve your life and your career, ways to improve your quitting skills, and what forces work against good quitting behavior. They also cover why so many people struggle with the decision to walk away, how to use kill criteria to determine when to quit a project, a job, or some other endeavor, and a lot more.Annie Duke (@AnnieDuke) is a best-selling author and professional decision strategist. Her 2018 bestseller, Thinking in Bets, has helped countless people make better decisions, and her latest book is Quit: The Power of Knowing When to Walk Away.Full show notes at: https://allthehacks.com/decision-making-annie-duke Partner Deals Vuori: 20% off the most comfortable performance apparel I've ever wornMasterClass: Learn from the world's best with 15% offPacaso: Free early access to listings and $2,500+ in closing creditsFor all the deals, discounts and promo codes from our partners, go to: allthehacks.com/dealsResources MentionedConnect with Annie Duke: Website | TwitterAnnie Duke’s Resources: Books: Quit: The Power of Knowing When to Walk Away Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts How to Decide: Simple Tools for Making Better Choices All the Hacks Podcast: FOMO, FOBO and How To Make Great Decisions with Patrick McGinnisResources Mentioned:  Superforecasting: The Art and Science of Prediction Into Thin Air: A Personal Account of the Mt. Everest Disaster Grit: The Power of Passion and Perseverance Astro Teller on Moonshots for Alphabet's X (Monkeys and pedestals 25:08) Knowns vs Unknowns — Are you building a successful company or just typing?  Full Show Notes(1:20) Luck vs. Decision Quality: Learning the Difference(5:44) Improving Hiring Decisions and Positive Outcomes(9:11) Understanding and Calculating Base Rate(13:29) Enhancing Decision Information with Independent Viewpoints(21:08) Encouraging Honest Opinions and Feedback(28:00) Shifting Mindset from Sunk Cost Fallacy(30:12) Advanced Planning, Kill Criteria, Stop-Loss Orders(32:02) Example of Kill Criteria(33:24) Finding a Qualified Quitting Coach(41:49) Viewing Life as Bets and Making Things Explicit(47:35) Side-Effects of Explicit Decision-Making(51:41) Handling Emotional Angst in Decisions(54:41) Menu Decision Strategy(58:31) The Challenge of Quitting Decisions(1:04:55) Astro Teller's Mental Model: Monkeys and Pedestals(1:07:01) Identifying Known Unknowns(1:07:57) Connect with Annie Duke OnlineConnect with All the HacksAll the Hacks: Newsletter | Website | Membership | EmailChris Hutchins: Twitter | Instagram | Website | LinkedInEditor’s Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.