My Mental Models

Better Decisions Using A Better Mental Framework

  • What Are Mental Models?
  • Models Checklist
  • Charlie Munger Quotes
  • Charlie Munger Reading List
  • Warren Buffett Books

Mental Model Summary: Skill Stack

By Andrew McVagh, last updated May 23, 2018 Leave a Comment

Skill Stack

Mental Model

Skill Stack, Talent Stack

Summary

A Skill Stack refers to the idea that having a wide range of complementary skills generates a multiplier effect towards success.

This is an idea I learned from Scott Adams, who calls it a Talent Stack (I prefer Skill Stack simply because, to me, Talent implies an innate ability while Skill implies something learned through hard work).

So, for each new skill you acquire, it combines with your existing skills to make you that much more marketable and/or able to create something new that people would be interested in.

It’s worth noting that, while similar, I believe that Mental Models and Skills are different things. Mental Models are filters on reality, helping you understand the truth behind what is occurring and why, while Skills are productive abilities you have acquired that you can use to perform acts to accomplish goals.

The key idea is that additional skills provide you with value exponentially (non-linearly), in an intentional Jack-of-all-Trades kind of way. [Read more…]

Mental Model Summary: Incentives

By Andrew McVagh, last updated May 23, 2018 Leave a Comment

Mental Model Summary: Incentives

Mental Model

Incentives, Rewards

Summary

Incentives is the idea that you can motivate people to do something by promising to reward them with something they desire. It is based on the idea that people do what is in their own best interest.

Charlie thinks of incentives as a type of super power, and uses it to explain why all sorts of things that have happened throughout human history, both good and bad.

They key idea is that by providing people with the proper incentives you can alter their behavior towards whatever goal you have in mind (within reason). [Read more…]

Mental Model Summary: Reason Respecting (Because Why)

By Andrew McVagh, last updated May 23, 2018 Leave a Comment

Mental Model Summary: Reason Respecting

Mental Model

Reason Respecting, Because, Why, Commander’s Intent

Summary

One of the most powerful words in the English language is the word because.

Why? Because, as humans, we have an underlying need to understand the reasons behind most things. When we know the why, we are more likely to:

  • comply with a request
  • remember something
  • complete a task successfully

The key idea is that because can be a powerful motivator or persuasion tool, for both good and bad. [Read more…]

Mental Model Summary: Social Proof

By Andrew McVagh, last updated August 7, 2018 2 Comments

Social Proof

Mental Model

Social Proof/Herd Mentality

Summary

Social Proof is a cognitive bias that describes how we tend to be heavily influenced by what others around us are doing.

Sometimes referred to as Herd Mentality, Social Proof is a heuristic (or shortcut) where we rely heavily on the thoughts and actions of our peers when making decisions. This tendency is even stronger when we are feeling uncertain.

The key idea is that in any given situation, and especially when we are confused or under stress, our choices will lean towards following the crowd.

Continue Reading

Mental Model Summary: Redundancy

By Andrew McVagh, last updated August 7, 2018 3 Comments

Mental Model: Redundancy - Engineering's Failsafe

Mental Model

Redundancy/Backups/Backup Systems

Summary

Redundancy is an idea from Engineering that refers to the process of including extra components within a system such that they can be brought into use in the case of a failure so that the system continues to function.

By implementing redundancy within a system we  can greatly reduce the chances of the system itself breaking down.​ Or if the system does fail, backups can be used to get it functioning again as quickly as possible.

The key idea is that redundancy is a way to reduce or eliminate the potential negative impact of a system failing.​

Continue Reading
  • « Previous Page
  • 1
  • 2
  • 3
  • Next Page »

Popular Posts

  • 11 Brilliant And Funny Charlie Munger Quotes (Genius Wisdom)
  • 5 Amazing Warren Buffett Books (Learn How He Really Thinks)
  • The Charlie Munger Reading List (30+ Fascinating Books)
  • The Best Books On Mental Models
  • Blinkist Review: How To Make Progress On Your Reading List
  • Get My Mental Models Checklist

Mental Model Summaries

  • Mental Model Summary: Advantages of Scale
  • Mental Model Summary: Base Rates
  • Mental Model Summary: Checklists
  • Mental Model Summary: Creative Destruction
  • Mental Model Summary: Division of Labor
  • Mental Model Summary: Incentives
  • Mental Model Summary: Inversion
  • Mental Model Summary: Law of Small Numbers
  • Mental Model Summary: Pareto Principle
  • Mental Model Summary: Reason Respecting (Because Why)
  • Mental Model Summary: Redundancy
  • Mental Model Summary: Skill Stack
  • Mental Model Summary: Social Proof

Further Reading:

- What Are Mental Models?
- My Mental Models Checklist
- The Best Books On Mental Models
- The Charlie Munger Reading List
- Mental Model Summaries: The Complete List
- All Posts
 


About | Contact | Privacy Policy | Terms of Service | Disclosure Policy | Site Disclaimer

 

My Mental Models is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

© 2023 · My Mental Models