Judgment and Being Open-Minded

Mental Models

The Most Important Skill in 2024 and Beyond?

I think about this tweet often:

Because I think it’s true.

The internet is exponentially increasing the amount of information available to us.

That is, in part, what Naval is referring to when he says “infinite leverage”.

But not all of that information is “good” (i.e. true, high quality, effective) information.

There is a lot of noise, but not a lot of signal.

And AI is pouring gasoline on an already-massive fire.

Acquiring knowledge is no longer the important skill… it is the ability to discern good ideas from bad ones.

In other words, judgment.

Today, I’ll outline:

  • Why I agree with Naval that judgment is the most important skill
  • Why open-mindedness is closely related to judgment
  • How to practice open-mindedness and judgment

Polarization Is Increasing

In case you’ve been living under a rock, it’s an election year in the USA.

And even if you’re not American, the election will absolutely impact online discourse and the information you encounter.

You’ve probably already noticed it.

The rhetoric is getting more… charged. To say the least.

And when things get charged, people tend to dig in their heels.

They become more close-minded.

They double down on their existing beliefs.

Perhaps they lash out at others.

The way you prevent this from happening to you, is through open-mindedness.

So what does this have to do with wealth?

Being Open-Minded Makes More Money

In psychology, we learn that the Big Five personality traits are:

  1. Agreeableness
  2. Conscientiousness
  3. Extraversion
  4. Neuroticism
  5. Openness to experience

Let’s focus on #5.

​Openness to experience​ includes (but is not limited to) intellectual curiosity and challenging authority.

And guess what:

Being more open is positively correlated to earnings.

A ​meta-analysis of 62 studies​ showed that Openness (along with Conscientiousness) are positively associated with earnings.

So if you care about growing your income, you should be maximize your open-mindedness.

And it goes beyond money!

Discerning What’s Important

I’ve shared before that wealth is more than just money.

In fact, wealth is unique to you.

Maybe your vision of wealth includes loving relationships, physical and mental health, work imbued with meaning and purpose, and so on.

What I’m suggesting to you is that in order to identify, seek out, and achieve those very things that you call wealth…

You will need to practice strong judgment.

If you fail to practice strong judgment, you will find yourself chasing someone else’s version of wealth that you never cared to achieve in the first place.

If we’re in agreement so far, then you might be wondering:

How Do I Become More Open-Minded?

First, let me start by saying that I am far from perfect.

Like getting fit, or practicing one’s faith, being open-minded is an ongoing process that never ends.

It is not a one-and-done thing.

Here are some of the questions I try to ask myself often to ensure I’m keeping an open mind:

  • What if I’m wrong?
  • What would have to be true for me to reconsider my opinion?
  • Where did I get that belief?
  • Does that belief serve me? Does that belief serve someone else?
  • Can I ​steelman​ the opposing argument?
  • Am I using any ​logical fallacy​ in my argument?

If there’s one thing you take away from this article, it’s this list of questions.

Come back to it often.

They’re not the only answer, but they’ve helped me a lot throughout my life.

And I hope they help you too.

Build in Public Update

Metrics are falling behind, largely due to my absence in Tokyo these past two weeks.

What inspired this week’s topic was actually the results of last week’s article where I dived into the Roman Empire to look at warning signs of its collapse.

I got some of the most supportive responses to the email:

But I also got the most unsubscribes from this article:

I had no intention of being polarizing, but apparently I was polarizing.

And in my opinion, this result is a function of the political climate becoming more polarizing.

Maybe I’m reading into it? Maybe the unsubscribers just don’t like Roman history? Or maybe my last article was more polarizing than I realize?

In a meta sense, this is yet another reason for this week’s article.

Asking myself these very questions is exactly what I’m recommending you do. Constantly.

You should always be checking to see if you’re wrong.

Future you, your relationships, and your wealth with thank you.

PS. Part 3 in the Sales Series is live now on YouTube, check it out here:

To your prosperity,

Brandon @ Wealth Potion