Rule No. 4

CBSMoneyWatch: 10 Rules for a Simpler (and Wealthier) Life

Go with your own gut and observation, not someone else's theory or hearsay. As a wise person once said to me, "I don't believe anything I hear and only half of what I see."

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10 Rules for a S... Leaders and executives—people in positions of authority and power—have a tendency to spin, obfuscate and overcomplicate things that are actually surprisingly obvious, simple and straightforward.

Why do they do that? Usually because they're trying to talk people into believing something that makes no sense or buying something they shouldn't. If you think that's an oversimplification or find it hard to believe that people in authority would do such a thing, think again.

Unfortunately, this is the real world and times are hard. So how does an honest person trying to make a living and get ahead manage to avoid all this nonsense? Remember these 10 simple principles.

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Rule No. 1 When people have a vested interest in what they're saying, meaning they stand to make money or get reelected, don't trust it.

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Rule No. 2 Say what you mean and mean what you say, even if it is repetitive, boring and won't get you on a reality TV show.

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Rule No. 3 Learn how probability works. If you flip a coin and it comes up heads 99 times in a row, it's not overdue to come up tails.

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Rule No. 4 Go with your own gut and observation, not someone else's theory or hearsay. As a wise person once said to me, "I don't believe anything I hear and only half of what I see."

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Rule No. 5 Practice saying "no" over and over again, especially when it comes to purchasing and investment decisions.

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Rule No. 6 At any given time, there are plenty of leaders and executives parading around with no clothes on. Don't be afraid to call them on it; if you don't, who will?

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Rule No. 7 Learn the difference between deductive and inductive reasoning. The former reaches valid, logical conclusions from known premises or facts; the latter makes generalizations from a few data points, like the duck rule.

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Rule No. 8 Just because you read it on the Internet does not mean it's true.

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Rule No. 9 Hope is a lousy strategy.

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Rule No. 10 Corporate officers and directors have a fiduciary duty to act on behalf of the company and its shareholders. So when it comes to making optimistic statements, they probably have way more latitude than you think.

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See More From Mo... Click here to see the 10 cheapest places to live.

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