Overconfidence makes you spend more than necessary

[Obulis]

The saying that "too much of every thing is not good" can be seen as unhealthy or local or small minded philosophy or psychology but it has proven itself real and true in so many things or situations. Being confident is enough but overconfidence can make you or keep you next step to a fall. An overconfident student who is supposed to prepare for a debate or quiz against a school the whole region knows is doing less than their school can be moved not to carry on with preparation because they know that school has low level learning and has never measured up with the other schools that they have recently won in a debate or quiz only for that deal day to come and they lose to that school believed to not have what it takes to win them.
Overconfidence can make someone with money in the bank to mismanage their funds. Overconfidence must have even wrongly affected some Bitcoiners hodling. Overconfidence has made people loss opportunities in different ways. Because there's steady cash flow, some becomes or became overconfident seeing no need to invest in Bitcoin! Overconfidence can become a setback as it has always been.

[Leahized]

What do you think?

The process you mentioned, perhaps that young man had done the same thing in the past and it was completed correctly. Or he was willing to complete the process himself based on someone else's advice. Whatever the case, in very important tasks, steps should be taken with caution. It is clear from your comment that the young man is trying to complete the process himself to save some money. But inadvertently he makes some mistake and the result is flawed.

However, I would not label this as overly confident. In the past, I have done many tasks that are recommended to be done from a computer centre. For example: the registration of admission applications and job applications in this case. However, the process of everything can be different and more complicated. So we should proceed according to their own experience.

[cryptomaniac_xxx]

In fact, if there is no confidence then courage to take first step often does not come. Problem will arise only when we pretend to be overconfident. If someone think he is wise despite not having enough knowledge then he is a fool.  Same goes for that person you mentioned here. He did job despite not having necessary knowledge. And that is where he went wrong.

However, I will not belittle his self-confidence. Making mistake is not problem either. This will allow him to learn subject better and avoid repeating error in future. It is true that relying on others for every task would make thing easier for us. But I would never be able to do that work myself. I would always have to remain dependent on others.

Yes, sometimes confidence is needed to overcome certain things, specially if it really looks very difficult in the beginning. Of course, there is downside, but as human we learn from our mistakes and we shouldn't do that same error in the future.

But we can have knowledge in schools, but it's just practical lessons. It's very different when we encounter real life problems. In paper it might be an easy problem that's why wee are over-confidence. However, it might be difficult as it sounds so we should really learn how to adapt and change things as we proceed in our lives.

[DrBeer]

So, I went looking for something specific in a government office of recent and had to wait a long queue before it got to my turn because the deadline to get what I was looking for was just in two days time.
Then while I was almost getting through the process, a young chap walked in late and needed same thing but I didn't wait around to wait till he was through before I left.

The next day which is today, while I was almost through with my documents, same young chap came in and had a lot of complaints about how he made payments to the portal but was shown an error code. The man in charge of the document process was astonished because he was led to believe by this young chap, that because this young chap operated and owned a computer business center, he shouldn't have had such complications and compliant that would make him start afresh with the process.

His mistake was spelt out to him, but the thing is that the money he already paid is lost, he has to get a new email and a new phone number to start the process afresh and this time he was to wait like others for the man in charge to do the work for him.

While I listened carefully, the man in charge of the process told him about someone who owned one of the biggest computer business centers in town that is supposedly expected to know and handle things for himself, but was humble enough to go through the waiting process and left it in the hands of the man in charge to do the process. He didn't want complications and had to pay just once and got what he wanted. Whereas this young chap who was so overconfident in his abilities is having to pay twice and double, wait longer because he already missed the deadline as it stands.

The thing with overconfidence is that it tricks you into thinking you have more control, safety, or a better future prospects than you actually do, but in reality it is not as it seems.

The simplest defense against overconfidence from the lesson here is to learn to build structural friction into your decisions—like having to wait for long periods, having to trust the man in charge to do the job right, instead of risking the rules and making emotional decisions because of impatience and overconfidence in your abilities, because this could save you the financial stress of having to pay twice and double most times and save you the stress of looking stupid in front of others.

What do you think?

This is called the Dunning-Kruger effect:
"The Dunning-Kruger effect is a cognitive bias in which people with low levels of competence overestimate their abilities, while more competent people often underestimate theirs. It was described by psychologists David Dunning and Justin Kruger in 1999, who demonstrated that without sufficient skill, a person not only makes more mistakes but also fails to notice them. There is a paradox in knowledge: to assess one’s own level, one needs the very skills that one lacks."

[Felicity_Tide]

The man in charge of the document process was astonished because he was led to believe by this young chap, that because this young chap operated and owned a computer business center, he shouldn't have had such complications and compliant that would make him start afresh with the process.

His mistake was spelt out to him, but the thing is that the money he already paid is lost, he has to get a new email and a new phone number to start the process afresh and this time he was to wait like others for the man in charge to do the work for him.

What do you think?

This doesn't sound like a case of overconfidence or someone doing what they weren't supposed to do. It's more of system structure that isn't as reliable/flexible as it sounds. Op, remembered you also mentioned that the Man in charge believed that the person shouldn't have had issues with the payment process, which means the payment/registration process can actually be done by anyone, so it's not like it was strictly restricted to those working for the government.

Imo, losing money in such a process just proves how messed up the system already was. That money was definitely received by someone, so it's not like it just vanished into thin air. A reliable system should be able to keep that payment intact even though an error occurred from the user end. If this issues seem to be a common thing among users who attempt to do it all by themselves, then the appropriate authorities need to limit the process to just those working for the government.

[Charleslie]

It's obvious that being overconfidence can make someone spend a huge sum of money. When you are being so confidential about your money or future income you may start doing or buying things without knowing the consequence that may come up. Sometimes is not just the amount of income you have, but how wisely  you manage and spend it. You must be confident , but don't allow confidence make you spend carelessly. Think before you spend your money, know what you actually need at the time given.

[leonair]

I agree with you that it is not right to think of yourself as an expert in everything all the time. Especially in something important like business you know everything to run your business but you can never control everything alone and when you try to do everything alone then your competitors will move ahead of you faster and you will also get tired slowly and your overconfidence will not last long then you will get out of your business. So it is good to be confident in your work but when you are overconfident then it will do more harm than good to you which is the experience you have shared here yourself

[Cryptomultiplier]

So, I went looking for something specific in a government office of recent and had to wait a long queue before it got to my turn because the deadline to get what I was looking for was just in two days time.
Then while I was almost getting through the process, a young chap walked in late and needed same thing but I didn't wait around to wait till he was through before I left.

The next day which is today, while I was almost through with my documents, same young chap came in and had a lot of complaints about how he made payments to the portal but was shown an error code. The man in charge of the document process was astonished because he was led to believe by this young chap, that because this young chap operated and owned a computer business center, he shouldn't have had such complications and compliant that would make him start afresh with the process.

His mistake was spelt out to him, but the thing is that the money he already paid is lost, he has to get a new email and a new phone number to start the process afresh and this time he was to wait like others for the man in charge to do the work for him.

While I listened carefully, the man in charge of the process told him about someone who owned one of the biggest computer business centers in town that is supposedly expected to know and handle things for himself, but was humble enough to go through the waiting process and left it in the hands of the man in charge to do the process. He didn't want complications and had to pay just once and got what he wanted. Whereas this young chap who was so overconfident in his abilities is having to pay twice and double, wait longer because he already missed the deadline as it stands.

The thing with overconfidence is that it tricks you into thinking you have more control, safety, or a better future prospects than you actually do, but in reality it is not as it seems.

The simplest defense against overconfidence from the lesson here is to learn to build structural friction into your decisions—like having to wait for long periods, having to trust the man in charge to do the job right, instead of risking the rules and making emotional decisions because of impatience and overconfidence in your abilities, because this could save you the financial stress of having to pay twice and double most times and save you the stress of looking stupid in front of others.

What do you think?

This is called the Dunning-Kruger effect:
"The Dunning-Kruger effect is a cognitive bias in which people with low levels of competence overestimate their abilities, while more competent people often underestimate theirs. It was described by psychologists David Dunning and Justin Kruger in 1999, who demonstrated that without sufficient skill, a person not only makes more mistakes but also fails to notice them. There is a paradox in knowledge: to assess one’s own level, one needs the very skills that one lacks."

A good quote to express my point and join forces with the one you made is this-
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." — Red Adair

Also another saying goes, "If you think professional execution or waiting in line is expensive, try paying for amateur mistakes."- unknown.

The truth is that risk-management habits apply here also and that's why it's good to double-check details before okaying payments or transactions that are irreversible. Bitcoin investment and  irreversible transactions taught me this.

It's also good risk management habit to allow experts do the job and moving slower is a faster way to get to ones destination or fulfilling a task at hand.

[Franklyn-wood]

What do you think?

Its very funny how in life if you succeed, people will tag your success with bold and confident and "knowing exactly how to get things done" but if you fail at the task, unfortunately it will be attributed with over confidence, careless and other stuffs, of course not taking away any point from the story you shared but i just felt like pointing that out as well. It is always just so funny when i think about it but of course that not me encouraging ignorance, because ignorance is simply just ignorance, there is no 2 ways about it. If you did personal research about a task and feel you are ready for that task, then for sure go ahead and attempt it.

We can't be totally perfect as a person to understand everything in life or even to avoid mistake when making decisions.
Being over confident is not a crime as it shows how much the person knows what he or she is doing, and may not really be out of pride and pumposity. It good to listen to others suggestions evaluate it and add to the couple of knowledge one have gotten already which is not bad, but if that fellow rely on what he or she knows already without leaning from others it might lead to mistake .

[Moreno233]

Overconfidence is so much similar to pride because in practice, being over confident tend to appear like someone know it all and cannot make mistakes. In businesses, this bring problem especially in a dynamic business environment where sometimes problem solving requires creative thinking. In leadership, what makes a good leader is the ability to listen to others, gather opinion and draw the best conclusion for implementation. An overconfident person cannot and does not listen to others and that cost money.

[Nightwatchmare]

You may think you know it all or you can stand on your own until you meet different thing that is beyond your control. There is this device I wanted to get from one company like that, and the price is so offedable, my friend also wanted the device but, when I told him about the price he shouted and said no, that it is expensive that he knows a sure place where we can get it on a cheaper price I said okay. He went further by saying he has confidence on this people concerning their price. When we got to the cheaper place low and behold the price is doubled than the one I told him about. When we went back to the one that is cheaper, it is finished. We have no other choice than to come back and buy the expensive one because it was urgently needed for the project. So being overconfidence on yourself can cause you a lot of things.

[Faisal2202]

having to trust the man in charge to do the job right, instead of risking the rules and making emotional decisions because of impatience and overconfidence in your abilities, because this could save you the financial stress of having to pay twice and double most times and save you the stress of looking stupid in front of others.

What do you think?

He was not being overconfident, he was being clever and there are several stories I can share where cleverness of one cost them health and money but clever people make these losses very randomly, you can say, they lose on bad days with bad luck, otherwise they are so clever that they know how to save money and how to fasten things up.

For example, clever people visiting an office for a driving license, there is a long queue and you can't skip because you don't know anyone there but a clever person will find someone who knows someone and who also knows a guy who can help you avoid that waiting period but the officers there sometimes do the total opposite of this. They can say This person here is trying to be clever so let's delay his work even more haha.

I have even been forced by my seniors to do this, I worked at a place for some time and there were many people with these tricks to save time and whenever someone comes with this, the seniors would say, delay his work haha.

[CryptopreneurBrainboss]

The thing with overconfidence is that it tricks you into thinking you have more control, safety, or a better future prospects than you actually do, but in reality it is not as it seems.

Not in all situations, while in this scenario been overconfident wasn't necessary but there are other scenarios in which what's best is for you to be overconfident for you to have a good deal. Imagine going to buy a car and you act uninformed about cars then you'll likely get cheated but if you're really informed and walk into the dealership with lots of confidence because you've done your research and you're coming to negotiate with confidence, the dealer is going to feel that aura of overconfidence and the chances of you getting that car for a good deal will increase. There are other scenarios that being overconfident can play in your favour while for others, it's better you act stupid to have the leveraged. Knowing when to apply confidence and stupidity is important as that's what shoes you're smart.

[Versatile_choice]

I agree with you that it is not right to think of yourself as an expert in everything all the time. Especially in something important like business you know everything to run your business but you can never control everything alone and when you try to do everything alone then your competitors will move ahead of you faster and you will also get tired slowly and your overconfidence will not last long then you will get out of your business. So it is good to be confident in your work but when you are overconfident then it will do more harm than good to you which is the experience you have shared here yourself

Over confidence is not good, a person can be experienced in a various field or knowledgeable but all this things can't save them from making some certain mistake more especially in those areas that is very technical. Some folks feel that they know it all by understanding the peripheral aspect of that thing they are into, not knowing that there is still more to learn.

 that is why I don't just presume or say that I'm confident enough in a particular thing because I know there might be something I don't know probably the technical aspect of it. So I tend to pretend like I didn't know even when I knew so that if there's anything I'm yet to know they will review them to me.

[Iamgoat]

I agree with you that it is not right to think of yourself as an expert in everything all the time. Especially in something important like business you know everything to run your business but you can never control everything alone and when you try to do everything alone then your competitors will move ahead of you faster and you will also get tired slowly and your overconfidence will not last long then you will get out of your business. So it is good to be confident in your work but when you are overconfident then it will do more harm than good to you which is the experience you have shared here yourself

lol… it’s called jack of all trades , master of all these days. And honestly sometimes I can’t blame someone for being such because these days unless you are privileged to work in a big company or with some high stake individuals, you might need to try couple of businesses simultaneously until you gain a balance because one work is not just enough and cannot realistically pay your bills. So you may have to subscribe to such situations where you have to do multiple of businesses to survive. Even civil servants do so. Until you are able to get a balance, then you can focus more on that particular business to build it more and more before diversifying again.

[SUPERSAIAN]

What do you think?

That young guy would have also gone through the process and gotten the desired results, and you would have celebrated him.  Overconfidence might have a negative effect because it leads to an overestimation of abilities. However, overconfidence leads to risk-taking, which is a good economic characteristic. Most of the successful business people are risk takers. They have a lot of confidence that they will be successful in projects in which they take risks.

But we should always know our limits and seek help when we can't carry out a task.

Excessive confidence doesn’t lead to good results. That doesn’t mean you shouldn’t be confident. It’s just that sometimes your confidence can cause you to make the wrong moves and think irrationally. But sometimes you have to live through it and see for yourself. Maybe that guy will learn a lesson from this situation and won’t repeat this mistake again. Life teaches us lessons like this. What matters is being able to receive the message life is giving you, recognize it, and learn from it.

[fruktik]

It's obvious that being overconfidence can make someone spend a huge sum of money. When you are being so confidential about your money or future income you may start doing or buying things without knowing the consequence that may come up. Sometimes is not just the amount of income you have, but how wisely  you manage and spend it. You must be confident , but don't allow confidence make you spend carelessly. Think before you spend your money, know what you actually need at the time given.

This issue has become the societal norm. People rely so heavily on themselves that they take out massive loans. They believe they will be able to repay them, but reality is harsh and puts everything into perspective.

Current statistics show a rise in bad loans. No one even considered the possibility that the country's economic situation would deteriorate day by day. Wise and prudent people understand that force majeure circumstances can arise at any moment.

[Royal Cap]

I have been hearing since childhood that excess of everything is bad. Be it consuming food, confidence or anything else. And as far as I have seen, these overconfidence factors force us to look for shortcuts and at the end of the day, those shortcuts are the ones that harm us the most. This happened to me once. My TV at home was broken and I went to fix it myself after watching YouTube. While fixing it, I found that I had actually damaged the TV even more. And when I went to the servicing center, they said that if you had brought it earlier, you could have fixed the TV for less. So instead of leaving the work of the experts to them, if you try to fix everything yourself, you end up causing yourself the biggest loss.

[DrBeer]

...
This is called the Dunning-Kruger effect:
"The Dunning-Kruger effect is a cognitive bias in which people with low levels of competence overestimate their abilities, while more competent people often underestimate theirs. It was described by psychologists David Dunning and Justin Kruger in 1999, who demonstrated that without sufficient skill, a person not only makes more mistakes but also fails to notice them. There is a paradox in knowledge: to assess one’s own level, one needs the very skills that one lacks."

A good quote to express my point and join forces with the one you made is this-
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." — Red Adair

Also another saying goes, "If you think professional execution or waiting in line is expensive, try paying for amateur mistakes."- unknown.

The truth is that risk-management habits apply here also and that's why it's good to double-check details before okaying payments or transactions that are irreversible. Bitcoin investment and  irreversible transactions taught me this.

It's also good risk management habit to allow experts do the job and moving slower is a faster way to get to ones destination or fulfilling a task at hand.

Wonderful phrases that really complement the answer! Thank you!
As for risk management - most people aren’t familiar with this field at all. Although the concept and methodology of the risk matrix are very simple. When I tell people about this approach and explain how to use it, they’re simply over the moon!
But… it’s not enough to just draw the matrix,  you also need to effectively use the information it provides to achieve the desired result.

As for speed,  this is called the "project triangle": fast, cheap, high-quality - choose any two, and the result will be the third with the prefix "not". A simple explanation:

Fast + Cheap = Low Quality. You’ll get the product on time and save money, but the result will most likely be "sloppy" or require immediate rework.
Fast + High Quality = Expensive. The product will be excellent and ready on time, but to achieve this, you’ll have to hire more top specialists and pay extra for the urgency.
High Quality + Cheap = Slow. The product will be excellent and affordable, but it will take a very long time to produce (for example, during free time outside of the person’s main job or by a single person working on it).

[Ishicryptic]

I always consider overconfidence in whatever we're doing as a sign of arrogance because nobody is immune to making mistakes but being confident in what you're sure that you can do is actually good, your confidence is an assurance to your customers, clients and those who put their trust in you to deliver. If the young guy in the OP story had excellently done what he was supposed to do I don't think that we could have said that he was overconfident, I think that the matter was that the guy didn't know how to do whatever task that he took upon himself. I know that it would be silly to wait in line for somebody to do for me what I can conveniently and confidently do for myself but if I'm not sure of my capability to get it done that is when i have to wait till it's my turn for the professional to attend to me.