You Aren't So Smart: Cognitive Biases are Making Sure of It

According to Wikipedia, cognitive biases "are tendencies to think in certain ways that can lead to systematic deviations from a standard of rationality or good judgment, and are often studied in psychology and behavioral economics." Far more than simply an exercise in academia, cognitive biases have all sorts of practical impacts on our lives, whether or not we admit it. A very broad umbrella, cognitive bias comes in many forms, as evidenced by the fact that Wikipedia lists over 170 of them. Some of these biases are more prevalent in certain areas of life than in others. Below is an infographic from Business Insider, of all places, which is an elementary summary of what it refers to as "20 cognitive biases that screw up your decisions." But how do these cognitive biases relate to real life?