Present bias: how instant gratification impacts your long-term goals
nesslabs.com
4 ideas
·1.13K reads
14
Learn more about leadershipandmanagement with this collection
How to communicate effectively with difficult people
How to handle conflict
How to stay calm under pressure
Seizing short-term opportunities
Grabbing short-term opportunities can lead you to settle for a small present reward rather than wait for a larger future reward.
This tendency is known as the present bias. While it may feel good at the time, it can negatively impact long-term planning and decision-making.
22
381 reads
Illustrating the present bias
The classic experiment to show if the present bias is at play is to ask, "would you prefer $100 today or $110 in one week?" The desire for instant reward will cause many to take the $100 now rather than waiting for the reward.
A study showed stronger activation in reward-related areas of the brain when participants were asked to make decisions that would lead to an immediate reward. However, with delayed gratification, there was far less activation within the brain's reward centres.
23
295 reads
How the present bias impacts your success
It’s tempting to take a reward that is available right now, but the cognitive bias can harm your future self.
For example:
- You may work hard to get a place on a law degree course, but then give in to the present bias and spend most of your time socialising at the expense of your exams.
- Being offered a higher salary can cause us to forget about our long-term career goals.
- The desire for instant gratification can lead to reckless spending rather than putting money into a long-term investment.
- Procrastination can prevent you from making progress on a project well before the deadline.
29
232 reads
Strategies to manage the present bias
Managing the present bias consists in staying mindful of your long-term goals.
- Write down your long-term goals. Create a list of what you want to achieve this year or over the next few years. Then, when you're faced with a choice between different rewards, refer back to your list to ensure you're on track.
- Delay new purchases until tomorrow. The extra time will lower your impulsivity level and allow you to make an informed decision.
- Follow the ten-minute rule. If you procrastinate on a task, tell yourself to start right now for just ten minutes. You may find yourself continuing.
33
226 reads
CURATED BY
More like this
2 ideas
2 ideas
How to Prioritize Long-Term Thinking - Darius Foroux
dariusforoux.com
Explore the World’s
Best Ideas
200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.
An Idea for Everything
Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.
Knowledge Library
Powerful Saving & Organizational Tools
Save ideas for later reading, for personalized stashes, or for remembering it later.
Start
31 ideas
Start
44 ideas
# Personal Growth
Take Your Ideas
Anywhere
Organize your ideas & listen on the go. And with Pro, there are no limits.
Listen on the go
Just press play and we take care of the words.
Never worry about spotty connections
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
Get Organized with Stashes
Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.
Start
47 ideas
Start
75 ideas
My Stashes
Join
2 Million Stashers
4.8
5,740 Reviews
App Store
4.7
72,690 Reviews
Google Play
Ashley Anthony
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
“
Shankul Varada
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
“
Sean Green
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
“
samz905
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
“
Giovanna Scalzone
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
“
Laetitia Berton
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
“
Jamyson Haug
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
“
Ghazala Begum
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
“
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving & library
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Personalized recommendations
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates