The Present Bias: What You Can Do About It - Deepstash

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The Present Bias: What You Can Do About It

  • Help out your future self. For example, if you have a hard time saving money, automate your savings withdrawals every month so it happens without you having to think about it.
  • Find ways to make the “right” thing a little more pleasant. Seek out a form of exercise you actually enjoy.
  • Reframe how you think about rewards. When it comes to accomplishing goals, research shows that enjoying the process is a far better predictor of success than desiring the long-term outcome.
  • Imagine your future self. At the beginning of every day, imagine yourself completely satisfied at the end of the day. What one thing have you accomplished?

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It describes our tendency to choose a smaller, immediate reward over a larger reward in the future. Ice cream tastes better than broccoli. Buying new clothes is more fun than saving money for a far-off retirement.

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