4. Internalize the threat of not doing this.
Loss aversion is more effective in gaining self-discipline than gaining something. This is because those things that we lose if we didn't do something are parts of us, and not doing so will provoke one's sense of threat. That is why we have the tendency to do what it takes to prevent ourselves from losing something.
We could use our loss-averse human nature to develop habits that if not done, would lead to a loss or a small punishment.
Example:
If I didn't study for 3 hours today, I will give my friend $10.
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Campbell Walker, also known as struthless, tells his transformation story on how he was able to recover himself from the time of his weakest — lazy, self-absorbed, and did a lot of drugs — to someone with emotional growth on a place with self-respect. Some of you might be asking what made him change, and it's just one word, self-discipline. Although a simple of a word, it is instead harder to cultivate. In this video, struthless will explore the steps behind developing self-discipline especially in this increasingly busy society.
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Similar ideas to 4. Internalize the threat of not doing this.
Be aware of loss aversion
Loss aversion refers to the fact that we feel stronger emotions about losing something than we do about gaining the same thing.
For example: If you found $20 on the ground, you'd be pretty happy. But if you had $20 in your wallet and lost it, you'd be really unhappy.
Stoic Path To Wealth: Lose Money
We all have loss aversion, preferring to avoid losses even with the opportunity cost of gaining profits. Losing money, in fact, is a necessary rite of passage that most are not okay with.
The best investors are the ones losing money, but who are smart enough to never lose more than 10 per...
The Flaws Of Punishment As A Motivator
- It’s behavior suppressing powers usually disappears when the threat of punishment is removed.
- It often triggers a fight-or-flight response and renders us aggressive if escape is not an option.
- It inhibits the ability to learn new and better responses, oft...
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