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Present Bias
We tend to choose a smaller, immediate reward over a larger reward in the future. For example, playing video games is more enjoyable than writing or coding or designing.
What you can do about it:
- Help your future self. Automate your savings; lock yourself out of your social media apps and websites at certain times of the day.
- Find ways to make the "right" thing more pleasant. Do exercise you actually enjoy; find healthy recipes that are also delicious.
- Reframe how you think. Enjoy the process rather than only focusing on the rewards. Instead of running to lose weight, focus on the satisfaction you get after running a mile.
- Imagine your future self to help motivate you to choose longer-term payoffs.
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We All Tend To Make The Same Mental Mistakes
Economists used to believe that people will always choose the option that maximizes their well-being. But people act against their rational self-interest all the time.
We procrastinate and eat junk food and say yes to the things we don't have time for. Two Israeli psycholo...
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6.63K reads
The Sunk Cost Fallacy
We want to finish what we've started because of previously invested resources, even if it is better to quit and use our limited resources elsewhere for better returns.
What you can do about it:
- Every decision has two costs...
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2.45K reads
The Planning Fallacy
We tend to underestimate the time it will take to complete a future task despite knowing that previous tasks have taken longer.
What you can do about it:
- Break projects down into smaller parts and estimat...
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2.78K reads
Complexity Bias
We are inclined to believe that complex solutions and explanations are better than simple ones. The perception of complexity often leads to avoidance.
What you can do about it:
- Instead of seeking to understand a concept fully,
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2.18K reads
Hedonic Adaptation
We quickly return to a relatively stable level of happiness despite positive or negative external events. We pursue a promotion and believe it will make us happy. When we get it, we are temporarily happier, only to get back to our baseline levels the next week.
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The Zeigarnik Effect
This effect describes our tendency to remember incomplete or interrupted tasks better than completed tasks. Each unfinished task takes up some of your attention, splitting your focus. It also interferes with your sleep.
What you can do about it:
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The Mere Urgency Effect
This bias addresses why we do unimportant tasks we think are time-sensitive over tasks that are not time-sensitive, even if the non-time-sensitive tasks provide greater rewards.
How to overcome this bias:
- Use the Eisenhow...
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4.7K reads
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E-Learning
Very few things can affect your future like enhancing your education and with online courses and degrees, it’s easier and more convenient than ever to do just that. And while your current life and work schedule might make it tough to find the time for those mas...
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