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2023 Author: Malcolm Clapton | [email protected]. Last modified: 2023-07-28 10:38
Realize the problem and change your future with these simple tips.
What is your mistake
Probably, each of us once went shopping in search of a specific thing, but in the end bought something completely different. Such impulsive purchases bring temporary joy and seem very harmless. But they are the ones that cause damage to your wallet.
Research confirms that we tend to make short-sighted decisions because we believe they are the only correct ones at the moment. While experiencing fleeting pleasure, we do not think about possible problems that may arise in the future. For example, some people spend huge sums on short vacations, but at the same time they do not save for old age. Economists call this temporal discounting, time preference.
However, there is some good news. "Over the past hundred thousand years, thanks to the prefrontal cortex, humans have learned to model potential future events," says neuroscientist Moran Cerf. "This is why people can talk about, for example, an afterlife, even if there is none."
This means that simply by realizing your own false inferences, you can get rid of them.
How to avoid short-sighted decisions in the future
If you want to build your business, achieve a specific goal, or develop a habit, develop forward-thinking thinking.
1. Put your hobbies ahead of your desires
Financial expert Tiffany Aliche has come up with an incredibly simple yet highly effective way to avoid impulse buying. She advises asking yourself two questions:
- Do I really need this?
- Do I love this?
If your answer is no, the purchase is a fleeting desire and can rob you of what you truly love. After all, if you waste money on something unnecessary, you will not have the funds for what will bring you true joy and benefit.
For example, if your dream is to travel, don't waste your money on expensive clothes or going out to restaurants. Planning a long-awaited trip will help you save yourself from thoughtless spending.
2. Remember: the less you spend now, the more you will have in the future
Participants in one study were asked to choose a menu for the week that included either fruit or chocolate. 74% of the subjects chose a healthier food, that is, fruits. However, when asked what they would like to eat right now, 70% pointed to chocolate.
The further the reward, the more reasonable our choice. According to Moran Cerf, if people are offered one piece of chocolate at a given moment or two in a week, then many will choose the first option. But if you were asked to choose between a piece of chocolate after a year or two after a year and one week, most people would rather wait a little longer.
Knowing how your brain can outsmart you will help you make the right choices.
If you are at a crossroads, take your time to make a decision. Wait a few days or even weeks, then your decision will be more balanced.
3. Make yourself a promise you can't break
If you cannot overcome temptation, follow the example of the hero of the famous poem Homer. In order not to succumb to the calls of the sirens and avoid death, Odysseus ordered the team to firmly tie him to the mast and in no case free him.
This approach applies to everything from meeting deadlines to quitting smoking and switching to a healthy diet. Two groups of subjects promised to eat healthy foods. The former agreed to lose their bonuses at work if they break their promise. The second - refused and did not adhere to the diet so conscientiously.
Making a pact can really work and help you develop good habits or stop wasting money on bullshit. For example, having bought a gym membership, you are unlikely to miss classes, because you will feel sorry for the money spent.
4. Find yourself someone who will support you
If you don't like the radical Odyssey method, bring in a friend who is also trying to achieve some goal. By supporting each other, you can overcome difficulties and challenges together. Or find yourself a competent mentor to help you with advice.
By making a decision alone, you may be so concerned about your problem that you will create new ones in an attempt to solve it. Ultimately, this can lead to the fact that you make a rash choice. In this case, it will not hurt to look at the situation from the side of another person.
5. Build Yourself a Financial Cushion
Let's say you dream of your own home. In the long term, this is, of course, a profitable investment. But if your income does not allow you to take out a mortgage, then carefully consider this decision. You might want to postpone your purchase.
After all, some do not take into account additional costs, such as repairs and other household needs. Therefore, before going into debt for several decades, create a reserve fund for a rainy day.
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