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Here are three life lessons you can learn from social psychology. They are three human biases that are viciously common. They can ruin your finances, your career and they your relationships. Each bias has a quick snippet of advice that may help you avoid it in the future.
Hyperbolic Discounting – ruins your finances
This is a form of current-moment bias that is related to dynamic inconsistency. It involves you making a decision in the present that your future self would have preferred you didn’t take. Yet, in both cases, you are using the same reasoning and have access to the same facts.
What influences most people is the potential for an immediate payoff, which may lead people to make decisions in the moment that they regret making in the future. Hyperbolic discounting is seen more often when it comes to money. People spend today for the pleasure of spending despite knowing the money could be better used for other things. Those people have the same facts and same knowledge in the present. They even have the same opinions in the present, but their Hyperbolic discounting bias leads them to make a decision now that they regret in the future. It is a form of inconsistent decision making over time and it can ruin your finances if you are ruled by it.
How to avoid it?
A lack of discipline is often the reason we opt for a present payoff as opposed to a delayed payoff. The only real way to fight this type of bias is with discipline. Can you save instead of spend, keep instead of eat, kiss instead of rub? Have the discipline needed to delay and to wait and you will do just fine.
Gambler’s Fallacy – ruins your career
The inability to understand probability in its truest form is diffi… Read More
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