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jerryking : present_bias   1

Why It’s So Hard to Put ‘Future You’ Ahead of ‘Present You’ - The New York Times
Sept. 10, 2018 | NYT | By Tim Herrera.

Are there instances when Past You has, quite inconsiderably, set up Future You for failure.

Why do we do this to ourselves? What makes us act against our own self-interest, even when we are acutely aware we’re doing so?....At work is present bias, our natural tendency to place our short-term needs and desires ahead of our long-term needs and desires. A lot of the time this comes in the form of procrastination.....we perceive our future selves the same way we perceive total strangers. In other words: When I’m brushing off responsibilities, part of my brain unconsciously believes that they’re now the problem of an actual stranger. ....starts with thinking of your future self as … you......Let’s say you habitually neglect your retirement savings. Instead of looking at future saving as making “financial decisions,” put yourself in the mind-set of thinking about the lifestyle you want when you’re retired. Picture yourself however many years hence, now retired, living the life you set up. Experts say this simple paradigm shift can change your entire approach to those decisions — even though they’re exactly the same.

Yes, this idea of future projection — “What will my life be like after I make this decision?” — is difficult to wrap your head around, especially when Future You is getting a better deal than Present You.
biases  present_bias  procrastination  retirement  self-interest  self-sabotage  short-term_thinking  visioning 
september 2018 by jerryking

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