How can you make a big decision when you have a lot to lose?
Jeff Bezos found an answer to this question when he was considering leaving his Wall Street career (and a big paycheck) behind to start selling books on this new thing – the internet.
While describing his simple mental model to make the decision easier he said: “Only a nerd would call it that way.”
Regret Minimization Framework.
He projected himself as 80 years old. Will he regret not joining the internet wave and selling books online? Or not trying it won’t bother his old self so much?
After framing the decision this way, he clearly saw his path. He quit his job and became one of the early adopters of the internet.
And the rest is history.
So whenever you need to make a high-stakes decision, you can use this mental model to minimize regrets for your old self.
It allows you to have a long-term view of the situation without getting overwhelmed by the short-term impact of the decision.
Every big decision has its risks: failure, losing money, or reputation.
They are all reversible, but there is one thing that you cannot get back — time.
A nurse (Bronnie Ware) who worked several years caring for patients in the last 12 weeks of their lives has recorded the most common regrets of dying.
The number one was:
“I wish I’d had the courage to live a life true to myself, not the life others expected of me.”
She said:
“This was the most common regret of all. When people realize that their life is almost over and look back clearly on it, it is easy to see how many dreams have gone unfulfilled. Most people had not honored even half of their dreams and had to die knowing that it was due to choices they had made, or not made. Health brings a freedom very few realize until they no longer have it.”
So while making decisions today, also ask your future self’s opinion.
Minimize your regrets.
Ask yourself
– If you would regret not doing the thing in your mind, then what is holding you back from doing it? Is it fear of failure?
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Video: Jeff Bezos’ explanation of his concept (2 min)
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