Why We Always Sacrifice Our Future for a Lacklustre Present

I was reflecting on my growth journey for the past 10 months, as the year 2024 is drawing to a close.

I must say that I am not very happy with my progress so far.

At the start of the year, I planned to achieve a body fat percentage of 15%.

Disappointing truth to be told, my body fat percentage is currently at 20.5% (getting further away from my ideal percentage).

Additionally, I am training for my Standard Chartered Half Marathon which will take place on Fed 2025.

I planned to increase my pace time to < 5 minutes/km (hopefully, I can complete the half marathon in less than 2 hours.)

Similarly, I am nowhere near my ideal pace time.

Why is it so difficult to achieve our ideal future in our present times?

This phenomenon can be termed "Hyperbolic Discounting", otherwise known as "Present Bias".

Understanding Hyperbolic Discounting

Hyperbolic Discounting is our tendency to prioritize immediate gratification over long-term benefits.

Psychologists suggest this is a survival mechanism inherited from our ancestors, who focused on immediate needs for survival.

However, in today’s context, this can lead to procrastination, impulsive decisions, and a lack of progress toward bigger life goals.

Think about that tempting break in the middle of work or the reluctance to save for retirement—these are everyday manifestations of hyperbolic discounting.

In personal life, hyperbolic discounting can prevent us from developing habits that benefit us in the long run, such as regular exercise, reading, or skill-building.

In a career context, it may prevent us from committing to professional growth that doesn’t offer immediate rewards.

In business, it might mean missing out on strategic, long-term investments because they don’t yield instant returns.

Why It Matters

Research shows that individuals who can delay gratification tend to be more successful, healthier, and generally more satisfied with life.

Stanford’s famous marshmallow experiment found that children who could delay gratification later had better SAT scores, healthier bodies, and more successful lives overall.

The same principle applies to adults in all areas of life—personal, career, and business. Recognizing and addressing hyperbolic discounting is key to unlocking long-term growth.

When it comes to personal, career and business growth, how can we mitigate the adverse effects of hyperbolic discounting and attain exponential growth in these 3 areas?

How to Overcome Hyperbolic Discounting and Achieve Exponential Personal Growth

1. Set Small, Achievable Goals:

Breaking down goals into small, daily actions helps make long-term objectives feel more manageable.

For instance, commit to 10 minutes of daily exercise instead of aiming for a full workout initially.

These small wins can be rewarding and reinforce long-term habits.

2. Visualization of Future Self:

Visualizing your future self can make the consequences of present actions feel more tangible.

Take time each week to picture what your life would look like if you consistently invested in personal growth activities, like developing a skill or improving health.

3. Use “Temptation Bundling”:

Pair something you enjoy with a productive task, like listening to your favourite podcast while cleaning or exercising.

This strategy provides immediate enjoyment and helps mitigate the pull of hyperbolic discounting while fostering positive habits.

How to Overcome Hyperbolic Discounting and Achieve Exponential Career Growth

1. Time-Blocking for Growth Activities:

Dedicate specific time slots to career-enhancing activities that don’t provide immediate results, like learning a new skill, attending workshops, or building a portfolio.

Protect this time as if it were a client meeting; it’s an investment in your future self.

2. Accountability Partners and Mentorship:

Having a mentor or accountability partner can provide the encouragement needed to stay committed to long-term goals.

Regular check-ins help maintain focus on future growth rather than succumbing to the ease of current routines.

3. Implement the “10-10-10” Rule:

Before making a career decision, consider its impact in 10 minutes, 10 months, and 10 years.

This method, developed by Suzy Welch, encourages forward-thinking and can help you make choices aligned with long-term career goals rather than short-term conveniences.

How to Overcome Hyperbolic Discounting and Achieve Exponential Business Growth

1. Prioritize Long-Term KPIs:

Shift focus from solely short-term metrics, like monthly sales, to include long-term KPIs, such as customer retention and brand equity.

These metrics help balance short-term gains with sustained growth and create a framework that values future returns.

2. Automate Long-Term Investments:

If your business struggles with prioritizing long-term investments, consider automating them.

For example, automatically allocate a portion of profits to research and development, team training, or other initiatives that build future value.

3. Create a Visionary Culture:

Encourage a culture of future-focused thinking within your team.

Establishing a clear company vision and regularly discussing long-term goals can remind everyone of the bigger picture, reducing the appeal of immediate but less strategic decisions.

What are my next steps?

After much pondering while writing this newsletter post, I have decided that I adopt the following approaches as my next steps:

(1) Enjoy the process of growth

• Remember: When I enjoy the journey of growth, it makes it easier and more sustainable towards long-term goal achievement.

(2) Adopt Micro Habits

• Instead of stressing myself and being counter-effective in my goal attainment, I learn that it is better to take one step at a time to progress well.

(3) Rest Well

• I can't keep performing at high-stress momentum at all times. I need to pace myself, rest well and be recharged in my journey of personal goals' attainment.

Overall, hyperbolic Discounting is a natural human tendency, but understanding it allows us to strategize around it.

By setting clear goals, using accountability mechanisms, and building consistent habits, we can create a balance between enjoying the present and investing in a rewarding future.

In doing so, we don’t just chase success; we build sustainable growth in all aspects of life.

Let’s take a step today toward a future we’re proud of.

What strategies have you used to combat hyperbolic discounting?

Share your insights in the comments!

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