Why you need to always have something to look forward to...
There’s an old saying that goes ‘act in haste, repent at leisure’. Basically, it’s a good idea to think things through before making a decision. Unfortunately, in today’s high-speed, continuous partial attention world, that’s difficult.
Companies implore you to take advantage of their soon-to-end discounts by signing today. Web sites tell you there are only a limited number of seats left. You can often ‘buy now, and pay later’. Sometimes, the repayments don’t even start for another 12 months. However, the good news is you can do all your repenting from a comfortable new sofa.
Everything today is geared up to encouraging us to make a snap decision rather than one that is carefully considered. But this culture we live in can not only lead to economic difficulties, according to Canadian psychologist Elizabeth Dunn it also actually reduces the pleasure we get from our purchases. It's the anticipation of an event or a purchase that really gets our juices flowing. Dunn calls it ‘free pleasure’.
Her research suggests that we get enormous amounts of pleasure just from looking forward to good things in the future. Like our summer holidays, for example. We all love to shop for new outfits, plan what we’re going to do, and imagine a lovely, warm sun beating down on our skin. Fred Bryant of Chicago’s Loyola University went one step further when he declared that not only do we get more pleasure by delaying purchases, we also make better decisions.
You might think that what we lose in anticipation, we’ll gain in reminiscences, since we have longer to enjoy our purchases. But this isn’t the case. On the contrary, once objects or experiences are ‘obtained’ our mind forgets about them. But while they’re still in the future, we keep mulling them over and the anticipation builds.
You may have experienced this feeling when changing your car. Often, you spend months weighing up all the options before deciding on the make and model, the trim level and the extras. It’s all very exciting and you can’t wait to take delivery. Then a few weeks into driving it the novelty wears off and it becomes just another thing in your life that’s expensive to run. It’s also why so many sporting events are a bit of a letdown. You spend ages looking forward to a major tournament and then two wins, two draws and a penalty defeat later you’re left wondering what all the fuss was about.
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So here’s a little tip for life: try to always have something to look forward to, no matter how small. The power of anticipation in boosting your well-being is incredible. And you will make better choices for the future than if you make a snap decision right now. Today, we’re like a child looking at a choc ice. When choosing for the future, we’re like sensible grown-ups, selecting things we know are better for us. Economists call this ‘hyperbolic discounting’, psychologists call it ‘the present bias’ and I call it the ‘chocolate cake now, diet next week’ effect.
Philip’s next public seminar (with Gavin Ingham) is at the Thorpe Park Hotel in Leeds on Thursday 17th November 2022. This event will sell out; to buy a ticket at the Early Bird price click here:
Strategy Consulting and Mentoring for CEOs
2yWould love to see you. Hopefully you'll have time to include a TEC-12 session in your itinerary.
Strategy Consulting and Mentoring for CEOs
2yReally good article, Philip. Please keep them coming.