Have you ever made a decision that you later regretted?
Chances are, you have. I most certainly have. We all have, and it can be frustrating to look back and wish we had made a different choice. But what if there was a way to minimize the chances of regretting our decisions in the future? That’s where the “regret minimization” mindset comes in.
The regret minimization mindset is a way of thinking about decision-making that’s focused on avoiding future regret. By considering the potential outcomes of our decisions, we can make choices that align with our values and priorities. I first came across this a few years ago, Mr.C shared the mindset from his extensive reading. What followed was years of seeing this in practice in our household and the theory still holds true – tried and tested!
One famous example of the regret minimization mindset comes from Amazon founder Jeff Bezos. When he was considering leaving his job on Wall Street to start an online bookstore, he used the regret minimization framework to make his decision. He imagined himself as an old man, looking back on his life and thinking about whether he would regret not taking the opportunity to start a new business. Ultimately, he decided that he would regret not trying more than he would regret failing, and he left his job to start Amazon.
Another example of the regret minimization mindset is a study of people on their deathbeds. Researchers asked terminally ill patients to share their biggest regrets in life. The most common regrets were not following their dreams, not expressing their feelings, and not staying in touch with loved ones. These regrets can all be seen as examples of decisions that were made without considering the potential for future regret.
Here’s some examples we’ve applied this mindset:
- The decision to have more children. I read a quote online that did the deed for me – “I love children. I know I would never regret having another, but if I did not – I will likely regret it in the future.” Sometimes you just know, when you read something, that it resonates deep within. This most certainly did.
- Almost all purchases, big and small. We project ourselves a few years into the future and ask – How is this actually going to change my life? In a big way, a small way or a completely negligible way?
- Travel decisions. Not travelling for the sake of travel anymore because gosh, it’s tiring and expensive. Last year we went to New York and boy did it cost a lot and I wasn’t particularly in a state to travel. However the underlying reason was to see family and that, put through the Regret Minimization test – passed with flying colours. I would never regret having gone and spent that time there.
- In all manners of speech, to our partners and children and family and people at work. How can I pass the message on in a way that doesn’t bruise? Will I regret my choice of words later?
These are just a few examples but we apply this ALL THE TIME. Whenever I am not absolutely sure (like a hell yeah!), then I hold my tongue and actions (it becomes a hell no!).
So, how did we get started / how you might consider getting started?
- Start by thinking about the decisions you’ve made in the past that you regret. What would you have done differently if you had known then what you know now? Use those lessons to inform your future decisions.
- When faced with a choice, ask yourself: Will I regret not taking this opportunity? Will I regret not saying what I really feel? Will I regret not spending time with the people I care about?
By considering the potential for future regret, we can make choices that align with our values and priorities, and minimize the chances of regretting them in the future. Give it a go, see how it impacts your life!
Hi, I have been reading your blog for a while and looking forward to every new post. Just wondering if you are reading Financial Samurai as well.
Thanks for popping by Karen and happy to know you like our blog! We do like Financial Samurai, it’s such a catchy blog title and makes for good reading! 🙂