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Out with the old: Choosing again in midlife
Manage episode 379164174 series 3483515
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In this episode of Midlife Spotlight, Sara and I dive deep into understanding why we often cling to things, habits, and beliefs that no longer serve us.
We talk about three core psychological concepts: the "sunk cost fallacy," where people find it challenging to abandon things due to previous investments; "commitment bias," highlighting the human tendency to want to remain consistent with past decisions; and "loss aversion," which speaks to the human experience where the pain of losing something is more intense than the joy of gaining.
Central to the episode is the strategy of "choosing again." This strategy involves questioning and reflecting upon your choices and understanding whether they fit the vision of who you are now and who you aim to become.
We encourage you to actively decide if your possessions, relationships, activities, even ways of being, align with your present and aspirational future self. .
Questions to ask yourself when ”choosing again”:
Would I buy this again?
Would I take this item if it were free?
Knowing what I know now, would I choose to have this in my life / make this choice?
If I could wave a wand and be doing an alternative, would I?
Would someone looking at my life want this?
If I was starting this again, would I make the same choices?
How is this serving me?
Definitions:
Sunk cost fallacy: “The phenomenon whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial.” (Google dictionary).
Commitment bias: “Commitment bias is when we stick to what we did or said in the past, even when we were clearly wrong, and the outcome didn’t turn out well” (source).
“Our overpowering desire to remain consistent in our beliefs, actions, and goals over time can lead us to continue behaviors that will not make us as happy as an alternative course of action” (source).
Loss aversion: Loss aversion in behavioral economics refers to a phenomenon where a real or potential loss is perceived by individuals as psychologically or emotionally more severe than an equivalent gain. For instance, the pain of losing $100 is often far greater than the joy gained in finding the same amount (source).
Disclaimer: This podcast, along with associated websites and social media materials, are not intended to be a substitute for professional medical advice, diagnosis, or treatment. The views expressed are that of Sara Garska and Kate Campion, and that of our guests, respectively. It is for informational purposes only. Please consult your healthcare professional for medical questions.
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