Welcome to the blog post #40! Click here to read more from previous posts.
Have you ever looked back and wished you'd made different decisions?
For me, the answer is definitely “Yes”.
Life is full of big decisions, like picking a school, career, or life partner. Our life's quality hinges on the decisions we make, but sometimes, the path isn't crystal clear. So, how do we make choices we won't regret later? That's where the Regret Minimization Framework comes in.
The Regret Minimization Framework isn't as complicated as it sounds. It's a way of making decisions without fearing future regrets. Let me share a story to explain how it works.
In 1994, a guy named Jeff Bezos had a lucrative job at a hedge fund. He had an idea to sell books on the internet. Sounds simple, right? But in 1994, people didn't really know what the internet was. It was a risky idea.
So, he talked to his boss about it. His boss said, “That sounds like a really good idea, but it would be an even better idea for someone who didn’t already have a good job.” In other words, it was a big gamble.
Jeff Bezos felt stuck. He didn't know what to do and he sought a framework to guide his decision-making. This quest led him to the Regret Minimization Framework. It was his lightbulb moment. He asked himself, "What would I regret most at 80?" The answer was clear: not taking this prime opportunity. In that pivotal moment, he found his answer. He wouldn't fear failure or regret if he created Amazon and it failed. The regret would be far greater if he didn't try.
So, he made a decisive move which was leaving his job and starting Amazon.
Fast forward 29 years, and Amazon now stands as a global e-commerce and technology giant with a market value exceeding $1 trillion. If there was no Jezz Bezos’ bold decision, there would be no Amazon today. Bezos took a risk, and it paid off. The Regret Minimization Framework helped him, and I believe it can help us too.
This framework isn't limited to business; it extends to all facets of life. I've personally embraced it to design my life, focusing on long-term fulfillment over short-term desires.
To structure my thinking, I've created a PRAM Framework, which includes:
P - Picture the Future: Begin by picturing yourself in the future, looking back on the choices you have to make. What do you want to have accomplished, and how would you like to feel about your decisions? Visualizing your life at an advanced age (like Bezos's 80) can bring clarity to your priorities.
R - Reflect on Options: Reflect on each choice at hand, considering how it aligns with your long-term goals and values. How does each choice resonate with your vision for the future? With the wisdom of age, you'll realize that things like money, social status, and jealousy lose their significance. Instead, you'll cherish moments with loved ones and the courage to pursue your passions, knowing that these are the real treasures of life.
A - Assess Regret Potential: Consider which choices might make you regret in the future. Are they in line with your values and dreams?
M - Make a Decision: Choose the option that minimizes future regrets. Go for the path that matches your values, goals, and risk tolerance.
From Bezos's story and the Regret Minimization Framework, I've learned some valuable lessons:
In times of uncertainty, look beyond the immediate moment and consider the long-term view.
Advice that suits others may not suit you. Trust your instincts and convictions.
The fear of regret can be a powerful motivator. Use it to propel yourself forward.
Easy decisions may lead to a mediocre life; it's the hard decisions that pave the way for long-term fulfillment.
Looking back on my journey, I've pondered extensively about how I wished to shape my future. Did the typical 9-5 job, with its morning office routine and evening return home, truly bring me happiness? Would I be content living this way until retirement? These questions fueled my quest to uncover what would leave me with regrets if left unexplored. Eventually, I uncovered several pursuits that I've dedicated myself to over the past five years, including:
Learning and investing in stocks and cryptocurrency, conquering my past fear of risk-taking.
Nurturing my tech knowledge, despite having no relevant background.
Starting this blog, an idea I hadn't considered before 2022.
The driving force behind my blog is a desire to shield my future self from regret for not stretching my limits and sharing my thoughts with the world. I asked myself questions like:
How would I feel if I didn't chase this idea, especially in a time when content is considered as new oil?
How do I feel when choosing between just excelling at my 9-5 job or stretching myself to create weekly content and learn something new every week?
Which path would burden me with more regret in my later years if I didn't choose it?
My advice: When you sense potential regret, act swiftly.
If you'd regret an unhealthy body, alter your diet.
If you'd regret hurting others, refine your communication.
If you'd regret not spending time with family, treasure each moment.
If you'd regret missed opportunities, embrace challenges.
Remember, life's most fulfilling decisions are often the hardest. Use the Regret Minimization Framework to guide you towards a future you'll be proud of, not one filled with regrets.
In the end, it's not the fear of trying and failing that haunts us. It's the fear of never trying at all. So, dare to make hard choices today that your future self will thank you for.
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That’s all for today. I hope you enjoy it.
Till next week!
Cheers,
Do Thi Dieu Thuong