What is loss aversion? “The loss aversion is a reflection of a general bias in human psychology (status quo bias) that make people resistant to change. So when we think about change we focus more on what we might lose rather than on what we might get” (source). This is the fastest way to unhappiness and mental health issues (heard from a friend). You’re focusing on avoiding negative emotions rather than seeking out the positive ones. a bit crazy right? Why would you focus on what you might lose instead of what you might gain? You should be aware of both but I would never focus on what I can lose. Then you just get paralysis by analysis.
It’s killing your happiness in quarantine and here’s how.
Loss aversion is killing your happiness in quarantine.
There is a theory that this behavior is some kind of survival mechanism and I don’t know whether this is true or not. What I do know on the other hand is that it is often working against us. It’s a subtle form of self-sabotage and that might hurt you in these quarantine days. Loss aversion might hold you back from making the moves necessary to create a better more fulfilled life.
For example, I had the idea of leaving my job months before I did. There was only one thing holding me back. It was me against myself. I was worried about losing my paycheck, losing friends,… The situation back then was the only one I knew and it was making me miserable but somehow it was also comfortable. I knew what I had to do to create the life that I wanted but at that point, I couldn’t. I was sabotaging myself, go figure.
A lot of people do this and they don’t even realize it. They rather face the devil they know then facing the devil they don’t know. Well, most of them never face that devil. They numb the pain through forms of escapism like partying, getting wasted, scrolling endlessly on social media and so on.
Or they don’t take the required action to create a better life, regret the fact that they didn’t the action and then rationalize it by saying it’s all ok. They then repeat that same process over and over again and remain unhappy.
Loss aversion is killing your happiness in quarantine.
I said it before and I’ll say it again. This quarantine is the best time to change your life for the better. You won’t remain happy sitting still during this period. You’ll start reflecting on your life whether you like it or not and you might find out that you don’t like your current life at all. Well, your life before the quarantine started. I think that most people don’t realize that at one point his quarantine is going to end and you’ll either come out better or worse but you won’t come out the same that’s for sure.
So now is the perfect time to make moves and improve what you don’t like about your life. You have NOTHING to lose at this point! You can never gain what you want if you remain afraid of losing what you have. Which is misery at this point! Wouldn’t you want to be happy?!
How to be happy.
You can only be happy if you change. Happiness is a byproduct of change. It always goes like this: you struggle, you get uncomfortable, you adapt, you grow, you change and you become happy. Change means leaving some old stuff behind and starting something new which is exciting hence feeling of happiness.
What you leave behind might change from time to time and it won’t always be easy. Sometimes it’ll be things other times it’ll be family or friends. I had to leave Belgium to chase my dreams and I’m living 11000 kilometers from home. It wasn’t the easiest thing but it was the right thing because I found my happiness.
Loss aversion: you’ve already lost because you’re passive.
Fear is holding you back I get it. Sometimes taking that leap of faith is very scary but there’s something that you have to realize. You’ve already lost if the fear of losing is holding you back. It’s just something that you’ll notice in the long run rather than in the short run. Don’t be like that. Comfort will ruin your life more than a setback in life ever will. In the end, you can always learn from setbacks or obstacles. You just suck it up, learn your lesson and move on.
But what did you learn from staying comfortable?
Don’t forget to buy my latest book: “The Year Of The Alpha: 366 Lessons On Adding Meaning To Your Life! It’ll take your life from Zero To Alpha. (you can buy it here)
Till next time
Alex
