MAP Strategic Wealth Advisors

How to Make Better Decisions in a World Designed to Tempt You

Five takeaways:

Eric Athas, an editor at The New York Times, believes that our built-in craving for novelty has collided with a world that is suddenly overflowing with it. He explains why “new” has such a strong pull on us in the digital age & how businesses take advantage of it. This illustrates why a little deliberation and intentionallity in our decision-making can help us lead happier lives. Here are his five key insights:

1. Humans are naturally drawn to novelty: Our brains are built to notice and respond to new things. When we come across something new, like a luxury car, a stylish piece of clothing, or a viral video, our brains release dopamine. We are natural explorers and responders. This is an instinct that served our ancestors well: noticing an unfamiliar sound kept them safe, and exploring new places and tools helped them survive.
2. We are facing an ever-growing onslaught of new things: Our brains still have that ancient wiring, but the world around us has changed completely. Hundreds of millions of products are available instantly through one-click ordering, and mobile payment systems. The result is overspending, gadgets we don’t need, and cluttered homes. Yale happiness expert Laurie Santos adds that new purchases rarely bring lasting joy. Instead, it’s “like we’re on a treadmill, chasing more and more new carrots.”
3. Businesses influence our choices at every turn: Companies know exactly how to play on our psychology. Scarcity marketing (you’ll recognize terms like: “limited supply” and “flash sale”), make us want things more. Countdown timers at checkout create fake urgency that pushes us to buy quickly. The pressure to buy is constant.
4. Thankfully, we can break free from the grip of meaningless novelty: Athas’s solution is to widen what he calls “the new thing gap,” meaning the time and distance between first encountering something new and actually getting it. Some simple ways to do this:
   • Delete saved credit card information from online sites, so that buying takes an extra step.
   • Remove novelty-driven apps from your phone, to create an added layer of separation. Amazon would likely be the biggest candidate here.
   • Make a pledge about your shopping habits. Research from Wharton’s Katy Milkman shows that commitments like this help new behaviors stick.
5. There are valuable new things out there: The goal isn’t to reject everything new. New experiences, such as traveling, trying an unfamiliar cuisine, or learning a challenging skill, reliably make us happier. New things can be worthwhile too when they match your values: a book that teaches you something, running shoes for the marathon you’re training for, or a souvenir that brings back a happy memory. But be conscious of purchases that add value to the wholistic wellness in your life vs trivial, fleeting purchases. Saying no to trivial things makes room to say yes to meaningful ones.

In a world that is always selling us the next new thing, the most valuable choice is often to pause.

By Eric Athas for Next Big Ideas Club
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