PsycHacks Episode 122: You are paying more than you need to
Apr 3, 2022
Explore the concept of overpaying in your life and work through the captivating analogy of an auction house. Understand how the highest bidder often ends up overextending themselves, mirroring our own excessive investments of time and resources. Discover practical strategies for reallocating your resources to maximize your return on investment. This insightful discussion encourages listeners to reassess their commitments and strive for a more balanced existence.
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Work As An Auction House
- Dr. Orion Taraban compares work to an auction house where the highest bidder wins.
- Winning implies you likely overpaid because no one else valued the lot as highly.
Success Makes Overbidding Costly
- The more often you win, the more your cumulative overpayments grow.
- You have finite time, energy, and money, so small losses create real liabilities.
Experiment By Pulling Back
- Try reducing time and effort on low-stakes tasks to test the minimum needed.
- Observe outcomes and keep the reduced approach if it still achieves acceptable results.