The Regret Minimization Framework
How to make optimal decisions.
We have all done stuff we wish we hadn’t.
Sometimes we carry around so much regret that it thwarts our efforts to make the situation better. Regret is like a large boulder tied around your ankles that prevents you from swimming afloat.
They say the best way to solve a problem is to avoid it. But you can’t live a full life by simply avoiding problems. Problems are solved by decisions. By deciding better, you solve problems better.
By making very good decisions, we end up eliminating some problems all together.
The regret minimization framework was developed by Jeff Bezos as a decision-making prompt when he was deciding to quit his earlier job to later start Amazon.
He determined that when making a big decision, one should be opting for the best possible decision. But this doesn’t come naturally. Most people struggle with making very good long-term decisions.
Before making a decision, consider this:
1. Ask yourself two questions. Will I regret doing this? Will I regret not doing this? These are the two sides of the regret question. Flip over these questions in your mind and fully access them.
2. What are your core principles? Having a clear mental distinction of these will make it easier to gravitate towards the decision best suited for you. For example, if your core principle is to do work that preserves nature, you might be better of starting a forest conservation company rather than taking a job at a lumber factory.
This framework is not used to justify risky decision making that has worked out well. Rather, one should use it to make decisions after calculating one’s base rates for success.
The Regret Minimization Framework (RFM) is similar to the Quitting Framework in the way it works.
This is how author Steven Bartlett talks about the Quitting Framework in his book Happy Sexy Millionaire:
“It’s simplistic, lacking in nuance and deliberately general, but it’s a fundamental framework that has subconsciously guided me through pivotal moments in my life in an anxiety-free, decisive way.”
In summary, when faced with an important decision,
1. Project yourself into the future (imagine yourself at 80 years).
2. Evaluate the decision you’re currently faced with.
3. Ask yourself, “Will I regret doing this?” Then invert this question.
4. Take action accordingly.
This framework has worked out rather well for most people. Give it a try.
