Avoid the One-Coin Loophole to Stick to Your Habits
Your brain is your worst enemy. You know you should be saving more or eating healthier food, but your brain says it won’t be too hard to fool it just this time . Ignore this loophole.
As personal finance site Creative Money points out, this type of thinking is known as a “one-coin loophole.” Simply put, it’s easy to think that one coin doesn’t really matter. One coin doesn’t matter, does it? However, saving each coin contributes to an increase in the pile of coins. After all, the heap is very significant. Except that you never get to the pile by treating every coin as meaningless. Likewise, every instance of adhering to your daily habits seems insignificant, but they add up to something powerful:
Often, when we consider our actions, it becomes clear that any single instance of action is almost meaningless, but at the same time the sum of these actions is very significant. Whether we focus on a single coin or a growing heap, that focus will determine our behavior. Of course, one gym visit isn’t essential, but the habit of going to the gym is priceless.
Pointing to “one coin” is a way to deny the conflict between our values: we don’t choose between our pursuit of fries and healthy eating, because eating one packet of fries is a small thing to do. But when you consider the total cost of fries, the conflict looks different.
In almost every daily habit, it’s not a single event. You won’t suddenly get healthy from missing a hamburger today. However, if you get into the habit of eating something other than hamburgers, you will become healthier over time. Regardless of your habit, focusing on your long-term goal will allow you to see each coin in perspective.
Financial Loopholes In Your Brain (And How To Close Them) | Creative Money via Rockstar Finance