15th August 2025, Gaurav Kumar Singh
Do you ever wonder why you keep making the same mistakes—or put off important things over and over, even when you know better?
Our brains are amazing, but they have shortcuts that can work against us, warping decision-making and fuelling bad habits. These shortcuts are called “cognitive biases”, and everyone falls for them—often without realizing it.
Let’s explore ten of the most common biases that hold us back, with relatable examples and clear, practical steps to help you outsmart them and truly free yourself.
1. Instant Gratification Bias
What Is It?
Instant gratification bias is the strong urge to satisfy wants, needs, or impulses immediately rather than waiting for a more valuable reward in the future. It’s the preference for a small pleasure today over a bigger benefit tomorrow.
Real-Life Examples
Reaching for your phone to check notifications instead of finishing your homework or work assignment.
Buying that extra snack even though you promised yourself to save money.
Streaming another episode late at night rather than sticking to your sleep schedule.
How to Overcome the Bias
Practical Steps:
Pause Before Reacting: When you catch yourself about to act on impulse, count to 10 or take a few deep breaths. This break creates space between urge and action.
Visualize the Long-Term Reward: Remind yourself of the bigger benefit you’re sacrificing. For instance, picture the energized “future you” if you sleep on time.
Set Short-Term Milestones: Break large goals (like lump sum saving 1,00,000/- )into small, achievable steps (1500/- SIP) so you can celebrate mini-successes without sabotaging your progress.
Delay Gratification: Try the “10-minute rule”—wait 10 minutes before giving in. Often, the urge will pass.
– Build Healthy Defaults: Make good choices easier by prepping healthy snacks in advance or blocking distracting apps.
2. YOLO (You Only Live Once) Bias
What Is It?
While “YOLO” is meant to encourage living fully, as a bias, it’s when people make reckless, short-term choices under the justification that “life is short.” It can push you to ignore risks or consequences, seeking experiences in the name of not missing out.
Real-Life Examples
Splurging on a big trip you can’t afford because “you only live once.”
Quitting a stable job without a plan just to escape boredom.
Ignoring safety precautions because you want the thrill of the moment.
How to Overcome the Bias
Practical Steps:
Reflect on Values: Ask yourself if YOLO choices align with your long-term desires or just offer fleeting pleasure or status.
Weigh Risks and Rewards: Think about possible downsides before making big decisions on impulse.
Practice Intentional Living: Plan meaningful experiences that enrich your life instead of chasing every opportunity that comes along.
Set Boundaries: Give yourself permission to say “no” to things that distract from your main goals.
3. Procrastination
What Is It?
Procrastination is the tendency to put off tasks—even important ones—because they seem unpleasant, difficult, or overwhelming.
Real-Life Examples
Waiting until the last minute to finish a project.
Delaying doctor appointments or important calls.
Tidying your room or workspace instead of starting the real task.
How to Overcome the Bias
Practical Steps:
Break Tasks Down: Divide big to-dos into small, specific steps. “Write report” becomes “draft outline for 10 minutes.”
Commit to a Start Time: You don’t have to finish a task—just promise yourself to begin at a set time.
Remove Distractions: Silence notifications, clear the clutter, and let others know you need focus.
Set Deadlines: Use timers or set artificial deadlines to create urgency.
Practice “Just Five Minutes”: Tell yourself you’ll work on something for five minutes. Starting is the hardest part—the rest often follows.
4. Analysis Paralysis
What Is It?
Analysis paralysis happens when you overthink a situation so much that you become unable to make a decision or take action. Too many options or too much information can stall you completely.
Real-Life Examples
Spending hours researching which laptop to buy but never actually making a purchase.
Hesitating to launch your business because you’re waiting for the “perfect” plan.
Endlessly weighing every menu item, unable to order.
How to Overcome the Bias
Practical Steps:
Set a Decision Deadline: Give yourself a fixed time or date to make the choice.
Limit Options: Narrow your choices to a manageable number—e.g., three laptop models.
Embrace Imperfection: Recognize that most decisions can be adjusted or improved later.
Set Criteria Upfront: Decide what factors actually matter most to you before you start researching.
Take Small Next Steps: Instead of aiming for perfect, focus on moving forward, even if it’s just one small step.
5. Anchoring Bias
What Is It?
Anchoring bias is when you rely too much on the first piece of information you receive (the “anchor”), even if it’s irrelevant or misleading.
Real-Life Examples
Accepting the first salary offer in a job negotiation and using it as your only reference.
Making a purchase based on the original price, not the real value (“Was $150, now $90!”).
Judging someone’s competence by their school rather than their skills.
How to Overcome the Bias
Practical Steps:
Actively Seek Alternatives: Always consider multiple data points, not just the first one.
Do Your Own Research: Look at averages, market norms, or third-party reviews before deciding.
Pause Before Deciding: Delay commitments to allow yourself to gather contrasting information.
Challenge Your First Thought: Ask: “Would I feel differently if I didn’t know that first number?”
Ask Questions: In negotiations, get more than one offer or counteroffer.
6. FOMO (Fear of Missing Out)
What Is It?
FOMO is the anxiety that others are having rewarding experiences without you, which leads you to feel left out or compelled to participate, even at your own expense.
Real-Life Examples
Agreeing to events you don’t really want to attend just because friends are going.
Making impulsive purchases when you see others getting deals or new gadgets.
Overcommitting your schedule to avoid being left out.
How to Overcome the Bias
Practical Steps:
Limit Social Media: Reduce time on platforms that trigger comparison.
Focus on Your Priorities: Ground yourself in personal goals and values instead of what others are doing.
Practice Gratitude: Regularly list things you appreciate about your current situation.
Remind Yourself: Missing out on some things is essential for focusing on what truly matters.
Say “No” Without Guilt: Your well-being comes before pleasing everyone else.
7. FOGI (Fear of Getting In)
What Is It?
FOGI is the hesitation to get involved—often financially—after a bad experience or witnessing loss. It commonly shows up in investing or trying new things after a setback.
Real-Life Examples
Refusing to invest in the stock market again after a previous loss.
Avoiding new opportunities or relationships because of prior disappointments.
Staying out of group activities after one awkward or negative experience.
How to Overcome the Bias
Practical Steps:
Start Small: Re-enter slowly, with small commitments or low-risk investments.
Learn from Experience: Assess what went wrong last time and how you can avoid or minimise risks now.
Seek Support or Advice: Talk with someone knowledgeable or use reputable resources.
Focus on Progress, Not Perfection: Small steps build confidence and reduce fear.
Update Your Knowledge: Stay current so your decisions reflect facts, not just feelings from the past.
8. Recency Bias
What Is It?
Recency bias is the tendency to give excessive weight to recent experiences or information, ignoring the bigger picture or historical trends.
Real-Life Examples
Assuming a stock will keep going up just because it’s increased recently.
Thinking you’ll always be productive or always unproductive based on how the past week went.
Overestimating your flu risk because someone you know just got sick.
How to Overcome the Bias
Practical Steps:
Review History: Look at trends over time, not just what happened last.
Check Long-Term Data: For financial or health decisions, use years of data, not just days or weeks.
Ask for Second Opinions: Others may see the situation from a more objective or historical perspective.
Bookmark Achievements: Record successes and lessons, so you don’t forget what you’re capable of over time.
Reflect Regularly: Take time to think about past patterns—not just recent ones—when planning.
9. Loss Aversion
What Is It?
Loss aversion is the bias where losing hurts more than winning feels good. We fear losses more strongly than we enjoy equivalent gains, making us overly cautious or resistant to change.
Real-Life Examples
Not selling a failing investment because you can’t stand realizing a loss.
Passing up new opportunities to avoid risking what you already have—even if the upside is bigger.
Holding onto old possessions, even if they don’t add value, simply to avoid the regret of loss.
How to Overcome the Bias
Practical Steps:
Reframe Losses: Think of potential losses as learning opportunities, not just failures.
Compare True Outcomes: Weigh what you actually stand to lose versus what you could gain.
Limit Exposure: Only risk what you’re truly comfortable losing.
Stay Rational: Use facts and probabilities rather than just gut feelings.
Review Past Wins: Remind yourself of successful risks you’ve taken.
10. Sunk Cost Fallacy
What Is It?
Sunk cost fallacy is when you keep investing time, money, or effort into something just because you’ve already put so much in—even when it doesn’t make sense to continue.
Real-Life Examples
Finishing a terrible book or movie because you’ve started it.
Continuing to invest in a struggling business because you’ve spent years building it.
Staying in an unfulfilling relationship because of shared history.
How to Overcome the Bias
Practical Steps:
Focus on Future Value: Ask, “If I hadn’t started this already, would I begin it today?”
Recognise Sunk Costs: Admit that past investments are gone and only future costs/benefits matter.
Set Clear Exit Criteria: Decide under what circumstances you’ll stop, before you reach that point.
Seek Fresh Opinions: Outsiders can spot when you’re stuck because of sunk costs.
Don’t Be Afraid to Move On: Freeing up time, money, or energy for better opportunities is a win.
Final Thoughts: Take Back Control
Cognitive biases are powerful and—let’s be honest—hard to eliminate completely. But by understanding how they work, spotting them in your daily life, and trying the simple steps above, you can outsmart your own mind and make better, freer choices. Which bias have you noticed in your life recently? What strategies have worked for you?
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