Regret minimization is a decision-making strategy that focuses on reducing future regret. It involves anticipating how much regret a poor decision might cause and choosing the option that would minimize that feeling. This approach helps individuals evaluate their choices based on the emotional impact of potential outcomes, not just the outcomes themselves.
Jeff Bezos popularized this concept with his “Regret Minimization Framework,” which he used to decide whether to leave his job to start Amazon. By projecting himself to age 80, he considered which decision he would regret less: staying in his job or pursuing his entrepreneurial dream. This helped him choose the path with less potential regret, emphasizing long-term satisfaction over short-term risk.
Regret minimization can be applied to various life decisions, from careers to personal relationships. It encourages forward-thinking and prioritizes actions that align with long-term happiness. By focusing on minimizing future regret, individuals can make more confident and fulfilling decisions, leading to a life with fewer “what ifs” and more contentment.