Loss Aversion is the idea that people hate to lose things more than they like to gain them. There are very few relationships that psychology is able … - Josh Kaufman

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Loss Aversion is the idea that people hate to lose things more than they like to gain them. There are very few relationships that psychology is able to quantify, but this is one of them: people respond twice as strongly to potential loss as they do to the opportunity of an equivalent gain. If you look at your investment portfolio and notice that it’s increased by 100 percent, you’ll feel pretty good. If you notice that your portfolio went down 100 percent, you’ll feel horrible.

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Additional quotes by Josh Kaufman

In the long run — and often in the short-run — your willpower will never beat your environment. — JAMES CLEAR, AUTHOR OF ATOMIC HABITS Let’s say you decide to remove refined sugar from your diet. There’s overwhelming evidence that it’s not good for your health, and you’re convinced your quality of life would improve if you can kick the habit. There’s just one problem: sugar tastes good, and you experience cravings that are difficult to resist. How can you make it easier to change your eating habits? One of the most effective strategies is simple: don’t purchase products with refined sugar at the grocery store, get rid of any food with added sugar in your house, and purchase a few healthy snacks that meet your new criteria. If sugar isn’t available when and where you experience hunger, and if there are easy alternatives to your typical choices, there’s no need to resist temptation: the structure of your immediate Environment makes your new behavior automatic. A few minutes of willpower applied to altering the world around you can make it much easier to act in the ways you’ve decided to act.

The best way to invest willpower in support of skill acquisition is to use it to remove these soft barriers to practice. By rearranging your environment to make it as easy as possible to start practicing, you’ll acquire the skill in far less time.

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