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

Before you engage, you won’t know the outcome of the struggle. You may win the day easily, with barely a scratch. You may prevail, after much effort and after earning a few battle scars. You may fall, never to rise again. There may be treasure in the back of the cave, enough to live on in splendor for the rest of your days. There may be nothing. You may win glory and renown, or be considered a fool, worse off than you were before. This is the essence of life. The outcome of your actions and decisions is unknown and unknowable. What separates the adventurer from the bulk of humanity is the willingness to fight in spite of the risks: to meet the enemy on the field of valor, trusting in skill, instinct, and determination to see them through to a good end. There are no certainties and no guarantees. The hero fights anyway.

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