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All Posts By

Joel Wade

Jun 07
Love1

Distinguishing Wanting from Liking

By Emotions, Moods and Reactions, Happiness

What we want, and what we end up liking when we get it are two different things. They each involve different parts of our brain, and different states of mind.

Understanding this difference and bringing more consciousness to what you think you want can save you a huge amount of time, effort, and money.

This last bit is important, the amount of money we spend on things that we want, but then end up not liking, can be huge. It can make the difference between financial ease or financial stress; a sense of abundance or a sense of desperation. It can make it possible – or impossible – to save and invest.

I’ve had clients who, though they make plenty of money to live very well, end up feeling desperate and on edge financially – because they spend more than they make, buying things they want.

This doesn’t need to happen. It’s a simple enough math problem, easy to solve on paper – just don’t spend more than you make, right? But desire is a powerful motivator, and our emotions can mislead us hard with this one.

What happens is that we focus too much on what we want, thinking (and feeling strongly) it will bring us comfort or relief or happiness. But what we end up with is things we don’t even like very much, plus the significant stress of sustained financial anxiety and regret.

The difference between what we want, and what we will like when we get it is what researchers Dan Gilbert and Tim Wilson call “Miswanting.” We have a strong bias toward what we want, and we often aren’t very good at predicting how we’ll feel once we get it.

We focus too much on the wanting – which is exciting and offers the promise of satisfaction, joy, or relief – and not enough on the reality of having whatever it is. When we have something that we’ve wanted, it might be nice, but it’s usually a quieter, less emotionally revved up feeling. Which is different from what the higher rev of our wanting leads us to expect.

The antidote, as with many things, is to bring awareness to the part of the experience we haven’t been looking at.

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May 31
Love1

How to Have an Accurate Assessment of Yourself

By Habits and Strategies

 

If you know that who you are, what you do, and how you think about things are all changeable and accessible to your own intervention and effort—What Carol Dweck, author of Mindset calls a “growth” mindset—your assessment of yourself will also tend to be very accurate.

In contrast, if you believe that who you are, what you do, and how you think about things are all fixed and unchangeable—a “fixed-trait” mindset—you will then believe that you are at the mercy of forces outside of yourself, and your assessment of yourself will be predictably and dramatically inaccurate.

In order to make accurate assessments, we have to have accurate data. If we are faced with a poor assessment, and our belief is that we are powerless to change, then the only way to salvage any emotional hope is to skew the data, to trick ourselves into discounting it. In this case, the necessary self-reflection will feel threatening to us, containing blows to our self-concept, rather than feeling like useful information. This can lead to incredible suffering and bad results, and can lead us to avoid challenges or difficult feedback—the very things we need in order to grow.

Here’s the challenge:

Notice how you respond to feedback. Do you tend to reject negative feedback, become defensive, change the subject? Or do you hear it, feel the predictable emotions (nobody likes negative feedback; I wouldn’t expect you to feel happy about it), and then look for what there is to learn from it?

If you tend to reject it, chances are you are operating, in that particular area at least, within a fixed-trait mindset. If you can identify this, that’s very good news… because you can change it! By understanding that this is a fixed-trait mindset, you can choose to change it toward a growth mindset. Look for your assumptions about yourself that are fixed and immoveable, and dispute them. Sometimes this is all it takes; sometimes it’s more complicated and it’s important to get some help with it.

Now for an even trickier challenge: Pay attention to how you give yourself feedback, and how you take it.

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May 23
Love1

If You Want to Change Something, Measure It

By Emotions, Moods and Reactions, Habits and Strategies, MasteringHappiness

Measurement is the first step that leads to control and eventually to improvement. If you can’t measure something, you can’t understand it. If you can’t understand it, you can’t control it. If you can’t control it, you can’t improve it.
― H. James Harrington

 

Our ability to learn is based on feedback.

If I bump my head on a cabinet, the pain lets me know to duck next time… or to change the layout of my cabinets! If a conversation sparks my interest, that spark lets me know to pay closer attention. If I feel awful whenever I spend time with a particular acquaintance, that awful feeling tells me to search for the cause of the trouble and address it, or to reconsider spending more time with him.

There is a whole field of study of psychophysiology and biofeedback that is dedicated to helping people learn to control aspects of their physiology, including certain brainwaves, in order to achieve greater relaxation, lowered blood pressure, and other psychological and health benefits.

But we don’t need that level of sophistication in order to make use of biofeedback. Our own bodies, and many common devices, give us plenty to go on… if we pay attention. This holds the key to taking charge of much more of our psychological and physiological existence than many of us know.

For example, how do you know when you’re angry? The common answer is, “Well, because I feel angry!”

But there’s something else that happens besides the emotion or reaction of anger. We have physical sensations – our muscles tighten, our heart rate climbs, our breathing changes, our teeth clench… The specifics will vary to some degree for different people, but the more aware we can be of the physical sensations that accompany feeling angry, the easier it will be for us to sense that emotion coming on, and the better able we will be to catch it before we feel too consumed with emotion or overwhelmed by our fight system to think straight.

Panic attacks are often preceded by a shift in breathing as much as forty-five minutes before most people are aware of any feelings of panic. Becoming more aware of our breathing can help us catch those shifts and gently deepen our breathing long before our shallower breathing would have triggered a panic attack.

Situational awareness is noticing what’s going on around us, paying attention to our perceptions. When we tune in to our surroundings, we can more easily notice signs of potential danger. We might be driving and notice a car that’s weaving ever so slightly, and know to keep some extra distance in case they’re texting, or they’ve been drinking – or they’re maybe just a rotten driver.

When we don’t pay attention to our own physical sensations or perceptions, we can be easily blindsided – by our own emotions or reactions, or by external threats that seem to come out of nowhere.

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May 16
Love1

Using Hope Effectively

By Emotions, Moods and Reactions, Habits and Strategies, MasteringHappiness

 

When we think of emotions that can be dangerous, particularly for managing money and investing, we usually think of things like greed and fear. But there are other emotions that can get us into big trouble. Including hope.

But there’s a way to manage hope so that we’re able to have our dreams for the future, and then make them happen in the real world – if that’s possible.

Greed is a kind of hunger for things in themselves, disconnected from any genuine well-being, and regardless of the consequences. Fear speaks to the need for security – including that deep primal need for survival we talked about an earlier column.

Hope speaks to wishes for potential future flourishing.

A significant portion of our psyche leans toward the future. Our self-concept holds an evolving image of the person we want to be – always a bit better than we are now. Hope is the emotion that draws us toward that image, and the vision of the life we want to lead.

Hope lies at the heart of our aspirations and ambitions; our dreams and wishes. It fuels us to strive for goals and achievements.

It can also lead us to wish for things we cannot have, aspire to achievements we cannot reach, and fantasize dreams that we cannot fulfill.

To the degree that hope is integrated with reality, it can serve our greatest potential. To the degree that it is disconnected from reality, it can undermine that potential; keeping us floating helplessly in fantasy, unable to find traction and gain fulfillment in our lives.

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May 09
Love1

A Simple Tool for Managing Emotions

By Habits and Strategies, MasteringHappiness

Getting overwhelmed or misled by our emotions can be a source of significant trouble. Emotions are not simple, but sometimes there are simple actions we can take to manage complex things. Today let’s look at a simple way to avoid getting overwhelmed by your emotions.

  • When people were treated for phobias, practicing this simple skill lowered their fear by over 18%, and their psychological reactivity by over 27%. They also were less constricted generally, shifting from feeling a sense of threat to a sense of opportunity.
  • When feeling stress, using this technique led to people having 40% fewer alcoholic drinks when they went to a bar or party than those who did not use this technique.
  • When feeling angry with someone, those using this technique were 40% less verbally and physically aggressive than those who did not.
  • Rejection brings with it actual pain. When feeling rejected those using this technique showed less activity in the parts of the brain connected to physical and emotional pain.

Using this simple tool can help us to deal with emotionally upsetting situations with a greater sense of calm and competence.

Okay, enough buildup, here’s the skill:

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May 02
Love1

What We Remember… and What we Don’t

By Habits and Strategies, MasteringHappiness

We each have, in effect, two selves: an experiencing self and a remembering self. Understanding the difference can help us make the most of our best times, and minimize the memory of our unpleasant ones.

Imagine that you’re asked to hold your hand in ice water for sixty seconds. It’s unpleasant and painful; not something most of us would choose to do for fun.

Now, imagine that you’re asked to do the same thing, same temperature, but then once that 60 seconds is up, continue holding your hand in the ice water for another 30 seconds. The only difference is that the additional 30 seconds will be one degree warmer than the first 60 seconds.

Which would you choose?

The shorter one, of course! After all, the initial 60 seconds will be identical in both cases, and then you’re adding another 30 seconds more pain to that for the longer one…

Well, strange as it sounds, you’re likely to choose the longer one.

When this was researched, after experiencing each of these, most people chose to repeat the 90 second painful experience over the 60 second painful experience.

Let me tell you why.

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Apr 11
Love1

A Sense of Awe

By Emotions, Moods and Reactions, MasteringHappiness

After my workout, I stopped at the cliffs above Capitola, overlooking the Monterey Bay. It had just rained lightly, so the air was crystal clear, and the brownish gold of the kelp beds at low tide made a vivid contrast with the blue gray ocean. The little bit of sun that peeked through the clouds lit a meandering path across the water and through the center of the wharf.

The Monterey Bay looks very tame from the shore, but it drops off quickly, reaching a depth in some places of over two miles; like an undersea Grand Canyon. During the right time of year it’s not unusual to see humpback whales, dolphins, and a whole host of other cetaceans pretty close in. I didn’t see any on this particular day, but I know they’re out there; along with the harbor seals and sea otters providing comic relief.

Then there are the sea monsters… the great white sharks, among other dangers. Those are the things that keep me mostly swimming just a bit inland in a chlorinated pool.

I force myself to stop on these cliffs almost every morning, because I know it’s important for me. I began doing this several years ago, when I noticed I was getting too caught up in day to day anxieties and concerns. The five to maybe ten minutes I spend gazing out at the protected expanse of the largest ocean on earth gives me something I need – something we all need, a fundamental requirement for our happiness and well being actually… and something that is all too easy to be oblivious to in these days of iphones, kindles, and reliably traumatic 24 hour news cycles.

A sense of awe.

Awesome is a word that’s now used promiscuously. If something’s good, it’s awesome! If something’s enjoyable, it’s awesome! If something’s mildly impressive, it’s awesome!

But awe is not such a mundane experience. Webster’s dictionary defines awe as, “An emotion variously combining dread, veneration, and wonder that is inspired by authority or by the sacred or sublime.”

When we throw around a word like awe so frivolously; when everything’s awesome… then what word do we use to express the true intensity of awe?

Totally awesome!? No that’s not it… I don’t have a good answer, but I hope my point is clear – there is a deep need in the human soul for an emotion variously combining dread, veneration, and wonder. For now, we’ll keep the word that bears that meaning.

What is it about awe that’s so important?

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Jan 03
Love1

A Belief, a Goal, a Plan, and the Persistence to Hold to It

By Habits and Strategies, Happiness

New Year’s resolutions usually don’t work very well. The reason is that we often will pick a general life changing scenario liken “get more fit and healthy,” or “turn my finances around.” Or it could be a big specific thing like “quit smoking.”

What’s missing with this – which is why it’s not very effective – is that underlying these behaviors are habits. Often strong, long practiced habits. And a single behavior may include several habits.

To make effective changes in our lives, we must focus on the habits underlying the behavior, and create a plan of action for changing them, and to keep them changed over time.

That’s what we’ll be looking at today.

For most living creatures, instincts take charge of the necessary ordering which life requires: finding food, finding a mate, sleep cycles, protective behavior… But we humans are different in a fundamental way: our basic survival tool is our conscious mind, and unlike instinctual animals, we can choose to use our basic tool of survival… or not.

Because of this, we can do something pretty amazing: with our conscious minds, we train our own brains to hold the structure of our lives. We do this by creating habits. The habits we practice daily, weekly, monthly… are all maintained through neural pathways that we’ve established in our brain that make it easy and natural for us to follow these routines.

These habits – if they are good ones – help us to build a sense of meaning, purpose and direction. They are what allow us to persevere and reach long term goals. Without habits, we’d need to use our willpower for every single action we take.

The trouble is, we acquire many of our habits by default: from routines that our family valued and practiced, or that we learned in school, or from influential people in our lives… or from adapting to challenging circumstances as best we could.

This can be wonderful if the people we learned from all had good habits and great values, or when our adaptations have strengthened us. It can be awful if the habits we learned are awful.

But even in the best of circumstances – a loving family, a supportive community, great opportunities for learning, responsibility, and growth – the habits we learned earlier and that come easily to us may not be the best ones for our current and developing lives.

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Nov 09
Love1

How To Save a Lot of Money by Recognizing This Bias

By Emotions, Moods and Reactions

You’re out for a very nice dinner with your spouse, and you decide to share a bottle of wine. You look at the wine list, and you see several bottles listed in the $170 range, a few that are in the $50 range, and quite a number of them around $80-$90. $80 is more than you would’ve thought to spend when you left the house, but somehow you’re drawn to the $87 bottle of Cabernet.

$50 being the lowest price seems miserly for a special evening out, and with $170 as an example of a “very nice bottle of wine,” $87 now seems very easy to accept.

This is an example of anchoring. The $170 figure drew your expectations in the direction of that figure, higher than you would’ve chosen otherwise.

If the highest price bottles were all in the $80-$90 range, you probably would’ve chosen a less expensive bottle.

Another example of anchoring is called “rationing,” where you’re told that there’s a limited supply of something.

In one experiment at a supermarket, Campbell’s soup was on sale at 10% off. When there was a sign that also said, “Limit of 12 cans per person,” people bought an average of 7 cans per person – twice as many as when there was no limit. The “anchor” of 12 cans drew people away from the 3-4 cans they would otherwise have bought, and toward the number 12.

If you look for it, you’ll see this technique everywhere in marketing. In most cases it’s relatively harmless, drawing you to buy something that’s a few dollars more than some other product, or to buy a higher quantity of something you would probably use anyway. But as we’ll see, awareness of this technique when you’re facing higher cost items like a car or a home can save you a lot of money.

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Oct 24
Love1

The Great Enrichment

By Happiness

 

We are in the midst of remarkable times, and our relationship to money is very different because of it. Appreciating this can open up possibilities for how you think, feel and act with your money.

We all see the world through the lens of the culture and the times in which we live. People living during the Renaissance didn’t know they were living during the Renaissance and didn’t call it that. It’s often only in hindsight that we can see the pattern.

Today it’s hard to fully appreciate the truly remarkable conditions in which we live. For us it’s just life. For our ancestors, it would be breathtaking.

Consider that for nearly all of mankind’s existence, our ancestors lived on the equivalent of about $1-$3 a day. Imagine paying for your home, your food, your clothing, your medical needs – everything – from a total of $1,095 for the entire year/$91 per month. For us that would be dire poverty, yet that’s what our ancestors have lived on – and, until recently, most of the population on earth.

Something changed all that, beginning in the later 1600’s in Holland, and spreading and growing in England in the 1700’s and moving gradually – and then recently more quickly – throughout the rest of the world.

That $3 a day grew by a very conservative factor of 16, and more realistically, when you include the vast improvement in the quality of goods and services, more like a factor of 100 (how do you compare an iPhone, or antibiotics, with anything in existence a few hundred years ago?).

This was the beginning of the Industrial Revolution, followed soon after by what Deirdre McCloskey calls “The Great Enrichment” – which we are very much still enjoying.

Throughout history there have been times and places of improved economic conditions. But for perspective, the best that you’ll find is maybe a raising of average income to $6 or maybe $8 a day, and that never lasted for very long; and it’s still dire poverty by our standards.

Today, worldwide average income is about $33 a day, and in the wealthier countries it’s more like $100 a day or more.

So if you’re reading this, it’s very likely that the average income among everybody in your country – not just a fortunate few – is more than 30 times what our ancestors could expect to live on. Adding the incalculable innovations and improvements (those iPhones and antibiotics again), we can conservatively more than triple that.

This isn’t the difference between having a clunky car or a nicer car; a small apartment or a large house; shopping at a discount store or a fancy store. This is the difference between a high probability of an early death by starvation or disease; or living a relatively good life until about 80.

In other words, this change since about the year 1800 is a phenomenal improvement in life for all people.

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