Passion Struck with John R. Miles - Do You See Life as a Portfolio? Choice Bracketing Can Help! w/John R. Miles EP 510

Starting point is 00:00:00 Coming up next on Passion Struck. I was recently reading an article on Katie Milkman's Substack and something clicked. Every decision that we make, even the most insignificant ones, shape our future. Each choice is a building block for the life that we're creating. What you're choosing today is shaping the life

Starting point is 00:00:18 that you will live tomorrow. Are your choices leading you to the life that you want? In episode 510, I dive into choice bracketing, exploring how thought leaders like Jeff Bezos and Warren Buffett approach decision-making to align with their long-term goals. Learn how you can shift from short-term thinking to intentional action and start making decisions that truly shape your future. Tune in now. Welcome to Passion Struck.

Starting point is 00:00:45 Hi, I'm your host, John R. Miles. And on the show, we decipher the secrets, tips, and guidance of the world's most inspiring people and turn their wisdom into practical advice for you and those around you. Our mission is to help you unlock the power of intentionality so that you can become the best version of yourself. If you're new to the show, I offer advice and answer listener questions on Fridays. We have long-form interviews the rest of the week with guests ranging from astronauts to authors, CEOs, creators, innovators, scientists, military leaders, visionaries, and athletes.

Starting point is 00:01:23 Now, let's go out there and become Passion Struck. Hey, Passion Struck fam, I am absolutely fired up to welcome you back to episode 510 of the Passion Struck podcast. You, yes, you are the heart of this movement, and I am so grateful for your energy and passion. Week after week, you keep showing up, ready to take control of your life. And that's

Starting point is 00:01:46 what makes this community so unstoppable. If this is your first time tuning in, welcome to the Passionstruck family. You've just joined a community that's all about living with intention, purpose, and relentless action. We are absolutely thrilled to have you on this transformative journey. Plus, if you're wondering where to even start with the podcast, we've made it super easy for you with our episode starter packs. With over 500 episodes, it can feel overwhelming to know where to start. So we've curated playlists just for you. Whether you're passionate about behavior science, which is what I'm exploring today, mental health, psychology, leadership, the stories of astronauts, or women who are at the top of their game. There's a pack designed just for you. Check them out on Spotify or passionstruck.com

Starting point is 00:02:31 slash starter packs to get started. Before we dive into today's episode, let's take a moment to share some of the highlights from earlier this week. I had two incredible guests, Corey Allen and Naseem Rochette. In my conversation with Corey, we explored the power of mindfulness and how cultivating deeper awareness can transform your life. And with Nassim, we heard her extraordinary story of survival and the resilience that came with it after being run over three times by a car. Her journey is one you absolutely don't want to miss. If you haven't checked out those episodes yet, I highly recommend you give them a listen.

Starting point is 00:03:05 And don't forget, if you want to dive deeper into the insights that we discuss on the podcast, sign up for the Live Intentionally newsletter. Each week, I send out practical exercises, tools, and exclusive content to help you apply these lessons into your life. Head over to passionstruck.com and take the next step on your journey to living intentionally today. If today's episode or any of the other ones I mentioned inspired

Starting point is 00:03:29 you, we'd love it if you would leave us a five-star review and share your thoughts. Your reviews and ratings make a huge difference in helping more people discover the show and spread these powerful messages. Your support means the world to us and we love hearing from you. Now, let's get in to today's episode, which is going to change how you think about the choices that you make every single day. Imagine you're Warren Buffett, one of the greatest investors of all time. Every day you face countless decisions on where to invest, what to buy or sell, and where to allocate resources. But here's the key, Buffett doesn't treat these choices as one-offs. He understands that each decision, no matter how small, fits into a broader portfolio. And that's how he's achieved long-term success. The ability to see the global impact of daily decisions

Starting point is 00:04:18 is what separates him and others like him from those who live constantly in reaction mode. This concept is called choice bracketing, and it extends far beyond the world of investing. Today I'm going to take you into a journey into the science of decision making, focusing on this powerful framework. We'll explore how we tend to isolate our choices, how that impacts the outcomes we create and most importantly, how we can reframe our thinking to make more intentional long-term decisions. To guide us, we'll be diving into the groundbreaking work

Starting point is 00:04:50 of Erika Kirgios, a behavioral scientist from the University of Chicago's Booth School of Business. Her research sheds light on how thinking globally, instead of locally, in our decision-making, can lead to more satisfying and meaningful outcomes, whether it's in your career, health, or relationships. Before we dive into this research, let me share a story that may change the way that

Starting point is 00:05:12 you approach your choices. Because the truth is, how we bracket our decisions could be the difference between living reactively and building a life that truly resonates with purpose and intention. Thank you for choosing Passion Struck and choosing me to be your host and guide on your journey to creating an intentional life. Now, let that journey begin. Let's go back to 1997, a pivotal moment

Starting point is 00:05:41 in the life of Jeff Bezos. At the time, Bezos held a high-powered job at a Wall Street hedge fund, making what most would consider a very comfortable living. But he had an idea, a wild one. He saw the untapped potential of the internet and felt an undeniable urge to start an online bookstore. He knew this wasn't just a random choice about career direction. It was about the trajectory of his entire life.

Starting point is 00:06:09 Bezos later explained that he used what he called a regret minimization framework to make the decision. This was in essence, a version of choice bracketing. Instead of thinking narrowly about short-term risks, leaving a stable job, losing income, or possibly failing. He zoomed out to think about his life as a whole. He asked himself a powerful question. When I am 80 years old, will I regret not having tried to participate in this internet revolution? By thinking broadly, Bezos avoided getting into the trap of the anxiety of the moment and focused on the long-term implications of his decision.

Starting point is 00:06:46 He bracketed this choice within the larger context of his life, knowing that this decision wouldn't just affect the next few years, but would shape the next several decades. The decision to start Amazon was born from this mindset, and the rest, as we know, is history. Bezos' success wasn't an accident. It was the result of viewing his choices as part of a larger life portfolio. This approach allowed him to make decisions that aligned with his future goals rather than getting caught up in the immediate fear of risk or loss. The same concept of choice bracketing can apply to the decisions that we make daily in life. Whether it's about career, health, or personal growth, stepping back and considering how each choice contributes to the bigger picture can transform the way that we live our lives.

Starting point is 00:07:36 Just as Bezos, we have the ability to view our choices as part of a larger portfolio, ultimately leading us to more intentional and meaningful outcomes. Now let's dive more deeply into what choice bracketing is and how you can apply it to your own life. At its essence, choice bracketing is about how we approach decisions, either through an immediate narrow lens or a broader long-term one. When we think in a narrow bracket, we zero in on a single choice, isolated from its larger context. For example, imagine waking up and deciding

Starting point is 00:08:10 to buy a $5 latte on your way to work. It feels like a small, inconsequential decision. I need caffeine and I don't have time to make coffee at home. But what happens when we zoom out and think in terms of global thinking or broad-choice bracketing, suddenly the same choice looks quite different when you consider it over a week, a month, or even a year. Instead of just a daily pick me up, it becomes part of a pattern, a choice that over time could cost you hundreds of dollars or add thousands of extra calories. By broadening your perspective, you can understand the cumulative impact of repeated choices. By broadening your perspective, you can understand the cumulative

Starting point is 00:08:45 impact of repeated choices. This concept is beautifully illustrated in research by Erika Kirgios in a study of snack choices. Participants who made decisions week by week, in other words, thinking narrowly, often picked the same snack repeatedly, say a candy bar every single time. However, when asked to plan their snacks weeks in advance, in other words, thinking globally, they made more balanced and varied choices, selecting a mix of more healthy and indulgent snacks. This framework highlights a key point. The decisions that we make today don't exist in a vacuum. By bracketing our choices globally, we gain the ability to break free from short-term thinking and align our decisions with our long-term goals.

Starting point is 00:09:27 Choice bracketing helps us to understand the ripple effects of our actions and make choices that support our broader wellbeing. Choice bracketing isn't just a mental exercise. It's a scientifically-backed strategy that reveals how our approach to decisions can dramatically shape outcomes. When we think narrowly, we optimize for immediate gratification or convenience.

Starting point is 00:09:50 It's about quick wins and short-term comfort. But when we adopt global thinking, we step back and consider how each decision fits into a bigger picture. This often results in more thoughtful, balanced choices. Erika's research shows that people tend to make better, more strategic decisions when they think globally. In her snack experiment, participants who made weekly choices were influenced by how they felt in the moment. Hungry, stressed, craving something sweet. But when asked to plan their snacks several weeks in advance, they made more balanced

Starting point is 00:10:23 and varied selections. Global bracketing allowed them to take a longer term view and avoid the repetition that comes with narrow thinking. This pattern doesn't apply just to snacks. It shows up in critical areas like career decisions. In a study on diversity and hiring practices, Erica and her colleagues, Edward Chang and Anish Ray, found that when participants made

Starting point is 00:10:44 one hiring decision at a time, they often chose candidates based on immediate availability or familiarity, easy and convenient choices. However, when they were tasked with hiring an entire team at once, they took a broader perspective and were more likely to select diverse candidates. With different skill sets and backgrounds, The global view allowed for more intentional, well-rounded decisions. Science shows that narrow bracketing often leads to what's easiest in the moment. But global bracketing opens up opportunities for diversity, balance, and long-term benefits. When we think globally, we're able to make trade-offs across decisions, ensuring that short-term

Starting point is 00:11:23 discomfort, like choosing a healthier snack, or hiring someone who challenges the status quo, pays off in the long run. One of the most critical aspects of choice-bracketing is how it impacts our habits. Take going to the gym, for example. If you think narrowly about going to the gym today, it might feel like a burden.

Starting point is 00:11:42 You might be tired, busy, or simply unmotivated. Skipping the gym seems like no big deal. But when you look at that decision in the context of a week, a month, a year, or even 10 years, it becomes clear that skipping today could become part of a broader pattern that leads to longer term negative health outcomes. By bracketing that decision globally, thinking about the cumulative

Starting point is 00:12:05 impact, you're far more likely to make the decision to go, knowing that it contributes to your overall well-being and health. The key takeaway here is that global thinking allows us to see the ripple effects of our decisions. It moves beyond immediate cost or benefit and forces us to consider the bigger picture. Whether it's financial decisions, lifestyle choices, or career planning. Thinking globally gives us the power to make decisions that align with our long-term goals rather than short-term outcomes. As we reflect on the concept of choice bracketing, let's revisit the stories of Jeff Bezos and Warren Buffett. These visionary leaders didn't stumble into success by chance. They consciously applied global thinking to reshape their future. Their stories perfectly illustrate how the stories

Starting point is 00:12:51 that we've discussed can be applied to both our daily decisions and life-changing moments. Now let's break down three powerful takeaways that you can apply in your own life. These principles can help you shift away from reactive decision-making to a more intentional approach, ensuring that your daily choices align with your long-term goals. The first takeaway is the compounding effect of choices. It's easy to think of today's choices as insignificant, but when you zoom out, you see how small decisions compound over time and end up creating significant impact. This is the essence of choice bracketing. Whether you're deciding how to spend money, what to eat, or how to spend your time, each choice is part of a portfolio of decisions that shape

Starting point is 00:13:35 your future. For example, think back to Jeff Bezos and his regret minimization framework, a method to zoom out and think globally about his decision to leave Wall Street and start Amazon. He didn't get caught up in short-term risks, but instead focused on how this one decision would shape his entire future. This is the power of choice bracketing, understanding that small decisions when compounded can set the course of your life in your own life. Consider something as simple as your evening routine of watching a streaming show watching one episode seems harmless. But if repeated daily, those episodes can add up to hours of lost time over weeks or months. This time could have been spent on something more enriching or productive or a relationship you're trying to cultivate. Small choices add up. So here's an action step that you can take. Identify an area in your life where repeated small time choices may be adding up without you fully realizing their impact.

Starting point is 00:14:34 Are you spending too much time on're actually investing into these endeavors. Then decide how you want your time to accumulate in the long run and let that vision guide your future choices. The second major takeaway that we can learn from examining Bezos and Buffett is balancing short-term comfort with long-term gains. One of the biggest challenges in decision-making is overcoming the temptation of immediate gratification. Narrow thinking often leads to us prioritizing short-term comfort, but long-term thinking

Starting point is 00:15:09 helps us see how a little discomfort now can lead to long-term rewards in the future. For example, Warren Buffett's success is built upon global bracketing, where short-term gains take a backseat to long-term value. Buffett doesn't chase after quick profits. He carefully considers how each investment fits into his longer-term vision. In the same way, thinking globally about your daily choices can help you overcome the temptation for short-term comfort.

Starting point is 00:15:36 Think about your approach to lunch. On any given day, choosing to prepare a healthy meal might feel like a hassle. Maybe you're too tired or too busy, and grabbing takeout food seems like an easier option. One meal might not seem like a big deal, but when you take a step back and think about the bigger picture, your health over the next month, year or decade, you'll realize that these small daily decisions have a compounding effect. It's easy to choose short-term comfort and convenience.

Starting point is 00:16:03 Doing so repeatedly can steer you off the path to better health and well-being. So an action that you can take today is when you're tempted to choose what's easy. Pause and ask yourself, what's the long-term gain of pushing through the discomfort? By framing your decision in a broader context, you'll be more likely to take actions that align with your longer-term goals. Regularly review these decisions to see how they're impacting your progress over time. And the third key takeaway that we can take from Buffett and Bezos is to leverage portfolio thinking for career and personal growth.

Starting point is 00:16:36 Just like investing in a diversified portfolio leads to stronger financial outcomes, creating a well-rounded portfolio of life choices leads to greater success and fulfillment. If you make decisions one at a time without considering the bigger picture, you may miss opportunities for growth. But when you view your life holistically, you can strike a balance between short-term wins and long-term success. Both Bezos and Buffett use portfolio thinking to build diversified, sustainable paths. Bezos didn't just create Amazon as an online bookstore. He laid the foundation for a global marketplace. Buffett, on the other hand, invest across multiple industries

Starting point is 00:17:17 to ensure that his portfolio remains balanced over time. In your own life, applying portfolio thinking can help you make decisions that contribute to long-term growth and fulfillment. Whether it's in your relationship's career or for your personal growth, each decision should contribute to a broader vision, just as Bezos and Buffett intentionally crafted theirs. Consider the research by Erika Kirgios on hiring practices. Managers who made decisions in isolation tend to choose what's familiar or convenient. But when building a team, they're more likely to focus on diversity, hiring people with different skill sets and perspectives. The same applies to your life. If you make isolated decisions without thinking about the bigger picture,

Starting point is 00:17:57 you may miss out on creating a fulfilling, well-rounded path. By viewing your life as a portfolio, you can make choices that lead to greater success. So how do you apply portfolio thinking to your life? A great way to do this is to create a vision board or journal where you map out the different areas of your life. I like to think of this as me sitting on a stool that has multiple supports, career, health, relationships, etc. Then evaluate the decisions that you're making in each area to ensure that you're building a diversified and fulfilling portfolio. Are your choices leading to growth in multiple areas of your life? Use this broader view to guide your decisions moving forward. These takeaways show that choice bracketing isn't an abstract

Starting point is 00:18:38 idea. It's a practical tool for shaping your future. Just like Bezos and Buffett, you can use global thinking to align your daily choices with long-term success and fulfillment by recognizing the compounding effect of choices, balancing short-term comfort with long-term success and leveraging portfolio thinking. You can take control of your life and build the future you truly desire.

Starting point is 00:19:01 I hope that you were leaving today's episode with a new perspective on how the decisions that we make today shape the life that we will live tomorrow. We've explored how even the smallest choices contribute to larger patterns of our lives and how shifting from reactive to intentional decision-making can truly transform our future. Let's wrap up with a short story about someone who, like many of us, struggled with making choices that aligned with their long-term vision. Meet Sarah, a talented graphic designer, who felt stuck in her career, constantly switching between jobs that paid the bills,

Starting point is 00:19:35 but never fulfilled her deeper goals. Every decision, what project to take, what job to accept, was made in isolation, focused on short-term convenience. Over time, these choices compounded into a career that left her frustrated and feeling unfulfilled. When Sarah shifted her thinking and applied choice bracketing, her perspective changed. She began treating her career as a portfolio, making intentional decisions that aligned with her long-term aspirations. By zooming out and thinking globally, she transformed her life trajectory, no longer reacting to immediate pressures, but choosing roles that built towards the future that she desired. This is exactly what we've explored today, the power of choice

Starting point is 00:20:16 bracketing. Here again are the three takeaways that I went over. The first is the compounding effect of choices. Each decision, no matter how small, contributes to a larger pattern that shapes our future. Second, balancing short-term comfort with long-term gains. This is all about resisting short-term comfort and focusing on the bigger picture. And third, leveraging portfolio thinking for growth. This is all about treating your life as a portfolio, making intentional choices

Starting point is 00:20:42 that lead to long-term success and fulfillment. As Robert Frost once wrote, two roads diverged in a wood, and I took the one less traveled by and that has made all the difference. This quote reminds us that the path that we choose today determines the course of our future by taking the road that aligns with our long-term goals. Even if it's more challenging, we create a life of meaning and purpose. This week, think about an area in your life where you may have been making choices too narrowly.

Starting point is 00:21:12 Are there decisions that compounded over time could lead to better outcomes or perhaps a less desirable one? Challenge yourself to step back and take a broader view. Ask, how will this decision affect my longer term goals? By embracing choice bracketing, you'll start making choices today that align with the future you want to build. If today's episode resonated with you, I would love to hear your thoughts.

Starting point is 00:21:36 Drop a line, write a review, and let us know how you're applying choice bracketing into your life. And don't forget to share this episode with someone who could benefit from it. Your support helps us spread these powerful messages and to bring on more incredible guests. You can find links to today's episode along with past episodes at passionstruck.com. And if you're looking for ways to dive deeper into these topics, don't forget our episode starter packs and sign up for our Live Intentionally newsletter. Each week I'll send you practical tools and insights to help you live a more intentional, purpose-driven life. Before we wrap up, I want to remind you that beyond hosting the Passion Struck podcast, I'm incredibly passionate about sharing these insights through speaking engagements. I've had the privilege of working with some of the top

Starting point is 00:22:19 companies, universities, associations, and conferences, helping participants unlock real intentional change. If you think today's episode could inspire your company, your team, or your next event, head over to johnrmiles.com slash speaking for more details. And if you believe I'd be a great fit for your next event, I'd appreciate it if you help spread the word. A quick recommendation goes a long way. Next week, get ready for an incredible conversation

Starting point is 00:22:44 with Dr. Michael Gervais. We'll be diving deep into his book, The First Rule of Mastery, and exploring how to rise above the fear of other people's opinions to focus on internal mastery. This is an episode that's packed with actionable strategies to help you stop playing small and take control of your mindset. So make sure that you tune in So efficacy is a fancy psychological term for power and when you can see or others can point out to you more aptly That you are making a difference in a greater whole it does something primal and ancient to your brain Safety is kind of what the brain is designed to do our ancestors gave us us this powerful brain and this radical computer, if you will.

Starting point is 00:23:29 And it's really orientated for just a few things, one of them being safety. And so we're constantly scanning the world to see, to assess safety or danger. And belonging is one of the most primal ways to know safety. As always, the fee for the show is simple. If you found value in today's episode, share it with someone who could benefit. And remember to apply what you hear on the show so that you can live what you listen.

Starting point is 00:23:53 Until next time, live life passion strut.

Passion Struck with John R. Miles - Do You See Life as a Portfolio? Choice Bracketing Can Help! w/John R. Miles EP 510

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