Welcome to another edition of the Introvert Millionaire Habits Newsletter!

This is where you’ll get up-to-date information on habits, productivity, solopreneurship, and financial independence. 

Here is what we’ll cover in today’s issue:

● The Regret Minimization Framework

● 1% Better Life

● A Quick Tip to Reduce a Major Fixed Cost

● How to Get Started with the Amazon Influencer Side Hustle

● The Resource Roundup

● Unlock This Free Stuff

Let’s get to it…

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📈 The Regret Minimization Framework

Think about the last time you made a decision.

But not just any decision.

Think about a major decision that completely changed the course of your life.

Did you agonize over this decision, wondering if you were making the correct choice?

Well, when it comes to the major decisions in life, there is one strategy that can help.

It’s a mental model called the “Regret Minimization Framework,” that is often used by Jeff Bezos, the founder of Amazon.

Bezos used the Regret Minimization Framework to help build his trillion dollar company and also to make pivotal decisions throughout his life.

In today’s featured article, I will talk about this mental model and four lessons you can learn by applying this strategy to your life. 

What Is the Regret Minimization Framework?

In 1994, Jeff Bezos was living comfortably in New York City, working at D. E. Shaw & Co., a worldwide investment management and technology development firm.

However, he had an idea.

The internet was becoming increasingly popular at the time, and Bezos thought it would be a good time to penetrate the online market in some way. So he approached his boss with the idea of selling books online.

In response, his boss told him to take 48 hours to really think about it, as Bezos was already successful in his current career.

Bezos took the time suggested by his boss to contemplate his decision. It was the middle of the year, so quitting his job now would mean giving up his annual bonus.

However, what if it was the best time to jump into online sales before the market became saturated?

Herein lies the trade-off.

At this point, Bezos decided to adopt a mental framework of “regret minimization”.

He did this by envisioning himself at 80 years old looking back on his life. What could he do to minimize his chances of living with regrets?

He decided that if he tried and failed, he wouldn’t regret it; however, if he didn’t try, he would definitely regret his decision.

As Bezos put it:

Luckily for Bezos, his decision paid off and his judgment to follow this specific mental model was extremely successful.

The framework Bezos used required him to ask himself one question:

And if you choose to use this mental model as well, you should frequently ask yourself this question whenever you’re faced with a tough choice.

Like it did for Jeff Bezos, asking yourself this question can help you turn a seemingly difficult decision into a simple one.

As he said,

Now if you want to apply this strategy to any major decision you need to make, then here are four lessons from the Regret Minimization Framework

1. Think Beyond Right Now

Using the regret minimization framework forces you to think past the present moment. It can make all of your current fears and doubts become seemingly irrelevant in the long run.

Instead, by fast-forwarding your mindset into the future, you’re able to assess things from a greater perspective, which can help you see the decision from a whole new vantage point.

2. Live Your Life True to Yourself

If possible, don’t become tied down to the life that other people expect you to live.

For instance, if you come from three generations of lawyers, that doesn’t mean that is your required destiny also. Instead, remain true to your values and ideals and chase after your dreams as much as you can.

It’s important to live your own life rather than someone else’s.

Pursue the things that actually matter to you instead of what other people tell you “should be” important to you.

Consider your passions and the causes that you care about. Once you can determine these, organize your life around them. Living in line with your values will help you achieve true happiness.

And if you want to learn more about this topic, then here is a 12-step process for identifying your true purpose in life.

3. Don’t Set Yourself Up to Have Regrets

Another great mental model is the one discussed by Bronnie Ware in her book, “The Top 5 Regrets of the Dying.”

In 2012, this Australian palliative nurse documented what she found through her experience with talking to dying patients.

Ware found that the most common regret among people at the end of their lives was leaving their dreams unfulfilled.

Most of Ware’s patients reportedly left over half of their dreams unattempted and finished out their lives knowing their biggest regret was due to their own lack of action.

Minimizing this sense of regret by pursuing your dreams while you’re still in good health is more valuable than you may realize until you no longer have the chance.

4. Living a Mediocre Life Won’t Result in Fulfillment

When it comes to making the big decision of abandoning your current comfortable situation in order to pursue an uncertain path, you will likely have a variety of doubts:

● What if this all goes wrong?

● Is it a bad idea to leave certainty and live a life of uncertainty?

● What if I end up not even liking this new choice?

There is no doubt these questions are scary.

But remember, they’re all stemming from a short-term frame of mind, which is what Bezos was able to move past.

Altering your mindset to consider your potential future regrets forces you to address the more important question of, “What will happen if I don’t quit?”

Instead of thinking about what could go wrong in the next year or two if you follow through with your big decision, try projecting yourself into the future and think more about what you could miss out on in the next 20+ years if you don’t take the necessary steps to follow your heart.

Starting on a new and uncertain path is hard. But it’s a different type of “hard” than settling for mediocrity in life.

It’s a challenge that comes with a potential reward.

Try projecting yourself into the future and think more about what you could miss out on, instead of thinking about what could go wrong in the next year or two if you follow through with your big decision.

Just remember that you’re the one who has to ultimately make these hard life decisions. Having external support from friends, family, and your environment is an advantage, but you’re ultimately on your own.

You’re the one who is either taking action or staying in a mediocre situation.

It’s impossible to reduce the amount of uncertainty that comes along with making hard life decisions–you don’t always know your odds ahead of time.

But if you use the Regret Minimization Framework by projecting yourself to the end of your life and considering your potential regrets, then you might discover what’s truly important for your long-term goals.

⚙️1% Better Life

Today’s 1% improvement focuses on a simple habit you can build to get started on any skill, goal, or business idea. 

It’s the same process that I follow whenever I want to learn something new.

💲Wealth Building Wisdom

In a previous newsletter, I talked about the importance of lowering your fixed costs.

My advice:

Review each recurring expense that does not change every month and look for ways to reduce this cost.

This can include rent or mortgage payments, car payments, insurance premiums, and subscription services.

One strategy that I suggest is to switch your cell phone plan.

According to J.D. Power, the average phone bill is now $141 per month or $1,692. 

If you have a high cell phone bill, then you might want to consider switching to a discounted service like Mint Mobile.

I made the switch a few years back and this is what my plan looks like:

Let’s do the math:

$1,692 (Average plan) - $240 (Mint Plan) = $1,452 in savings that could be put into an asset (like index funds.)

Now, I won’t turn this section into a huge advertisement for Mint Mobile. 

It’s a service that I like.

And it’s a service I’ve used to save a few dollars.

Full disclosure: My reception works about 95% of the time. The only issue I’ve ever really had with Mint was when we went on a family vacation to the mountain areas around Vermont and New Hampshire. I didn’t get the best service for a few days during this time. 

💡 Solopreneurship Spotlight

One of the major issues with many side hustles is the length of time between starting a business and generating income.

But with the “Amazon Influencer Program,” you can get started today and have videos that are generating a profit by next week.

To be honest, I haven’t tried this idea. (I’d rather focus on scaling up this newsletter.)

That said, my friend Spencer has built a nice little side business using this strategy.

In this video, he provides an overview of his step-by-step process:

🗂️ The Resource Roundup

🧑‍🤝‍🧑 Making friends in Your 30s – In this thread, Kevin Packer shares eight strategies you can use if you struggle to make friends in your 30s (or at any age). From being vulnerable first to flipping the script on traditional thinking, these tips can help you connect with people everywhere, even on Craigslist and Zillow!

📱 BizMedic App for Easily Diagnosing Your Business – Don’t stress yourself searching for bottlenecks in your business. You don’t need an expert to identify the problems. J-Ryze’s free Biz Medic App guides you through self-diagnosing your business issues and directs you toward tailored solutions.

❓ 7 Questions That Changed My Life – In this article, Sahil Bloom shares seven powerful questions that transformed his life. From reflecting on the legacy he wants to leave behind to reevaluating his relationship with time, each question serves as a catalyst for personal growth and introspection.

⚛️ Rich in Tiny Habits – This article focuses on the power of small, daily actions in fostering wealth and well-being. It offers practical insights into how incorporating tiny habits into our routines can lead to significant improvements in various aspects of life, from finances to personal growth.

🔼 The American dream is a pyramid scheme – This podcast episode explores the dark side of MLMs and how the wellness industry is complicit in targeting vulnerable populations to join pyramid schemes in the guise of the American Dream.

Well, that’s it for today.

I hope you have a fun weekend!

Talk soon

Cheers,

Steve Scott 

P.S. Whenever you’re ready, here are a few ways I can help you:

#1. 90 Days to Your #1 Goal: How to Achieve a Breakthrough Goal in Under 3 Months: Whether it's starting a business, getting in shape, or writing a book, this course is your step-by-step framework to make it happen.

#2. Steve on Twitter: Get up-to-date messages and threads. I publish a few times a day on this platform.

#3. What is Your #1 Challenge?: Are you struggling with something specific? If so, can you take a few minutes to answer this one-question survey. It's a simple question, but your answer is a big deal. This will help me create reports, guides, and free content that tackle your biggest challenges.

🏆 UNLOCK THIS FREE STUFF

If you share this newsletter with family, friends, or co-workers, then you can unlock these rewards:

1 REFERRAL - Get a PDF of my report: 39 Solopreneur Business Ideas for Introverts

10 REFERRALS - Get a download of the Develop Good Habits Bundle (This includes a collection of worksheets like a priority matrix, habit tracker, goal planner, daily checklist, and daily planner.)

30 REFERRALS - Get free access to my course: 90 Days to Your #1 Goal

100 REFERRALS - Get a free 30-minute coaching call where you can talk about anything related to goals, financial independence, or running a solopreneur business.