Were you already trying to decide whether to flee the city for a country life? Now is the time to buy some chickens; odds are you’ll be working remotely either way.
If the status quo is going well, stick with it!
Some may even feel like they’ve lost control over the direction of their lives, at least for the time being. But this period of instability, and our equally uncertain future, has also revealed that we can’t always count on the status quo. The choice now isn’t necessarily between quitting your job or keeping it; your job may be eliminated anyway. Similarly, if you’re among those out of work right now, the question “should I start my own business” takes on a different meaning, as the alternative might just be continuing to job-hunt.
In behavioral economics, this phenomenon is known as status quo bias. People are generally predisposed to favor sticking with their current circumstances, whatever they may be, instead of taking a risk and bushwhacking their way toward a different life.
People who are mostly content with their jobs probably wouldn’t follow the instructions of a digital coin toss if it told them to quit, and if they did, there’s no reason to think they’d be happier for it.
If the choice is between action and inaction, and you’re genuinely unsure about what to do, choose action.
Status quo bias is predicated on our hesitation to make a change unless we’re sure that the benefits outweigh the risks. We’re more scared of what we might lose than we are excited about what we might gain.
But even when life improves, it’s useful to remember that the status quo is often not as steady and reliable as it seems.
We’re biased toward upholding the status quo, but it’s a bias that hurts us.