The 10-10-10 rule is like a magic formula for making decisions. It's all about looking at the consequences of your choice in three different timeframes: the short term, the medium term, and the long term.

Let's say you're deciding whether to splurge on a fancy dinner:

Short Term (10 minutes): How will you feel immediately after the dinner? Happy and satisfied because you enjoyed the meal? Or guilty because you spent more money than you should have?

Medium Term (10 months): What might be the consequences in the next 10 months? Will you regret spending that money when you could have saved it for a vacation or an emergency?

Long Term (10 years): How about in 10 years? Will you even remember this dinner? Or will you wish you had invested that money in something more meaningful, like your retirement savings?

How to Make Better Decisions with the 10–10–10 Rule | by Moreno Zugaro

By considering these different timeframes, the 10-10-10 rule helps you make decisions that you won't regret later on. It's like taking a step back and seeing the bigger picture before making a choice.

The 10-10-10 Rule, popularized by author and columnist Suzy Welch, can be related to various principles in decision-making and psychology. Here's an expert explanation with references:

The 10-10-10 Rule is a decision-making framework that encourages individuals to consider the consequences of their choices across three different time horizons: the immediate future (10 minutes), the near future (10 months), and the distant future (10 years). This approach draws upon principles from psychology, economics, and decision theory to promote more thoughtful and strategic decision-making.

1. Temporal Discounting: The 10-10-10 Rule addresses the tendency of individuals to disproportionately prioritize immediate rewards over delayed benefits, a phenomenon known as temporal discounting (Frederick et al., 2002). By explicitly considering the long-term consequences of a decision, individuals can mitigate the influence of temporal discounting and make choices that align with their long-term goals.

2. Prospective Thinking: This decision-making framework aligns with the concept of prospective thinking, which involves mentally simulating future events and evaluating their potential outcomes (Gilbert & Wilson, 2007). By systematically examining the consequences of a decision across multiple timeframes, individuals engage in prospective thinking to anticipate the impact of their choices on future well-being.

3. Hedonic Forecasting: The 10-10-10 Rule incorporates elements of hedonic forecasting, the process by which individuals predict their future emotional states in response to different scenarios (Gilbert et al., 1998). By considering how a decision might affect their emotions in the short term, medium term, and long term, individuals can make more accurate and informed predictions about their future satisfaction or regret.

4. Delay Discounting: Related to temporal discounting, delay discounting refers to the tendency to devalue delayed rewards compared to immediate rewards (Ainslie, 1975). The 10-10-10 Rule encourages individuals to counteract delay discounting by recognizing the enduring consequences of their decisions over time, thereby promoting greater patience and self-control.

5. Decision-Making Heuristics: The 10-10-10 Rule serves as a decision-making heuristic, a mental shortcut or rule of thumb that simplifies complex decision processes (Tversky & Kahneman, 1974). By breaking down the evaluation of consequences into three distinct timeframes, this heuristic provides a structured approach for weighing the trade-offs associated with different choices.

In summary, the 10-10-10 Rule integrates principles from psychology and decision theory to guide individuals in making decisions that are more mindful of their long-term implications, thereby promoting greater well-being and goal attainment.

References

• Frederick, S., Loewenstein, G., & O'Donoghue, T. (2002). Time discounting and time preference: A critical review. Journal of Economic Literature, 40(2), 351–401.
• Gilbert, D. T., & Wilson, T. D. (2007). Prospection: Experiencing the future. Science, 317(5843), 1351–1354.
• Gilbert, D. T., Pinel, E. C., Wilson, T. D., Blumberg, S. J., & Wheatley, T. P. (1998). Immune neglect: A source of durability bias in affective forecasting. Journal of Personality and Social Psychology, 75(3), 617–638.
• Ainslie, G. (1975). Specious reward: A behavioral theory of impulsiveness and impulse control. Psychological Bulletin, 82(4), 463–496.
• Tversky, A., & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185(4157), 1124–1131.