5 Projection Biases All Pro Dads Should Guard Against

The National Bureau of Economic Research reported the role of projection bias when buying pricey items. It turns out that weather conditions are a huge factor when consumers are debating big purchases like cars:

“Projection bias is the tendency to over-predict the degree to which one’s future tastes will resemble one’s current tastes. We tested for evidence of projection bias in the car market. Using data for more than forty million vehicle transactions, we find that the choice to purchase a convertible, a 4-wheel drive, or a vehicle that is black in color is highly dependent on the weather.”

If something as fickle as the weather can greatly influence the kind of car we buy, what does that ultimately say about our ability to make decisions, especially the most important ones involving our children? We need timeless wisdom here.

Here are 5 projection biases All Pro Dads should guard against:

1. Child Activities

Soccer, football, baseball, gymnastics, and martial arts are just a few of the activities our children may be involved in. As parents, we get very excited when we see our own kids participate. As our 8 year old son plays flag football, we daydream into the future and see him as a star in the NFL one day. For a very select few, that daydream is a reality. For the overwhelming majority, that child won’t even make it on the high school level. When we allow those daydreams to take over our actions, it can cause destructive and unrealistic expectations for our children. They just want to have fun. If your child is star bound, it is likely that somebody will inform you. Let the scouts do their job, and you just focus on encouraging.

2. Romantic Expectations

One of the top reasons marriages fail is unrealistic romantic expectations by one or both partners. Of course, in the beginning everything was hugs and kisses, and the sun shone bright each day. Yet, anyone with children will tell you that romance is usually the first victim of parenthood, at least in the early years. Mom is exhausted, Dad is exhausted, the needs of the children are endless, and there is no time left for it. Parenting is hard work. The vision in this area should be to constantly find and invent ways to keep that spark lit, but to also keep the expectations to a level of reason. Give each other plenty of slack and understanding, and meet up with love in your heart whenever the opportunity does present itself. Teamwork.

3. Financial Planning

If the housing crash of the last decade taught us anything of value, it was that realistic financial planning is a highly important aspect to the future of the family we are responsible for. Too many times, we use projection bias when making major financial decisions and purchase based on the reality of today and not the potential of future unexpected events. There are so many great sources to help us now in this area. It is very wise to seek out trusted and professional assistance so that all of our family needs are met now and long into the future as well.

4. Child Achievement

Much like child activities, parents love to daydream of their child being the next super genius. We think of Ivy League degrees and high academic achievements. For some that is the reality, but for most, your child is going to be a wonderful, intelligent, and highly regarded person, but they are not going to be the next Bill Gates. If we push our own expectations of them to reach levels they can’t possibly live up to, it can lead to the dissolving of a loving relationship. The right thing to do is to invest our dedication to their education, help them discover their own gifts, guide them in those directions, and then let them soar and see where they fly.

5. Career Choices

In this highly competitive world, we are always fighting to get ahead, especially in our jobs. Knowing that, it is important to consider what your projection bias may be when opportunity comes knocking at your office door. What happens if your boss sits you down and informs you that you are being recommended for a promotion that comes with a substantial pay increase, but will also eat up another 20 hours of your weekly time to get the job done? The immediate impulse is to say yes while holding back the smiles and jumping up and down until he is gone. But is that the correct decision for the needs of your family? Are you doing OK financially, but already struggling with spending enough time with your wife and kids to keep the relationships in good standing? Projection bias is dangerous in this case. Think clearly and think into the future, because a few extra bucks mean nothing to a divided family after a bitter divorce.

Related Resource: 10 Ways to Plan for Where Your Family Will Be in 20 Years

 

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