This is an updated and expanded version of my previous article — and it originally appeared on The Huffington Post.
I regularly encourage the people I work with to practice meditation. It builds a kind of inner “shock absorber” that helps you maintain calm and focus in the midst of daily stress and the multiple demands of living in today’s world. While that’s not the true purpose of meditation (another subject altogether), it’s certainly a by-product benefit. The problem for many people is that they say it takes too much time to devote to regular meditative practice.
Well, some new research looked the results of short-term meditation for your thought processes — your judgment in making decisions — and also your level of resilience in the face of negative emotional states. Here’s what they discovered:
Research conducted at INSEAD and The Wharton School, and published in Psychological Science, found that even short-term mindfulness meditative practice of about 15 minutes can help you make wiser choices when making decisions. In mindfulness meditation, you build awareness of the present moment and try to let go of other thoughts that intrude and distract.
The researchers found that meditation can help counteract the tendency to people to “have trouble admitting they were wrong when their initial decisions lead to undesirable outcomes,” according to the lead author Andrew Hafenbrack, from INSEAD. “They don’t want to feel wasteful or that their initial investment was a loss. Ironically, this kind of thinking often causes people to waste or lose more resources in an attempt to regain their initial investment or try to ‘break even.’” The researchers referred to this tendency as the sunk-cost bias — commonly known as “throwing good money after bad.”