#3: Katy Milkman – How to Change, EP..199 

Confidence

Confidence plays a dual role in the journey of change, acting as both a barrier and a facilitator. Katy Milkman explains that while overconfidence can be detrimental, a lack of confidence can prevent individuals from pursuing their goals. She highlights the importance of boosting confidence, especially for women and minorities, who often face additional challenges in this area 1. Milkman shares insights from research by Lauren Eskra Swinkler, revealing that even low achievers possess valuable insights but often lack the confidence to act on them 2.

People are generally overconfident. That's bad. However, this book is about what are the things we can do when we see a barrier?

--- Katy Milkman

To address this, she suggests strategies to enhance self-efficacy, enabling individuals to overcome negative feedback and stereotypes.

   

Procrastination

Procrastination is a significant barrier to change, closely linked to impulsivity. Katy Milkman discusses how commitment devices can help individuals overcome procrastination by imposing self-regulation, similar to external rules like deadlines and speed limits 3. These tools prevent impulsive decisions and encourage long-term goal achievement. Milkman emphasizes the importance of building a set of strategies to maintain progress, such as mentoring and advice groups, which provide ongoing support and motivation 4.

The best scientifically proven solution I've seen for procrastination and for a lot of willpower problems is actually constraining ourselves using what economists call commitment devices.

--- Katy Milkman

She shares personal examples of using these strategies, highlighting their effectiveness in her own life.

   

Social Influence

Social influence and conformity significantly impact behavior change, offering both opportunities and challenges. Katy Milkman illustrates how role models and social networks can boost confidence and inspire change, as seen in programs like Alcoholics Anonymous 5. She notes that surrounding oneself with high achievers can elevate personal performance, as demonstrated by studies on roommate influence in college settings 6.

The people we're surrounded by influence all sorts of our decisions.

--- Katy Milkman

However, Milkman warns that conformity can be a double-edged sword, particularly in competitive environments like investing, where following the crowd too late can lead to negative outcomes.