Take the decision that will lead to the minimum regret over a long time frame.
This is a good Mental Model to make better long term decisions.
There are some issues with this framework(Source)...
- You don't know what you will regret - your values can change
- You can't do everything - this framework has a action bias(it assumes that doing things are better than not doing things). There are many circumstances where choices are contradicting with each other(eg. Leave city of friends and family to work on a high paying job).
- Regret happens because of the outcome - which might be outside your control.
- Regret is influenced by social systems - you might have a really good life - but still regret many things that your peers disapprove of.
A better way to implement this is to learn emotional control - want nothing and you'll regret not getting it. But the purpose of Regret Minimization is NOT to minimize regrets - but to make decisions.