Generally speaking, a good rule of thumb when it comes to decision making is the smaller the decision, the less time we should spend on making a decision and the bigger the decision, the more time we should spend on making a decision. So, the amount of time we spend on making a decision should be in proportion to the size of the decision. Discipline in decision making comes from getting what we need and avoiding what we don’t need to make a good decision. Having enough of the right information is one major factor in making a good decision. Too much, bad or wrong information can leave us with paralysis of analysis and be a huge stumbling block. Asking enough of the right questions and listening to or finding the relevant information is what we’ll need to make a well-informed decision. Emotions are another major factor when making a decision. Making a decision when we’re emotionally charged, either by our actual physical state or if we have an emotional attachment to the decision itself, is when we need to back off and hold off on making a decision. Just keep in mind, deciding not to decide at that moment is also a decision.
How to Make a Decision
Making decisions can sometime be difficult, challenging or even nerve wrecking to the point of being afraid to make a decision. If you’ve ever felt that way, the one thing you might fail to realize about decision making is that most decisions you have to make within your life are not fatal if you make a wrong or bad decision. That doesn’t mean they won’t be painful in some way.
Some of the biggest decisions you face may have dire consequences, but more than likely, they won’t be fatal. When faced with the realization of a bad or wrong decision, it just means you have to make more decisions to correct the situation so you can get back on track. Making decisions allows you to make progress. Overanalyzing and never making a decision is a sure way to get nowhere fast.
“The art of decision making includes the art of questioning.” ― Pearl Zhu
The important thing is to decide! A wrong decision is better than no decision, because decisions move you in a direction. Even if a decision moves you a step or two back, you get to exercise more choices to try to get yourself moving in the direction you need to go. The more decisions you make, the better you’ll get at making decisions, which will also build confidence and better decisions.
It all comes full circle in what I picture as an upward spiral resulting in personal growth and success, and it starts with not being afraid to make a decision. Gather the appropriate quantity and quality of information you need based on the weight of the decision, and make one! Without decision there is no action and you can’t reach your financial goals without taking action.
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