Sometimes good enough is good enough. In a world of information overload, it's common to feel angst when making choices. You never know whether you're making the best one. Call it optimizer guilt. And it can be especially prominent in choosing financial products, which can be opaque and confusing: Do I have the best credit card? What 401(k) investment will give me the best return? Where should I open an account to save for my kid's college expenses? Besides adding stress, optimizer guilt can keep you from making important money decisions that need action now. The solution may be the theory of "good enough," or what academics have called "satisficing." Make a decision based on the best information you can reasonably gather at the time, and then get on with your life. In many cases, you can revisit the decision later, if necessary — refinance your mortgage, move your retirement funds or choose a different 529 college savings plan. "The truly great thing about 'good enough' — … [Read more...] about Millennial Money: Making ‘good enough’ choices can pay off
Do we question enough our own decision-making?Business leaders spend enormous amount of time assessing strategy, allocating resources, and implementing decisions to gain advantage in the marketplace. Regardless of all of the talent, process, technology, time and capital brought to bear, the most important resource perhaps remains to be the process itself. Have we really looked at how we decide and whether our decision-making process handicaps us because we are unaware that it does? The duo of Daniel Kahneman (economist and psychologist) and Amos Tversky (mathematical psychologist) did ground breaking work in the field of behavioral economics that led to the former winning the Nobel Prize for Economics in 2002. In their collaboration, the academic team identified several cognitive biases that affect how people decide in their everyday lives. Whether business leaders are aware or not, these biases influence how they make choices. Eliminating these biases may lead to more effective … [Read more...] about Do we question enough our own decision-making?
Banal bromides are my pet peeve. They all sound like the wisdom of the ages, until you think about them for a few seconds and discover they don’t make any sense at all. Consider this one, which popped up in my LinkedIn feed the other day: “The best time to make a decision is before you have to.” This is nonsensical, if not downright dangerous. Why would you make a decision before you have to? For starters, if you wait, you may find that you don’t need to make the decision at all. I once worked closely with a leader whom I admired and respected, except for what I thought was a bad habit of dithering with decision requests. He wouldn’t offer rulings on even simple matters. It took me a while to realize that the decisions he sidestepped resolved themselves — either something changed that eliminated the need for the decision or it was made in a collegial way by the people directly involved. It was less a bad habit than a refusal to micromanage. … [Read more...] about Why It Doesn’t Always Pay to Be Decisive about Making Decisions
By Josh Brodesky Published 12:00 am CDT, Saturday, March 23, 2019 Julian Castro and Beto O’Rourke greet as Democratic statewide hopefuls gather at the Sheraton Austin at the Capitol to speak at the Blue Wave Summit Fundraising reception on April 14. One of these candidates has wealth connections that allowed him to drift in his youth. Castro didn’t. less Julian Castro and Beto O’Rourke greet as Democratic statewide hopefuls gather at the Sheraton Austin at the Capitol to speak at the Blue Wave Summit Fundraising reception on April 14. One of these candidates ... more Photo: Tom Reel /San Antonio Express-News Photo: Tom Reel /San Antonio Express-News Image 1 of / 1 Caption Close Image 1 of 1 Julian Castro and Beto O’Rourke greet as Democratic statewide … [Read more...] about What makes Beto qualified for president?
Travis Clark, provided by Published 11:36 am CST, Thursday, January 10, 2019 Netflix "Black Mirror" creator Charlie Brooker told fans who don't like making choices in "Bandersnatch" to "f--- off" in an interview with Huffington Post. "Black Mirror: Bandersnatch" is an interactive movie with at least five different endings and a trillion different permutations. Brooker also addressed critics who say it's "too simple" to be a game: "Well this isn’t on a gaming platform, it’s on Netflix." Netflix's new interactive "Black Mirror" movie, "Bandersnatch," allows viewers to make choices throughout the story, and has at least five possible endings. Some fans don't like that, and "Black Mirror" creator Charlie Brooker has harsh words for them. In an interview with Huffington Post published on Thursday, Brooker told fans to "f--- off" if they don't like making decisions during "Bandersnatch." READ MORE: 'Bird Box' gave 'Stranger Things' season 2 a run for its … [Read more...] about ‘Black Mirror’ creator tells fans to ‘f— off’ if they don’t like making choices during Netflix’s ‘Bandersnatch’