Updated: November 27, 2020
Listen to Episode 47:
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Episode 47 Chapters:
- 01:03: A Study on Jams
- 03:21: FOBO
- 04:52: Analysis Paralysis
- 05:58: Episode Break
- 08:12: Maximizer Mindset
- 09:17: Satisficer Mindset
- 11:43: Choosing Investments
- 13:03: Good is Perfect
Excerpts and Highlights:
The fear of better options, which is also called Maximization, is the relentless pursuit of all possible options for fear that you’ll miss out on the “best” one. However, it’s been found that this kind of mindset would often lead to indecision, frustration, stress, regret, and unhappiness.
The limitations in human cognition make it impossible to examine each and every available option in a single decision-making process.
“Don’t let the perfect be the enemy of the good.” –Voltaire
Satisficing is a decision-making strategy that aims for a satisfactory or adequate result, rather than the optimal solution. They select the first option that meets a given need or select the option that seems to address the most needs rather than the “optimal” solution.
Don’t worry too much about getting the very best all the time, and evaluate each outcome on its own merits rather than against others. Make life easier on yourself by accepting good enough. Because in today’s world where there are countless options and possibilities, good enough has become the new perfect.
Links and Resources:
- When Choice is Demotivating: Can One Desire Too Much of a Good Thing?
- A Brief History of Decision Making
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