330: 5 Ways to Make Better Money Decisions with Barry Schwartz

“A lot of people have paralysis by overanalysis” - Tai Lopez

(click to tweet)

Making good money and life decisions is going to be one of the most important skills you will develop. This episode, and this interview with Barry Schwartz, will reveal some of the best ways to make the right decisions, no matter what the decision is about.

Because there are so many options in the world, many people are simply paralyzed and unable to make a decision, because they are under the misunderstanding to an incredibly high level of their happiness is dependant on that decision. Look for good enough, rather than the best, and understand where your happiness really comes from.

The ability to understand yourself, sit down and really come to a deep understanding what is the most important to you, will allow you to be able to take the path that will make you the most happy.

“Look for good enough, instead of the best” - Tai Lopez

(click to tweet)

Points to Keep In Mind

• There is an assumption that more information is better than less, which becomes less and less the case as more information is available
• In a situation where tons of information is available, people tend to choose based on what is easy to evaluate, versus what is actually best
• A lot of people have paralysis by overanalysis
• Look for good enough, instead of the best
• Too much choice today has given people too high expectations for what the best choice will bring them
• The first thing you need to do is sit down and define what is the most important to you
• Hire on the basis of attributes you don’t know how to teach
• Look for a lot of variety in the types of people who hire
• Get in the habit of looking for good enough, and then stopping

 

Barry Schwartz’s Books