I think this phrase says it all:
We are the result of our past decisionsThis is my favorite quote that I remind myself every day. Who I am today, my net-worth and achievements are simply the result of my past decisions. I'm the only one to blame or prize.
Forget about bad luck, or things like " If I born rich, I wouldn't struggle right now..." or "I didn't succeed because my boss never liked me, I'm unlucky."
Do you relate?
Maybe you are getting divorced, or your business adventure is sinking like the "Titanic"... Or worst, you're bankrupt.
Whatever happens in your life right now is the result of past decisions. The good news is that you can change your present and future events by simply improve your decision process.
And I'm not saying is easy as choosing coffee or tea for breakfast, but with the RIGHT decision tool, over time your life will change for the better.
Just imagine how you would feel to buy that sports car you always dreamed, or take your family for a holiday and never say "NO" again to your children.
Life should be a rich experience. Do you agree?
So, in today post, I'm going to explain how to make "quality decisions" as a way to improve your life, earn more money while be successful in life and business.
So, without further adieu, let's get started!
DECISIONS, DECISIONS: HOW TO MAKE GOOD CHOICES IN LIFE AND BUSINESS
Most of us strive to make good decisions in our personal and professional life. We make hundred of decisions every day, but we notice only the significant one.This morning you might had to decide if have a tea or coffee, and the decision was so spontaneous that barely you notice. Other decisions are significant, such what investment to choose and other life-changing, such as what career to pursue.
Clearly, some decisions are more important than others.
Before diving in the process for making important decisions, let's understand why important decisions are so HARD to make.
WHY IT'S SO HARD TO DECIDE?
Ever happened to take months to decide which house to buy? Or puzzle between insurance A and B?You aren't alone... It used to happen to me all the time. And the worst part was, if a decision was tough, I used to procrastinate. And believe me, procrastinating isn't a good thing if you want to live a rich life.
Look, I get it. You want to make the "right" decision. You don't want to screw it up. And that’s all very admirable. But we need to take decisions fast if we want to succeed in life and business.
But why it's so hard to decide?
For the most part, we’re counting on a good decision leading to a good outcome. However, making a right decision does not guarantee a good outcome. On the other hand, one could make a bad decision and still get a good outcome.
That might sound counter-intuitive, but let me explain with two simple examples:
- You move your investment portfolio from high-risk stocks to defensive stocks but it doesn't guarantee the preservation of your portfolio.
- You cancel your health insurance after 10 years because you never use it, past health history doesn’t guarantee future health and well-being.
While this isn't always the case, the FEAR of making a bad decision make this process HARD. We let our fears take over, and that can lead to poor choices which will affect our future.
When I left Italy to live in the UK because I wanted to learn the English language, I gave up an excellent job opportunity. I ended up working in the UK for a minimum wage barely making ends meet.
I still remember the conversation I had with my father:
"What's wrong with you! Giving up that salary to go living and working with Vikings (for any British readers, please don't get offended)."
It might seem the wrong decision back then, but it was one of the best decision in my life that open doors to a new world, and a lot of opportunities.
However, not always things end up well. It’s all too common to have a bad or undesirable outcome, despite making a good decision.
Unfortunately, we end up blaming ourself or others, thinking a wrong decision was made.
Last year, I lost US$ 16.000 in a short time frame while investing on the promise of a rebounding stock market. The time was right and all the indicators were green. My decision to jump in the stock market after a heavy correction was right, unfortunately, the outcome wasn't.
Did ever happen to see your neighbor make an investment based on faulty information, turn a healthy profit, and then acting like an all knowing big shot?
Well, life is a bitch sometimes, but whether a decision is good or bad depends on how we make the decision, not on the outcome.
Yeap, that's right, Pal. It's important to learn how to make good decisions, and a positive outcome will follow.
After all, the person who makes all poor decisions isn’t very successful or popular either. A person needs to be both skilled in decision making and in making the right decision at the right time.
I've prepared for you a simple tool that I regularly use to make important decisions. It's easy to use and very flexible. Just click the button below to make smart decisions in life.
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HOW TO MAKE QUALITY DECISIONS
You know that is crucial to take decisions as part of our daily routine. One decision will open a new door for you but close the other, and you’ll never get to know what was behind it.That’s a frightening thing. But there are steps you can take to flow in life as you make a decision.
1# Consider your value and what is important to you
Every great person should have solid values to strive in life. Without values, you're like a car without lights at night. Any moment, you are risking to crash your life journey.I'm going to list 3 questions that define my decision process based on my core values. Hopefully, it'll help you to identify your questions too.
When I'm faced with opportunities, these are my 3 questions:
- Will this opportunity strengthen my relationship with my wife, children and make my parents proud?
- Will this opportunity support my lifestyle, and not detract or distract from my life goals?
- Will this opportunity to make me healthier, wealthier and happier?
What are yours?
2# What's your goal
You notice that I mention goal in my "opportunity questions." Knowing your goal before making a decision is essential, or you might lose your focus.Two years ago, I went to a dealership to buy a car for my growing family. My goal was to purchase a car safe and comfortable for my wife during her pregnancy, and suitable to take us around once my daughter is born.
In the dealership, I saw a beautiful sports car for a bargain price (I love sports cars), and the sale man approached me.
Salesman: Hey, want to buy this car for $27.000?
Me: No, thanks.
Salesman: How about for $23.000?
Me: No! What would I do with a sports car? Come on, I'll have a baby soon.
Salesman: You drive a hard bargain. How about a brand new stereo with the car?
The point is clear. If the opportunity doesn't align with your goal, you should never go for it, even if it's tempting.
3# Get as much information as possible
I regret having taken decisions without taking the time to inform myself.In 2005 (yes, it was a longggggg time ago) I sign up for a 25 years pension plan with Friend Provident. I took this decision lightly without informing myself about the company, what others had to say about their products and if they are a serious group.
I regret till today that decision which cost me about $120.000 in portfolio's value and lost opportunities to invest my savings better.
I learn the HARD way to go deep on any important decisions.
4# Act by making a list of pros and cons
Time to get your hands dirty. This is an old system to make decisions which was the favorite of Ben Franklin. Yeap, that Ben.Just take a piece of paper, make some columns and list the pros and cons of each potential decision. The pro column for one might be much longer than the others.
Even if it’s not that obvious, the process of thinking through the positives and negatives can lead to your “a-ha” moment.
5# Imagine yourself down each road
This exercise is simple, effective and it's FUN.Go to a quiet place, sit down, close your eyes and try to imagine your life after making each of your possible choices.
How do you feel living a life after that choice? Which choose make you feel more empowered, in control and proud? And which one leaves you feeling a little empty?
6# Recall past decisions
Past decisions should improve your future decisions, right?Unfortunately, we tend to screw over and over again. It's just because we don't keep reference of our past decisions in a journal, so we tend to forget.
Whenever I trade new stocks, I write down the decision process. I regularly review the best and worst outcome to make sure don't make the same mistakes again.
In investing, the same mistake cost MONEY.
If you would like to learn more about how to avoid costly mistakes when investing in the market stock, you'll find helpful to learn the 7 common investors mistakes, so you start ahead of the pack while saving thousands of dollars in trial and errors.
And don't forget to download the "Smart Decision Ledger". You don't need to reinvent the wheel in making the right decisions. Click the image below so that you don't forget any of the steps:
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