10 Characteristics “Best Decisions” Have In Common

AdminBy AdminNov 3, 20170

Everyone is faced with important personal financial decisions on a daily basis. Some decisions concern uncomplicated situations, such as what to eat for lunch, what to wear for the day, or whether it is time to go check the mailbox for any new surprises.

Other decisions, however, involve potentially far-reaching, long-term ramifications, things that can affect a human being in ways that cannot be altered, once the decision has been implemented.

Some examples include a person’s choice for a spouse, what type of education to pursue, whether to leave a present job for a supposedly-better job, what type of vehicle to buy, whether it’s time to leave apartment life for a new condo or, what is usually a bigger investment and commitment, a house, etc.

While there is no magic formula which can guarantee that every decision made will be the “best decision” possible, there are some guidelines that you can follow which may make the process simpler, less painful and, ultimately, more beneficial.  In general, the “best decisions” subscribe to one or more of the following characteristics:

Are The Most Financially Feasible Or Affordable

Are The Most Financially Feasible Or Affordable

Many people enter into questionable enterprises without enough funds to make the matter work and then wonder why things didn’t go the way they planned or expected. While money may not be the most important thing in the world, it can often be the deciding factor as to whether something works or fails.

Now, there are instances when people have unlimited funds but their idea still fizzles out; a more common situation, though, is one that features people running out of funds before the project is completed or no profits appearing on the horizon within a reasonable amount of time. Even in situations when money is not a main focus, other things, like time and effort (which can easily be translated into money amounts), can make just as a big a difference in the success of decision-making.

Usually Have The Most Amount Of Support From People

Usually Have The Most Amount Of Support From People

As people are asked for an opinion (assuming that one bothers to go that route), they tend to side with the choice that seems most practical or advisable. That is not to say that the most popular decisions are necessarily the best, but one can say that, if most people find objections with a particular choice, then there is probably something wrong with it.

By the same token, if people give their thumbs up unanimously or by large majority to a selection, then it is most probably the best possible choice.

As a matter of fact, the best decisions are often conceived by people who put their heads together by means of brainstorming or “group effort” – the idea being that several brains, working together, can often reach plateaus of understanding, levels of awareness, or moments of inspiration that far exceed the capacity of individual persons.

Offer The Most Manageable Or Lowest Risk

Offer The Most Manageable Or Lowest Risk

All decisions carry a certain amount of risk. The idea is to make choices that take into account the most likely risks and provide the means by which to address them.

For example, if deciding which of two houses to buy, the one in an area with flood insurance presents a lower risk (and, therefore, a safer investment) than the one in an area with no flood insurance. Extremely risky decisions can sometimes promise the most, but they may also offer fewer chances of success or inferior ways to manage or absorb losses, if something goes wrong.

While most high achievers understand, expect and are ready to contend with risk, they do not take on more risk than is necessary; if risk is unavoidable, then they go with choices that offer the most efficient and practical means by which to prepare for or manage it.

Are Made Using More Intellect Than Emotions

Are Made Using More Intellect Than Emotions

Intelligent people know that one should not make important decisions while angry, overly excited, unusually depressed, or spiritually euphoric. For the most part, it is better to dwell on such decisions for a reasonable amount of time; as time passes by, emotions become more manageable and you can more clearly and logically choose between the different choices available.

Are The Ones That Least Clash With Our Conscience And Our Moral/Ethical Believes

Are The Ones That Least Clash With Our Conscience And Our Moral/Ethical Believes

Many people traumatize over certain decisions because, somewhere inside of them, they wonder if maybe what they are contemplating is the wrong thing to do. If you have any such doubts, then chances are that there probably is something wrong with the choice(s) in question. The best decisions allow decision-makers to sleep at night (assuming that the person in question has a conscience).

Are Not Made On The Spur Of The Moment

Are Not Made On The Spur Of The Moment

People often live to regret decisions they make on an impromptu, hasty or rushed basis; this becomes even more poignant if the decision(s) in question involves a long-term commitment. One management tool that people can use to combat this type of mistake is the establishment of “time limit” guidelines in regards to making important decisions.

For example, you can require having to take at least 48 hours to think about it before spending more than $500. Another perhaps more difficult personal rule may be to not marry anyone unless you date that “lucky” person for at least one full year. Having the discipline to enforce such rules may be difficult but, in the long run, they can be very beneficial.

Can Easily And Intelligently Be Defended Without Having To Resort To Childish Games

Can Easily And Intelligently Be Defended Without Having To Resort To Childish Games

The reason why many people, especially people in positions of authority, such as politicians, have difficulty explaining or defending a decision is because they either know that what they backed was a bad thing or they are not prepared to sincerely address the deficiencies of their decision. People who really believe in a decision they made, however, usually have no difficulty defending it and cogently explaining to people why they made the particular choice.

Are Made Only After Consideration Of Both Short And Long-Term Repercussions

Are Made Only After Consideration Of Both Short And Long-Term Repercussions

Sometimes people make decisions while considering only the short-term ramifications. Although this is a common happening and one which, mysteriously, usually does not come back to bite people in the rear end, there are times when it does. More astute people, though, in order to avoid unnecessary problems, consider both sides of the matter.

As a general rule, the more resources required to implement a decision, the more people who have to approve it. Additionally, the more serious the potential repercussions, the more you should consider long-term effects.

Benefit The Most People Possible

Benefit The Most People Possible

Sometimes, good decisions benefit one person only, but a good gauging barometer for decision-making is “does this choice benefit more people than the other choices?”. In some regards, this may be considered a purely moral or ethical approach.

But it can also say something about your management skills and awareness of your responsibilities as a member of society, as an employee, as a member of a profession or a religious group that prides itself on its high moral standards, as a parent, as a mentor, or as an elected or appointed civic or organizational leader.

Are Made Only After All Of The Choice’s Components, Its Potential Repercussions, And All Other Available Choices Have Been Thoroughly Considered

Are Made Only After All Of The Choice’s Components, Its Potential Repercussions, And All Other Available Choices Have Been Thoroughly Considered

This is preferably done using a “Pros” and “Cons” approach – i.e., on one side listing the positive or beneficial aspects of each choice and on the other the negative ones.

Poor decision-makers often only look at a limited number of choices (either because they are not aware of other choices or because they deliberately steer away from them).

Good decision-makers, on the other hand, take the time to consider not only all the possible choices but their separate components, usually underlining the potential repercussions thereof.

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