How to make better (and quicker) decisions

Last week, I wrote about how I’ve embraced mindful shopping. I’m teaching myself to be more deliberate about the things I own and buy. My goal is to buy less and, more importantly, to own less.

As part of this, I don’t want to waste time shopping. I’m trying to train myself to make better decisions more quickly. This is tough for me to do.

By nature, I want to evaluate every alternative, to find the best option in every circumstance. Left to my own devices, I can spend two hours trying to decide which chainsaw is the best chainsaw at the best price.

There’s nothing wrong with this, of course. Comparison shopping is a good thing. But there’s a fine line. Some comparison can help you avoid purchasing poor products. Too much, on the other hand, becomes a tax on your time and your brainwidth.

I want to find a balance. I no longer feel the need to make a perfect decision. (Is there such a thing?) I’m becoming comfortable with the idea of accepting decisions that are “good enough”.

In short, I’m trying to incorporate lessons I’ve learned from The Paradox of Choice by Barry Schwartz so that I can take some of the suck out of shopping.

The Paradox of Choice

For those unfamiliar, Barry Schwartz is a psychology professor from Swarthmore College. His 2004 book The Paradox of Choice argues that while life without choice is almost unbearable, having too many choices carries burdens of its own.

“I believe that many modern Americans are feeling less and less satisfied even as their freedom of choice expands,” Schwartz writes. “Having too many choices produces psychological distress.”

This certainly rings true from my own experience. And not just with money decisions.

One of the joys of financial independence is the ability to choose how to spend your time. Indeed, this is a unique luxury. However, it’s also a burden. When you have an infinite number of options available, how do you make decisions about what to do with your time? (My answer, as you can probably guess, is to be clear about your purpose, and to make decisions aligned with that purpose.)

Schwartz argues that faced with so many options and decisions, we would be better off if we:

  • Embraced certain voluntary constraints on our choices (instead of rebelling against limits).
  • Opting for “good enough” instead of always seeking the best.
  • Lowering our expectations.
  • Made our decisions non-reversible.
  • Paid less attention to other people.

“A majority of people want more control over the details of their lives,” he writes, “but a majority of people also want to simplify their lives.” Schwartz calls this the paradox of choice. Greater choices creates greater complexity. That’s what we think we want. In reality, most folks crave simplicity — and simplicity requires fewer choices.

So, how can we confront this paradox? Is it possible to have the best of both worlds? How do we go about wrestling with the ever-increasing array of choices while simultaneously seeking simplicity.

That’s precisely what I’ve been trying to answer for myself lately.

At the end of The Paradox of Choice, Schwartz shares eleven steps that he believes can help mitigate (or eliminate) the distress caused by so much choice. Let’s look at four that I’ve found effective in my own life. Continue reading