99% Of Regretted Decisions Miss This Simple First Step

Stop making the same mistake

You make decisions in the heat of the moment when driven by your instinctual reactions, a desire to avoid delay or uncertainty, or a need to project confidence that appears decisive to those around you. Now, these snap judgments can be useful in emergencies, but they may also lead to impulsive choices lacking in careful consideration.

People often forget to consider the long-term consequences of their decisions or the potential biases influencing their choices and, of course, the importance of gathering enough information. Not to mention the impact of the decisions. All these considerations make for more well-rounded judgments.

What can cause you to overlook all of the above in your decision-making?

• Our brains are prone to various biases like, seeking only information that confirms our already existing beliefs and taking the mental shortcut of quickly relying on readily available information.
• When making quick decisions, you may not have the time to thoroughly weigh all factors so you just focus on the most immediate or apparent aspects.
• Strong attachment, emotions and stress are also known to cloud judgments and cause people to neglect all rational decision-making.
• Sometimes, you simply may not be aware of all the critical factors.
• Finally, and the biggest folly is when you fall into the trap of over overestimating your abilities to make snap judgments or underestimate risks.

“Our brains are prone to…taking the mental shortcut of quickly relying on readily available information.”

What is the solution?

Taking a step back is often the most crucial initial step in making better decisions, especially in high-pressure or emotionally charged situations. When you pause and gain some distance from the intensity of the moment, you will create the ideal mental space to consider the important factors. It also gives you the time to gather more information and weigh the potential consequences more rationally.

This is the one thing I have found that, without fail, significantly improves the quality of our decisions or judgments.

“The biggest folly is when you fall into the trap of over overestimating your abilities to make snap judgments or underestimate risks.”

Is this always practicable?

You may find yourself in time-sensitive unavoidably high-pressure situations where immediate actions are crucial and you have little room for contemplation. For instance, you may be a first responder to an emergency, a trader required to act swiftly to market volatility to avoid losses or even an athlete in competition.

However, even in such instances, it doesn't hurt to try to remain as calm and as focused as possible to be able to do your best with whatever information or resources are available. Here, preparedness and training can significantly improve your ability to handle these situations more effectively.

After all is said and done, it comes down to recognizing the situation you are in especially where pressure can lead to undesirable outcomes and create space for a more deliberate decision-making process whenever possible. Taking a step back and reflecting a bit is always beneficial whether it is in our personal relationships, making health-related choices, or major financial decisions. Like the trailblazing, Amy Klobuchar said: “There is a difference between being bold and being rash.”

If you liked this, you will probably enjoy: