Tradeoffs: The Currency of Decision Making
Curated from: fs.blog
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Tradeoffs
Every decision we take, has a tradeoff, an opportunity cost. Instinctively we try the all-out approach, resulting in failure.
The real problem lies in our judgment of the opportunity cost.
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Striving for Everything
A tradeoff is inevitable in almost every decision we take, as we usually forego some opportunity or benefit in our choices.
Many people strive for everything and believe there are no tradeoffs.
Focussing on less can get you something but focusing on everything may get you nothing.
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Having "Everything"
We seem to think that the people around us have everything in life.
Tradeoffs in others take time to become apparent. Everyone lets go of something, making a sacrifice, to be able to focus, investing time and energy in what is important to them.
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Balancing Everything is Impossible
It becomes impossibly hard to completely fine-tune and balance your work, family, health, relationships, friends and hobbies.Â
We may have to let go of one of the areas to be able to fulfill the others.
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The necessity of making trade-offs alters how we feel about the decisions we face; more important, it affects the level of satisfaction we experience from the decisions we ultimately make.
BARRY SCHWARTZ
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Time is a Tradeoff
Big decisions involve opportunity costs. Time is the price we pay for the choice we make.
Time is always a constraint as if we spend time doing something, we are not doing something else at that time. We can spend time in cultivating better habits than to unconsciously waste it daily doing trivial tasks.
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Focus your Energy on Less
In the countless decisions we make, it is a good idea to focus your energy on less, considering the tradeoffs.
This makes us eventually make satisfying choices, that we can prioritize.
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