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Mental Models and Making Decisions You Don't Regret

Overlooking Failure

Societies with a bias towards success, that are idolizing of successful people usually overlook the decisions that led to failure.

We tend to overlook cases that did not come with a successful outcome. And when we do look at failure, we are often quick to explain why things failed.

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Mental Models and Making Decisions You Don't Regret

Mental Models and Making Decisions You Don't Regret

https://dariusforoux.com/mental-models/

dariusforoux.com

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Key Ideas

Overlooking Failure

Societies with a bias towards success, that are idolizing of successful people usually overlook the decisions that led to failure.

We tend to overlook cases that did not come with a successful outcome. And when we do look at failure, we are often quick to explain why things failed.

Mental Models

The way you look at how something works in the real world is called a mental model. It’s your thinking framework about something.

But when we make decisions, we often don’t think about our framework and immediately jump to a discussion about potential outcomes.

Fyodor Dostoevsky

Fyodor Dostoevsky

“Everything seems stupid when it fails.”

Decisions And Subjectivism

There are no set or fixed good or bad decisions.

The same good decisions become bad decisions if they lead to failure, otherwise, they are lauded.

Focus On The Process

Too often, we skip the process and jump right to deciding. Maybe that’s due to a lack of time, resources, or knowledge— it doesn’t matter.

Whatever your reason is, it’s never an excuse to skip the decision-making process altogether. Because that’s the only way to become a bad decision maker— regardless of the outcome.

Avoiding Regret

We can never predict the future, but we can make decisions we don’t regret.

If we focus on the thinking process, we will always know we did the right thing, so even a bad outcome will not lead to regret.

The "Right" Thing

  • Do not regret making mistakes, just learn the lesson and move on.
  • Inaction is more serious than a bad decision.
  • Life has suffering build-in at times, and worthwhile accomplishments take time, energy, and sacrifice.

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Reasons we fail to make the best decision possible
  • We’re (sometimes) stupid: irrational, tired or distracted;
  • We have the wrong information;
  • We use the wrong model;
  • We fail to learn;
  • We go with what's easy over what's right. 
Make Better Choices
  • Seek good information. Be skeptic and never just assume that what you’re being told is always true.
  • Avoid common pitfalls, like making decisions without enough time or in...
10/10/10 Rule

Before making a decision, considers how you’ll feel about this decision in 10 minutes, 10 months, and 10 years.

It’s easy to make short-term decisions that may be beneficial 10 minutes...

Pareto’s Law

In anything we do, there’s always ~20% of activities that will deliver 80% of our desired results.

It’s easy to be wrapped up in ‘busy’ work without ever getting anything done. Pareto’s Law is a useful mental model to be more effective, rather than just be efficient.

Parkinson’s Law

Work expands so as to fill the time available for its completion. So try placing artificial time limitations.

If we’re given three hours to complete a task that normally would take an hour, we’ll find a way to fill those three hours. However, when we’re down to the final thirty minutes, we’re suddenly feeling the pressure to get things done.