“Everything seems stupid when it fails.” ... - Deepstash

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Mental Models and Making Decisions You Don't Regret

Fyodor Dostoevsky

“Everything seems stupid when it fails.”

Fyodor Dostoevsky

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SIMILAR ARTICLES & IDEAS:

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 or 10 months from now, but these types of decisions usually don’t benefit us in the long-term. What’s harder is to make decisions that may not appear attractive or impactful in the short-term, but over time can have a positive impact in your life.

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. 

Mental models

They are chunks of knowledge that can be simplified and applied to better understand the world, by identify what information is relevant in any given situation, and the most reasonable parameters to work in. 

Mental models simplify complex processes.

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 information.
  • Look at previous mistakes so you learn from them.
  • Check in with yourself and ensure that the environment isn’t influencing your decisions unnecessarily. 
  • Take care of yourself. You are unlikely to make the best decisions when tired or unwell.
  • Make time to think. The multitasking and distraction deluge to which we’re subjected every day can undermine good decision-making.
  • Analyze well. Not getting the outcome you wanted doesn’t necessarily mean the decision was bad.