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Tradeoffs

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.

@holdenp99

MORE IDEAS FROM THE ARTICLE

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.

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.

Balancing Everything is Impossible

It becomes impossibly hard to completely fine-tune and balance your work, family, health, relationships, friends and hobbies. 

We may have to let go of one of the areas to be able to fulfill the others.

Barry Schwartz
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.
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.
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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RELATED IDEAS

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.

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IDEAS

  • Narrow framing: The tendency to define our choices in binary terms. We ask, "should I, or shouldn't I?" instead of “What are the ways I could...?”
  • Confirmation bias: People tend to select the information that supports their preexisting attitudes, beliefs, and actions. 
  • Short-term emotion: When we’ve got a difficult decision to make, our feelings occupy our minds. And this doesn't add any new information that could benefit us. 
  • Overconfidence: People often think they know more than they actually do about how the future will unfold.
To make better decisions:
  • Make your decisions in the morning;
  • Eat first: Keep your physical desires taken care of before big decisions.
  • Cut down your choices, right down to a tiny shortlist and you’ll have an easier time.
  • Open the windows: Keeping the CO2 levels low is really important.
  • Use a foreign language: Explain the situation to yourself and replying with your decision in a foreign language and see how differently you process that information.