I think this phrase says it all:
We are the result of our past decisions
This is my favorite quote that I remind myself every day.
Who I am today, my net-worth and achievements are simply the results of my past decisions.
I’m the only one to blame or prize.
Forget about bad luck, or things like ” If I born rich, I wouldn’t struggle right now…” or “I didn’t succeed with my career because my boss never liked me, I’m unlucky.”
Do you relate?
Maybe you are getting divorced, or your business adventure is sinking like the “Titanic”… Or worst, you’re bankrupt.
Apology if I sound like a broken record, but it’s worth repeating: “Whatever happens in your life right now is the result of your past decisions.”
The good news is that you can change your present and future events by simply improve your decision process.
And I’m not saying is easy as choosing coffee or tea for breakfast, but with the RIGHT decision tool, your life will change for the better.
Just imagine how you would feel to buy that sports car you always dreamed, or take your family for a holiday and never say “NO” again to your children.
Life should be a rich experience.
Do you agree?
So, in today’s post, I’m going to explain how to make “quality decisions” as a way to improve your life, earn more money while being successful in life and business.
So, without further adieu, let’s get started!
DECISIONS, DECISIONS: HOW TO MAKE GOOD CHOICES IN LIFE AND BUSINESS
Most of us strive to make good decisions in our personal and professional life. We make hundreds of decisions every day, but we notice only the significant one.
This morning you might have decided if you have a “tea” or “coffee”, and the decision was so spontaneous that barely you noticed.
Other decisions are significant, such as what investment to choose and other life-changing, such as what career to pursue.
Clearly, some decisions are more important than others.
Before diving into the process of making important decisions, let’s see the underlines of a good decision:
- The decision must be ethic – It shows respect, responsibility, care, and adhere to the community values.
- The decision must be effective – It helps us to move forward our goals. And to do so, you must differentiate between short-term and long-term goals. Remember that a choice which doesn’t bring the results desired, it’s a bad decision.
WHY IT’S SO HARD TO DECIDE?
Ever happened to take months to decide which house to buy? Or which insurance to pick?
You aren’t alone… It used to happen to me all the time.
And the worst part is if a decision is tough, you procrastinate. And believe me, procrastinating isn’t a good thing if you want to live a rich life.
Look, I get it. You want to make the “right” decisions. You don’t want to screw it up.
And that’s all very admirable. But we need to make decisions fast if we want to succeed in personal and business life.
But why it’s so hard to decide?
For the most part, we’re counting on a good decision leading to a good outcome.
However, making the right decision does not guarantee a good outcome. On the other hand, one could make a bad decision and still get a good outcome.
That might sound counter-intuitive, but let me explain with two simple examples:
- You move your investment portfolio from high-risk stocks to defensive stocks but it doesn’t guarantee the preservation of your portfolio.
- You cancel your health insurance after 10 years because you never use it, past health history doesn’t guarantee future health and well-being.
Logic dictates that making a bad decision will result in a bad outcome.
While this isn’t always the case, the FEAR of making a bad decision makes this process HARD.
We let our fears take over, and that can lead to poor choices which will affect our future.
Here my story:
When I left Italy to live in the UK, I gave up an excellent job opportunity to learn English. I ended up working in the UK for a minimum wage salary barely making ends meet.
I still remember the conversation I had with my father:
“What’s wrong with you! Giving up that salary to go living and working with Vikings (for any British readers, please don’t get offended).”
It might seem the wrong decision back then, but it was one of the best decisions in my life that open doors to a new world, and a lot of opportunities.
However, not always things end up well. It’s all too common to have a bad or undesirable outcome, despite making a good decision.
Unfortunately, we end up blaming ourselves or others, thinking a wrong decision was made.
A wrong decision last year cost me US$ 16,000.
I invested in the promise of a rebounding stock market. The time was right and all the indicators were green.
My decision to jump in the stock market after a heavy correction was right, unfortunately, the outcome wasn’t.
Did ever happen to see your neighbor make an investment based on faulty information, turn a healthy profit, and then acting like an all-knowing big shot?
Well, life is a bitch sometimes, but whether a decision is good or bad depends on how we make the decision, not on the outcome.
Yeap, that’s right, Pal: “It’s important to learn how to make good decisions, and a positive outcome will follow.”
After all, the person who makes all poor decisions isn’t very successful or popular either.
A person needs to be both skilled in decision making while making the right decision at the right time.
I’ve prepared for you a simple tool that I regularly use to make important decisions.
It’s easy to use and very flexible. Just click the button below to start making smarter decisions in life.
HOW TO MAKE QUALITY DECISIONS
You know that is crucial to make decisions as part of our daily routine. One decision will open a new door for you but close the other, and you’ll never get to know what was behind it.
That’s a frightening thing. But there are steps you can take to flow in life as you make a decision.
1# Consider your value and what is important to you
Every great person should have solid values to strive for in life. Without values, you’re like a car without lights at night. At any moment, you are risking to crash your life journey.
When I’m faced with opportunities, these are my 3 questions:
- Will this opportunity strengthen my relationship with my wife, children and make my parents proud?
- Will this opportunity support my lifestyle, and not detract or distract from my life goals?
- Will this opportunity make me healthier, wealthier, and happier?
And in regard, you might know already my life’s values from the 3 questions above – Family, freedom and good health
What are yours?
2# What’s your goal
You notice that I mention goal in my “opportunity questions.” Knowing your goals before making a decision is essential, or you might lose your focus.
Two years ago, I went to a dealership to buy a car for my growing family.
My goal was to purchase a car safe and comfortable for my wife during her pregnancy, and suitable to take us around.
In the dealership, I saw a beautiful sports car, and the sale man approached me:
Salesman: Hey, want to buy this car for $27.000?
Me: No, thanks.
Salesman: How about for $23.000?
Me: No! What would I do with a sports car? Come on, I’ll have a baby soon.
Salesman: You drive a hard bargain. How about a brand new stereo with the car?
The point is clear. If the opportunity doesn’t align with your goal, you should never go for it, even if it seems a good deal.
3# Get as much information as possible
I regret having taken decisions without taking the time to inform myself.
In 2005 (yes, it was a longggggg time ago) I sign up for a 25 years pension plan with Friend Provident.
I took this decision lightly without informing myself about the company, what others had to say about their products and if they are a serious group.
I regret still today that decision which cost me US$ 120.000 in portfolio’s value and lost opportunities.
I learn the HARD way to go deep on any important decision.
4# Act by making a list of pros and cons
Time to get your hands dirty. This is an old system to make decisions which were Ben Franklin’s favorite.
Yeap, that Ben.
Just take a piece of paper, make some columns and list the pros and cons of each potential decision. The pro column for one might be much longer than the others.
The pro column for one might be much longer than the others.
Even if it’s not that obvious, the process of thinking through the positives and negatives can lead to your “a-ha” moment.
5# Imagine yourself down each road
This exercise is simple, effective and it’s FUN.
Go to a quiet place, sit down, close your eyes and try to imagine your life after making each of your possible choices.
Answer these questions:
- How do you feel about living life after that choice?
- Which choice make you feel more empowered, in control and proud?
- And which one leaves you feeling a little empty?
6# Recall past decisions
Past decisions should improve your future decisions, right?
Unfortunately, we tend to screw over and over again. It’s just because we don’t keep a reference of our past decisions in a journal, so we tend to forget.
How do I know?
Whenever I trade stocks, I write down the steps taken to reach a decision. I regularly review the best and worst outcomes to make sure I don’t make the same mistakes, twice.
The result is a constant improvement in my trading, generating 5 figures in extra income.
Keep this in mind:
The same mistakes cost MONEY.
If you would like to learn more about how to avoid costly mistakes when investing in the market stock, you’ll find it helpful to learn the 7 common investor mistakes.
And don’t forget to download the “Smart Decision Ledger”. You don’t need to reinvent the wheel in making the right decisions.
Click the image below so that you don’t forget any of the steps while making the decision process FUN: