1001 decisions

There are 168 hours in a week and 52 weeks per year. That is 8,736 hours. What you do with each hour is a decision. You can use that hour effectively, or you can waste it, believing there is plenty of time to make a better decision later. 


If you eat three meals a day, that is 1,095 decisions in a year.


In psychology, decision-making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decisionmaking process produces a final choice, which may or may not prompt action.


Success and productivity is the result of thousands of decisions.


Financial Planning is about making decisions in advance to set yourself up for the future.  By making decisions in advance you remove the choice at times when you might not be in the right frame of mind to make the decision.  Recently the market fell, a disciplined investment strategy would be buying when the market falls, but an emotional investor may panic and sell.  A disciplined process also saves you the time it takes to make the decision or the conversation about whether now is the right time.


What time do you wake up every day?  If you get up at the same time, you remove the decision.


What will you eat for breakfast, lunch and dinner today?  Although arguably slightly monotonous, removing the decision about food choice each week would save many families many years of debate.


By eliminating as many choices as possible we can improve outcomes.


What decision can you make today, which will improve your future position?  What decision can you make to minimise the risk of making a bad decision in the future?  Don’t wait until it is too late.


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Do you have a financial action plan?

  • Do you have financial goals like saving for a new home, your child’s education, a holiday, or early retirement?
  • Achieving financial security requires time and effort, seldom will luck alone get you there.
  • Whether you are currently using a financial adviser, starting your advice journey or simply want to review your current situation, having an action plan is critical to prepare for the years ahead.

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GENERAL ADVICE WARNING | The information provided in this article is for general information purposes only. It is not intended to be, nor should it be read as personal financial advice. Before acting on any of the information contained in this article you should obtain advice from a specialist advisor, which is appropriate to your specific needs, objectives and financial situation.

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