The decision-making process of Warren Buffet and Charlie Munger, two of the most successful investors of all time, is based on what you should avoid doing. You can never avoid making a mistake. However, you can do your best to avoid making dumb decisions by learning from other people’s mistakes. You’ll learn faster that way.
Don’t Overthink
Smart people are too preoccupied with doing the right thing
- When you put too much pressure on yourself to make the right decisions, you get analysis paralysis
- The only way you can stop overthinking is by making yourself aware of your thinking process
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Do This Instead: Make Small Decisions
When you make small decisions early, before they become big – it’s easy. When you put off decisions, they can become big and painful.
- The longer you stay in a bad relationship, the harder it gets to leave. It’s also true for your job.
Earlier Decisions Lead To Better Decisions
The earlier and more you decide, the more chance you are to make better decisions
- NOT making a decision is also a decision
- Instead of making fewer conscious decisions, we need to make them earlier
- You only find out after you make a decision what will be your best
