Decisions, Decisions, Decisions!

How does one decide between on job or another? Between colleges? Between cities? Hell, how does one decide between dating a lawyer or a doctor?

Decisions make up every second of our short, precious lives on this planet. We agonize over decisions we've made, asking ourselves if we picked the right choice. We flood our minds with "what if" or "i should have". And where does this leave us? We're frustrated with the decision we've made, afraid of the outcome it may bring, and positive we'll make another "wrong" decision in the future.

Maybe we should try the idea of Prof. Barry Schwartz of Swarthmore College. He suggests that we "settle for a choice that meets your core requirements rather than searching for the elusive 'best.' Then stop thinking about it". He states that people usually fall into one of two extremes - either the "maximizer" (those who always aim to make the best possible choice) or the "satisficer" (those who aim for 'good enough,' whether or not better selections might be out there).

Let's take an example to test his theory. Currently, I'm trying to figure out what my next career move should be. Should I stay at my current job, go back to school, or find a new position elsewhere? According to Prof. Schwartz, I should settle for something that meets my core requirements -- my current job. But would I be happy settling? I'd feel like I was cheating myself by not striving for the best. Prof. Schwartz would classify me as a "maximizer" instead of a "satisficers".

However, I'd like to disagree with that. I don't think I'm either a maximizer or a satisficer. Why? Because by aiming for perfection and maximizing my potential, I am accepting satisfaction in many other facets of my life. Those of us that aim for a successful career sacrifice our social lives. Those that want to purchase an Infiniti G37 convertible sacrifice a midtown apartment. So maybe the point shouldn't be to settle, but to pick your battles.

This all relates to personal finance as well -- pick and choose what you want to purchase. We'd love to have it all, but unfortunately, money doesn't grow on trees.

Find something that helps make your decision easier. For me, the economic meltdown helped confirm my decision to go back to school. For my brother, a scholarship helped confirm his decision to go to a state school. There's always something that will help make that decision a bit easier.

And hey, if that doesn't work, flip a coin!