Take a Few Steps in the Right Direction

• Accept that there is no perfect solution – You’re great at doing the research and weighing the pros and cons of each option. But there always seems to be more research to do, more information, or advice to find and consider. Postponing that decision until you have all possible information often feels like the smart thing to do. In reality, there’s an infinite amount of information and advice available – much of it contradictory. You’ll never get through it all, and even if you could you still might not have a 100% guaranteed correct option to choose.
• Set a deadline – Instead of continuing to do research in hopes of finding the “perfect” choice, set yourself a decision-making deadline for major financial decisions. Give yourself a set amount of time – a few days to a couple of weeks – to do your research and compare your options. Then, make a decision. Research has shown that people who stretch out their research and decision-making process are more likely to be dissatisfied with their decisions than people who do more focused and limited research. It sounds counterintuitive, but it’s true.
• Don’t overthink – Just because you make a decision doesn’t mean you’re locked into that decision forever. If you later find things are not working as well for you as you hoped, you can move in a different direction – so don’t overthink it. Whether choosing a bank, an account, or planning an investment strategy – choose what makes sense at this point, based on the information you have, and move on.